Compliance, Ethics & Sustainability
Voorheen tijdschrift voor Compliance 2016 nr. 3
The Global Enterprise Risk Management Journey. ING Bank’s redesign of its non-financial risk management process
Hans Duivenvoorden
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Introduction In parallel with operational risk management developments in the financial industry, internal control and non-financial risk management1 have evolved in ING Bank (hereafter ING) over the last two decades. In 2014, ING designed a standardised Enterprise Risk Management (ERM) approach, with the first line of defence2 of the bank taking clear ownership of risk, risk mitigating control measures as well as testing (the effectiveness) of controls. Risk management and control testing processes are being revised and upgraded to a coherent global approach, focusing on all non-financial risk areas including compliance, operational, legal, fraud, financial reporting, IT and cyber security risks. This allows for a sustainable non-financial risk management approach in a digitised and heavily regulated environment. This article will start with a brief history of the evolution of internal control and operational risk management in the banking industry to allow for a better understanding of said evolution. Subsequently, it discusses how ING has reinforced its internal control framework and non-financial risk management processes by introducing the ERM approach, which has been implemented globally throughout the bank’s business lines, branches and subsidiaries.
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Artikel informatie
- Type
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Artikel
- Auteurs
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Hans Duivenvoorden
- Auteursvermelding
- Ik ben auteur van dit artikel
- Datum artikel
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22 juni 2016
- Uniek Den Hollander publicatienummer
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UDH:TvCo/13193
Gerelateerde inhoud
Vrij gevonden op trefwoorden:
Enterprise Risk Management, standardised ERM, global control standards
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