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Enterprise Risk Management at ING Group

            
 
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Case Details:

Case Code : ERMT-013
Case Length : 14 Pages
Period : 2003
Pub Date : 2003
Teaching Note :Not Available
Organization : ING Group
Industry : Finance, Banking
Countries : The Netherlands

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Introduction

Amsterdam based ING offered life, health, and disability products; personal insurance lines (auto and fire coverage); commercial property/casualty insurance; and reinsurance. ING's banking lines ranged from post office deposit accounts (the Postbanks) in the Netherlands to consumer and corporate banking throughout Europe.

Other business lines were corporate finance, securities, and investment and asset management services (through its ING banking network subsidiary) and auto, airplane, and other equipment leasing. ING employed about 115,000 employees and offered its services to 60 million clients in 60 countries.

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ING's clients included individuals, families, small businesses, large corporations, institutions and governments. ING's retail business was driven by its distribution philosophy of 'click–call–face'. This was a flexible mix of internet, call centres, intermediaries and branches that enabled ING to deliver what clients expected: unlimited access, maximum convenience, immediate and accurate execution, personal advice, tailor-made solutions and competitive rates.

ING had also developed capabilities in employee benefits/ pensions, financial markets, corporate banking and asset management. ING believed its financial strength, its broad range of products and services, the wide diversity of its profit sources and the wide spread of risks formed the basis for its future growth.

ING had struggled with investment banking arm ING Barings, formed after the collapse of Barings. In a streamlining effort, ING had eliminated jobs and regrouped its ailing banking operations (including ING Barings and ING Bank) into one organization. ING sold its US investment banking services, including New York-based Furman Selz, to Dutch rival ABN AMRO. ING had taken a majority stake in India's Vysya Bank and set up new joint banking ventures in Australia and China. Following the collapse of Enron, ING lost about $200 million. The slumping US economy had prompted ING to lay off about 15% of its US staff (some 1,600 people). ING also cut costs domestically by reorganizing its Dutch operations into four divisions (retail, wholesale, intermediary, and operations/IT).

Despite big investment losses in 2002, ING's net income from its insurance operations, grew in part due to lowered operating costs in the US. ING's banking operations posted lower totals, mainly due to increased risk costs.

In 2002, ING recorded net sales of $97.87 billion and a net income of $4.73 billion.

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