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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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Introduction
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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.
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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.
Enterprise Risk Management at ING Group
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