Petra van Hoeken
Member of the Managing Board
and Chief Risk Officer
About this
Report
Chairman's
Foreword
Corporate
Management Report Appendices Governance
Consolidated Financial Company Financial
Statements Statements
Since I started I have worked hard to bring the
knowledge on risk and banking closer
together. As we further integrated the risk,
legal and compliance disciplines across the
globe, our experts now work more closely
together in servicing customers and
supporting the businesses with advice,
decision-making and control. In the
challenging market environment, with
changing demands of customers and society,
the bank takes a multifunctional yet highly
integrated approach to risk.
Last year, all employees in the risk and
compliance domain dedicated time and effort
to improve their knowledge and behavioral
skills, worked diligently on the substantial
regulatory change agenda, and established
company-wide frameworks for risk, legal
compliance governance, policy decision
making and reporting discipline. We re
affirmed the 3 lines of defense model for
managing risks in the complex world we
operate in. This entails a more explicit
separation of business and risk responsibilities
for risk taking and control, and a more pro
active and forward-looking attitude.
Of course, this hasn't always been easy. At
times, the risk and compliance officers, myself
as CRO included, have had to stand up and say
"no". We do encounter and have to balance
multiple dilemmas - we have to take
transparent decisions in the client's best
interest while also respecting the needs of
other stakeholders and society. Sometimes
this means (1) declining a new credit
transaction, as our duty of care for the
customer overrules credit needs, or (2)
requesting more information from customers
on their transaction profile or the source of
their wealth so we can adequately fight money
laundering. This balancing act also means we
have to (3) refrain from using (big) data for
innovative services if it conflicts with
enhanced privacy laws or (4) that we cannot
invest in a circular economy idea as the long-
term sustainability is not warranted. In the end
it's the client and society that benefit most
from such careful and objective decision
making. We are in it for the long haul!
The past year also brought a huge increase in
attention for the bank's societal role as a
gatekeeper for client due diligence with
respect to anti-money laundering, counter-
terrorism financing and the upholding of
sanctions. In many respects, a bank's
gatekeeper role is comparable to airport
security. We must keep global banking and
payment traffic clean. My teams spent
considerable time, effort and money on
continuously improving our knowledge,
models, systems and processes in this regard.
A must, and underpinning our strategic pillar,
being a meaningful cooperative
I am proud of the accomplishments of my
teams across the globe. With their dedication,
professionalism and leadership we are
growing a better world together.