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.

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Annual Reports Rabobank | 2018 | | pagina 49