ING Luxembourg’s Finance department is made up of three services, comprising 31 employees under the direct authority of the Chief Financial Officer: Accounting Policies, Methodology & Controls, Financial Accounting and Financial Control. It is the financial partner to both external (ING group, regulatory authorities, etc.) and internal (bank departments) clients.
Accounting Policies Methodology & Controls
Accounting Policies Methodology & Controls is a support and coordination team. Its main focus is on the elaboration of accountancy plans and on following developments in multiple GAAP systems (Luxembourg, IFRS, etc.). It is also in charge of coordination of the SOX process and of developing new internal checks. The team is the second guarantor of correct management of transitional accounts with the bank.
Financial Accounting is separated into two groups: General Accounting and Finance Management Information. General Accounting produces regulatory conditions for the bank and its subsidiaries, checks the results, and manages reporting to ING Netherlands and ING Belgium and for local control authorities. Finance Management Information, on the other hand, is in charge of analytic accountancy (profitability of clients, products, departments, etc.).
Financial Accounting is also responsible for the department’s IT projects.
Financial Control is the exclusive point of contact for managers and members of the Executive Committee to provide analyses of their results/ costs, plans for future development, and consultancy on their strategy. As a secondary function, Financial Control works together with the bank’s businesses to develop their financial objectives, using this information to calculate the bank’s budget. Finally, a specialised team does the accountancy of costs, while ensuring efficient checks and management.