ING Groep(ING) - 2020 Q4 - Annual Report

Financial Reporting - ING Group's consolidated financial statements are prepared in euros, with references to US dollars and euros clearly defined[14] - ING Group's financial information is prepared in accordance with International Financial Reporting Standards (IFRS), with specific accounting policies detailed in the report[15] Impact of COVID-19 - The company reported a significant impact from the COVID-19 pandemic, affecting economic conditions in its core markets[22] Risk Management - The annual report highlights risks including changes in interest rates and geopolitical instability that could affect performance[22] - The company emphasizes the importance of managing business risks, including those related to the use of models and derivatives[27] - The company acknowledges the risks associated with cybercrime and the need for robust cybersecurity measures[23] - ING Group's forward-looking statements are subject to various risks and uncertainties, which may lead to actual results differing from expectations[26] Human Resources - ING Group's ability to attract and retain key personnel is crucial for future operations and growth[27] Financial Liabilities - The report outlines potential future liabilities under defined benefit retirement plans as a financial consideration[27] Market Conditions - Changes in capital and credit markets, including interbank funding, are noted as significant factors for liquidity and capital requirements[27]