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For the second time now, the ING Bank Śląski S.A. Group has compiled the annual report in line with the best global practices of integrated reporting. To help readers use the interactive tools, we prepared a user guide with key features. We encourage you to watch a short animated video before reading the report.

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Financial statements are developed by the Finance Division; the process is among the key elements of compliance. The basic elements enabling performance of the process comprise: the Accounting Policy adopted by the Bank Management Board and the accounting framework within the Bank, which defines the main principles of recording business events at the Bank. Recording of events leads to formation of the Bank books, which, in turn, are the basis for the development of financial statements.

In the reporting process it is the readers of our reports that are the most important – they are the reason for us to constantly enhance the quality of the data disclosed, care for transparency, reliability and full compliance with regulatory requirements. We work every day for our reports to be a valuable source of data about what is happening in our Bank.
Ewelina Salamon-Kania
Senior Finance Specialist in the Accounting Department

The Bank identified the following risks in the financial statements development process:

  • risk of incorrect input data,
  • risk of inappropriate presentation of data in financial statements,
  • risk of use of incorrect estimates, and
  • risk of lack of integration of IT systems and operating and reporting applications.

To mitigate the aforementioned risk, the Bank structured the process of financial statements development in two layers: application- and content-related ones.

The application part of the process comprises the flow of data from the Bank core operating systems via various interfaces to the reporting database, which hosts reporting applications. The application layer is controlled in line with the IT systems security policy adopted by the Bank. The following elements are controlled: user management, development environment management and integrity of data transmission systems, including correct operation of interfaces in terms of completeness of data transfer from operating systems to the reporting environment.

To ensure its adequate management, the Bank described the process of financial statements development in line with the principles binding at the Bank. The description covers the workflow, its actors and the “if… then…” situations. It also indicates the key financial statements development process controls, which include but are not limited to:

  • quality control of input data for the financial statements, supported by the data control applications; a variety of principles concerning data correctness, error correction track and close monitoring of data quality were defined in the applications,
  • control of data mapping from source systems to the financial statements ensuring correct data presentation,
  • analytic review based on the experts’ knowledge, the main objective of which is to confront business know-how with financial data and identify potential indications of incorrect data presentation or incorrect input data, if any.

The estimates adopted by the Bank and compliant with IAS/ IFRS were detailed in the Accounting Policy. To avoid the risk of incorrect estimates, the Bank adopted the following solutions, among others:

  • to estimate loan impairment – the Bank implemented specific models and applications as well as internal regulations for credit risk assessment,
  • to measure debt financial instruments quoted in active markets or in the case of which the valuation is based on those quotations – the Bank implemented the required functionality of core systems; furthermore, the control exercised by the market risk management units was instituted,
  • to measure financial instruments not quoted in active markets – the Bank implemented valuation models, which had been subject to a validation before application,
  • to estimate the pension and disability provisions – the Bank commissioned an independent actuary to make an estimate,
  • to estimate the provisions for employees and executive staff bonuses – the Bank uses the calculations in line with the General Terms and Conditions of Bonus Award adopted at the Bank, considering the forecasts regarding Bank’s results,
  • to appraise investment properties and own properties – the Bank adopted the following rule: the appraisal is obtained from independent experts on an annual basis – for investment properties of significant value, and every three to five years for other properties.

The accounting principles have been detailed in the Annual Consolidated Financial Statements in the section called Accounting policies and additional explanatory notes and Material principles of accounting.

The Bank’s organisational structure makes it possible to retain the segregation of duties between the Front Office, Back Office, Risk and Finance. In addition, institution of an adequate internal control system enforces the implementation of control of transactions and financial data in the back office and support units. The area is subject to an independent and objective assessment performed by the Internal Audit Department in terms of adequacy of the internal control system and risk management, as well as in terms of corporate governance.

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