| Type of risk | Description | Criticality(*) | Trend |
 Operational |
1.1.1 Energy and Construction businesses |  |
|
|---|---|---|---|
|
High | ||
|
Intermediate | ||
| 1.1.1 Concessions business | |||
|
Intermediate | ||
|
Intermediate | ||
|
High | ||
| 1.1.1 Property development business | Intermediate | ||
| 1.1.2 Acquisition and disposal of companies | Intermediate | ||
 Legals |
1.2.1 Contractual relationships | High | |
| 1.2.2 Legal and regulatory compliance | Intermediate | ||
 Cyber |
1.3.1 Cyberattacks | High |  |
| 1.3.2 Fraud | Moderate | ||
 Workforce-related and social |
1.4.1 Human rights | High | |
| 1.4.2 Health, safety and security of employees and subcontractors | High | ||
| 1.4.3 Attracting and retaining talent | Moderate | ||
 Environmental |
1.5.1 Physical risks related to climate change | High | |
| 1.5.2 Increasing scarcity of resources | Intermediate | ||
| 1.5.3 Environmental quality and presence of contaminants | Intermediate | ||
 Ethics |
1.6 Business ethics risks | Moderate | |
 Financial and economic |
1.7.1 Changes in the economic and tax environment | High | |
| 1.7.2 Financial risks | Intermediate | ||
(*) Level of risk determined on the basis of frequency, control and impact (high, intermediate or moderate)
1. Risk factors
The risks that may affect VINCI’s performance and image are identified, assessed and handled at different organisational levels (holding company, business line, subsidiary) within the framework of VINCI’s decentralised organisation.
1.1 Operational risks
Depending on its business, each Group company is exposed to specific operational risks, which are prevented, monitored and managed differently.
One of the key elements of VINCI’s risk management system is the existence of risk committees at every level of the organisation, with the largest projects presented before the central risk committee at the holding company level. These committees examine, at the preliminary phase, all proposals that involve commitments to new projects exceeding certain thresholds. These thresholds are defined in the general guidelines provided to the various operational managers. The operating procedure and composition of the VINCI Risk Committee are described in paragraph 2.4.3, “Procedures related to commitments and the VINCI Risk Committee”, page 186.
1.1.1 Business risks
ENERGY AND CONSTRUCTION
The Group’s Energy and Construction businesses serve a large number of public and private entities in 100 or so countries and operate under fixed-term contracts covering periods varying from a few weeks to several years. Performance under these contracts includes a design phase followed by a construction phase, which ends with the project’s handover.
Through its subsidiary Cobra IS, the Group has become a significant player in the development of renewable energy assets, a key event in the year being the start of operations at the Belmonte solar farm in Brazil in July 2023. This new business in renewable energy production, at present involving financial amounts that are not material at Group level, may give rise to specific risks.