| Risk identification | Risk management procedures |
|---|---|
| Risk identification
With respect to concessions, aside from the legislative, regulatory and tax policy changes that are always possible during such long-term contracts, the Group is dependent on public authorities that may have the right to unilaterally alter the terms and conditions of public service, PPP or concession contracts during their execution phase or even terminate the contract itself, subject to compensation. In the performance of their activities, Group companies could be held civilly or criminally liable and thus suffer the financial or administrative consequences thereof. Similarly, Group executives and employees may be held criminally liable. A large share of the risks of non-compliance is therefore likely to lie primarily with senior executives and with employees to whom responsibility has been delegated, but may also lie with legal entities. The consequences may be financial (fines) or criminal penalties (conviction and/or being banned from operating). The environmental transition is causing numerous uncertainties in the interpretation of market signals. The emergence of new cap-and-trade (or pollution rights trading) systems, which could affect VINCI activities that emit greenhouse gases, a possible carbon tax or the consequences of the EU Taxonomy on sectors that are excluded therefrom could constitute risks with financial consequences (loss of contracts in competitive bidding, fines, impact on the profitability of projects under way), non-financial costs or damage to the Group’s reputation (see paragraph 4.4.1, “Mapping of the Group’s major environmental risks”, of chapter E, “Workforce-related, social and environmental information”, page 280). |
Risk management procedures
The main control measures relating to the legal and regulatory framework for corporate social responsibility are presented in paragraphs 2.3, “Respect for human rights”, and 2.4, “Business ethics”, of chapter E, “Workforce-related, social and environmental information”, pages 218 to 219. The financial risks relating to the potential invoking of the third-party liability of Group companies are covered within certain limits by the insurance policies described in paragraph 2.5, “Insurance cover against risks”, pages 188 to 189. The Group’s ability to adapt to changes in the markets in which it operates and new regulations as well as its active monitoring of changes in standards significantly enhance its management of legal and regulatory compliance risks. |
Protecting VINCI’s informational capital is of major strategic importance, particularly now that all its businesses are becoming digital. Cyber risks are one of VINCI’s major concerns. The Group is constantly working to strengthen its IT system security and raise awareness among all employees.
New collaborative practices have made it possible to work in the office, at construction sites and remotely in a fluid and efficient manner. In today’s hyper-connected world, those same technologies have become a source of vulnerability, because they are both essential to the Group’s operational efficiency and exposed to cyberattacks. These attacks can be very diverse and have become increasingly sophisticated.
