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In drafting this report we have taken into account the most important identifiable aspects in reflecting the economic, environmental and social impacts of the Group’s operations, which may be of great importance or have an effect on the decisions of stakeholders, taking into account their perceived impact and probability of occurrence. On the basis of this analysis we set priorities, making sure that the Group’s strategy is consistent with the expectations of all stakeholders.

This materiality analysis takes into account the identification of the main issues addressed in the company’s communication with the different stakeholders through the communication channels established to such effect. This information is used to carry out a risk matrix, which helps to perform a follow-up of them and set the mitigation measures thereof. Likewise, each risk is identified according to the strategic axis MORE TO BE in which its impact may have an effect: Service, Technology or Cost.

In 2017, the risk identification and management process was reviewed with the support of an external consultant, and a new tool that facilitates its management has been included. As a result of this study, 35 new key risk indicators (KRI) were included, 26 existing KRI were modified, and 18 KRI were eliminated.

The risks identified as being most critical (having a major expected impact and greater probability of occurrence) are:

  • Competitive environment of the sector. Competitors: The strategies of our competitors could affect our position and, therefore, the achievement of our objectives, especially price drops and greater commercial efforts in certain markets. 

  • Cybersecurity: A cyberattack is a malicious action that aims to damage the availability of assets, data confidentiality or the integrity of an organisation’s information. The risk of an attack is a growing issue, due to the increase in Viscofan’s visibility in recent years as sector leader and example of best industry practices, due to greater mobility of our human teams and due to the opening up of our industrial environment to the Internet (remote access to entities and persons outside Viscofan). An organisation that is aware of the risk that exists both inside and out of its perimeter can minimise the likelihood of being attacked.

  • Human capital. Innovation and technology development are the key to the Group’s strategy, and are based on human capital. For this reason, investment in attracting and talent development is key to prevent their departure.

  • Know-how disclosure: Viscofan’s products are the result of major technological developments, and know-how is therefore a key element. Leakage of information through social networks is an increasingly frequent factor in the era of technology and therefore has to be considered.

  • Exchange rate: It is associated with fluctuations between one currency and another, whereby changes in currency value lead to changes in the valuation of total wealth. Especially due to the fluctuation of the Euro against US$, given the long exposure of the Viscofan Group to the US currency, with a higher percentage of revenue in US$ than that of costs. 

  • Customer satisfaction: Customer satisfaction is the basis for continuity, stability and loyalty of relationships. It is mainly linked to product quality and to customerorientation and services provided. Shortcomings in any of these aspects can lead to customer loss. 

  • Taxation: Multinational presence and the large number of commercial transactions and financial operations is subject to tax regulation in the different countries, which may take back or generate resources for the Group.

  • Property damage: The risk of a sudden impairment loss on property and assets due to extraordinary circumstances. 

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