The highly regulated and commercially competitive environment, together with the businesses’ operational complexity, exposes the Group to a number of risks. We remain focused on mitigating these risks at all levels in the business although many remain outside our control; for example, changes in government regulation, adverse weather, acts of terrorism, pandemics, fuel prices and foreign exchange. Risks are grouped into four categories: strategic, business and operational, financial, and compliance and regulatory risks. Guidance is provided below on the key risks that may threaten the Group’s business model, future performance, solvency and liquidity.