· Risks and opportunities
- Connectivity of information
- Strategic focus and future orientation
TUI Travel's 2014 Principal Risks section offers insight into the pertinent matters of the company’s risk management process. The discussion opens with an overview of the company’s strategic and operational risk governance framework and highlights the various levels and roles involved in the process.
The identified risks are mapped out on a comprehensive risk landscape chart (page 44), providing a clear representation of the challenges facing the Group today as well as those expected in the future. The principal risks are then listed in a table which discusses the context, nature, potential impact and evolution over the course of the year, all in the context of TUI Travel's strategy and the Group's risk appetite. Mitigating strategies are identified at both a Group-wide and divisional level as well as opportunities for online accommodation. TUI Travel also identifies the strategic drivers for each risk, demonstrating that the company is not assessing and addressing each risk in a vacuum, but instead, is considering the potential impacts on all aspects of the business.