• Connectivity of information
• Strategic focus and future orientation

Key observations:

The structure diagram on page 68 reflects Ferrovial's risk management process and highlights the role of the Board and Management Committee in evaluating, monitoring and addressing risks.  The Board and Management Committee share responsibility for determining the risk appetite with respect to projects, countries, clients, partners and financial structure, and this direction is applied to deliver on the company's strategy.  The matrix on page 69 identifies the relevant risks identified by the company, and color-coded icons are used to indicate the type of risk – strategic, operational, compliance, or financial.  Each risk is shown in one of four quadrants representing Ferrovial's four strategic priorities, again reiterating the link between the company's strategy and risk management process.  The tables on pages 70-73 discuss the control measures that have been put into place to mitigate the identified risks show which area(s) of the business are likely to be affected.  Finally, the discussion of financial risks on pages 74-75 complements the discussion of control measures by providing additional detail about the risk management objectives and policies that are in place.  Cross-references to further information in the financial statement footnotes contributes to the connectivity of information in the report.