■ Investment: Failure to ensure sufifcient to the professional regulations and standards investment in future growth areas and under which we operate (including those related to reinvestment in existing services auditor independence) remain as important as ever. Similarly, the security and resilience of our systems Societal risks and trust: and technology infrastructure, and the resilience of the individual member ifrms that provide our global ■ Societal risks and trust: Failure to anticipate and reach and capability, are key to their ability to recruit respond to market and societal expectations or and retain the right staff both to service our existing engage in the broader societal agenda businesses and clients, and also to explore future opportunities for expansion and development. ■ Purpose, values and behaviours: Failure to adopt and live our values. The COVID-19 pandemic has underlined the importance of managing certain risks. In particular, ■ Climate: Failure to review and consider the it highlighted risks related to the resilience of our impact of climate change on the network and technology infrastructure, which underpinned all of our prepare for its implications professional services as our 295,000 people switched to working remotely. In addition, it underscored the Network mutuality and speed of response: importance of mitigating risks that could affect our people, both in terms of keeping them safe through the ■ Network mutuality/alignment: Failure of health emergency and ensuring their mental wellbeing member ifrms to act collaboratively, due to as we moved to continued remote working. conlficting regional and national priorities in the external environment The challenges inherent in the ADAPT framework (increasing wealth disparity, technology disruption, ■ Strategy execution: Failure of member ifrms to demographic pressures, polarisation and a decrease in execute multiple priorities simultaneously trust) not only underpin the reasoning behind The New Equation strategy, but are also radically changing the As with most other businesses, the most signiifcant business context in which we operate. risks facing the network are relatively constant over time. They relfect risks that are inherent to the nature We are acutely aware of the impact that we have of the business, and include the response to changes on the world around us and the need to work with in strategy and the external environment. Accordingly, our stakeholders to manage those impacts more the risks we face around ensuring the quality of our effectively. As an example, the network now clearly services, meeting our legal obligations, and adhering recognises that the world is facing a series of