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activities/action plans for the most significant risks in the Carlsberg Group. 

The financial risks, including foreign ex- change, interest rate, and credit and liquidity risks, are described in sections 1 and 4 in the consolidated financial statements. 

## RISK ASSESSMENT 2014 

In October 2013, ExCom carried out the an- nual risk management workshop to evaluate the adequacy of the existing heat map. The review resulted in a revision of the identified high risks, and a revised set of high risks for 2014-2018 was defined. 

Local risk management workshops and heat mapping were carried out during the third quarter of 2013. The correlation between the high risks identified at Group level and at lo- cal level was significant, which indicates that the strategy and associated risks at local and regional level are aligned with the overall Group strategy. 

Among the risks identified, economic slow- down, including in emerging markets, the implementation of BSP1 and the impact and speed of large Group projects were classified as high risks for 2014 as well as for 2015- 2018 and placed in the upper-right quartile 

## Strategic risks are assessed according to a two-dimensional heat map rating system that estimates the impact of the risk on net revenue or brand/image and the likelihood of the risk materialising. 

of the risk heat map. These three high risks for 2014 are presented on page 34. 

The identified strategic high risks also in- cluded declining beer markets and the image of beer in Europe, increasing excise taxes, tightened regulation and lack of top-line growth. The Group closely monitors and undertakes risk-reducing activities in order to minimise the likelihood and potential impact of all strategic high risks. 

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Risk categories covered by Carlsberg’s risk management are: 

Strategic risks  related to issues such as market development, competition, stakeholders and politics. 

Operational risks  related to issues such as technology, people, processes, infra- structure and information. 

Compliance risks  related to issues such as corporate social responsibility, legal and tax. 

Financial risks  related to issues such as foreign exchange, interest rate, and credit and liquidity risks (described in sections 1 and 4 in the consolidated financial statements). 

