Compagnies des Alpes // 2019 Universal Registration Document

2 RISK FACTORS

2.1 RISK MANAGEMENT PROCEDURES

32

2.5 REGULATORY AND COMPLIANCE RISKS 37 2.5.1 Risk of non-compliance 37 2.5.2 Risk of major loss of a public service concession 37

2.2 STRATEGIC RISKS

33

2.2.1 Risks linked to changing leisure consumption habits 2.2.2 Risks linked to the real estate market 2.2.3 Risks linked to the impacts of climate change 2.2.4 Risks linked to the competitive environment

33 34 34 34

2.6 CRISIS MANAGEMENT PROCEDURES

37

2.7 INSURANCE – RISK COVER

38 38

2.7.1 Civil liability insurance

2.3 OPERATIONAL RISKS 2.3.1 Risks of cyber attacks 2.3.2 Risks of it system failure

35 35 35 35 36 36 36 36

2.7.2 Insurance policy covering damage to property and related business interruption

38

2.8 INTERNAL CONTROL PROCEDURES

38 38

2.3.3 Risks of bodily injury

2.8.1 Internal control procedures

2.3.4 Security risks

2.8.2 Procedures relative to the production of accounting and fi nancial information 40 2.8.3 Changes to internal control procedures in 2018/2019 41 2.8.4 Oversight 41

2.4 HUMAN RISKS

2.4.1 Risks of human resource shortage 2.4.2 Risks relating to employee safety

31

Compagnie des Alpes I 2019 Universal registration document