Investors are advised to consider all of the information provided in this Universal Registration Document, including the risk factors described in this section, before making their investment decision. The described risks are those, as of the date of this document, which the Company believes are specific to it and whose occurrence could have a material adverse impact on the Group, its business, financial position, results of operations or development.

The main risks together with the measures for managing these risks are described in section 4.1 below.

Legal and arbitration proceedings are described in section 4.2, page 78.

Measures for transferring risk are described in section 4.3, page 79.

Internal control and risk management procedures are described in section 4.4, page 80.



4.1 Risks and measures to manage the risks

The risks and threats to the Group’s business are reviewed regularly, under the supervision of the Audit and Risks Committee. Group risk mapping involves identifying and assessing nearly 200 risks based on a number of criteria, including likelihood of occurrence, financial impact and reputational impact for the purpose of evaluating the “gross” risk (i.e., “net” of existing risk management procedures). The effectiveness of risk management procedures then has to be analyzed to evaluate the “net” risk materiality.

In 2020, these risks were tracked by the Audit and Risks Committee so that the related action plans could be updated in line with any change. Thanks to the increasingly digital nature of its solutions, the Group’s operations proved relatively resilient.

However, action plans and risk monitoring were adapted to factor in the economic slowdowns observed in the wake of the measures taken to contain the Covid-19 epidemic in the 46 countries where the Group operates. The Group reacted to the consequences of the epidemic notably by adjusting its monitoring of business continuity, customer counterparty and voucher fraud risks.

These adjustments in light of the Covid-19 epidemic were incorporated into the five categories of risk included in the mapping process shown below. They are classified in descending order of importance within each category. This updated analysis does not reveal any specific new risks, nor any material change in risk levels compared to 2019.


Summary table of risk factors