Corporate Report for the year ended 30 June 2022
Introduction and overview
Governance and risk
Security holder information
Key risks—Opportunities and threats 1
Up Down Neutral
Change in threat within FY22 2
Example management responses
Unfavourable changes in the market or to operating conditions Key assumptions relating to the operating environment (including potential disruption events) and/or budget forecasts may prove to be incorrect.
• Revised traffic models to reflect dynamic external environment in light of COVID-19 • Scenario analysis reflecting further COVID-19 future outlook uncertainties and other potential disruption events • Strategic and emerging risks and mitigations identified and managed as part of the overall Risk Management Framework • Ongoing regional and asset traffic analysis supplemented by third party data and/or review • Consideration of extreme and future weather events or land use changes. • Due diligence throughout procurement and tender processes • Project Steering groups, Internal Audit Program and Program reviews • Enterprise Risk Management Framework incorporating project risk reviews • Ongoing focus on relationship with current and potential suppliers including senior executive engagement with major contractors. • Expanded efforts to support Australian customers experiencing social and financial hardship for a range of reasons • Proactive activities to enhance our social licence to operate • Program of activities that engage stakeholders on local and global social issues • Proactive engagement with governments on tolling reform (including response to NSW Tolling inquiry) • Transparent communication of fees and charges including fee free options • Development of tools and campaigns to help customers make informed choices • Continuous listening through Community Trust benchmark and ‘Voice of Customer’ program to identify issues and trends • Internal workforce initiatives such as ‘respect in the workplace’ to continue to drive diversity, appropriate behaviours and a safe workplace. • Australian Road Research Board assessment of the Australian network to determine International/Australian Road/Assessment Program safety ratings • Monash University Accident Research Centre analysis of serious injury crashes on Australian roads • Road Safety Action Plans and Community of Practice • Continued focus on emergency response capabilities and delivery of emergency management exercises • Transurban Road Safety Centre at NeuRA research program • Scenario analysis of weather events and their impact on road safety. • Implementation and operation of a Cybersecurity Framework aligned to industry standards to protect against cyber-attacks and disruption • Review and management of cyber risks and threats, and provided regular reporting on key cyber risks and cyber control metrics to the Board, executive and management • Funding of a cyber program in order to maintain security posture within risk appetite over time supported by training and awareness campaigns.
Continued potential for changes in government response to COVID variants
Delivering our major projects to meet agreed outcomes Contractor performance or behaviour could lead to a failure to deliver projects on time and within budget resulting in reputational issues which could impact on future opportunities.
Settlement deed on WGTP completed
Maintaining our social licence to operate
Decrease reflects positive traction with customer hardship and engagement activities
Failure to live the Transurban values when engaging with our stakeholders or failure to satisfactorily meet their needs could result in a loss of trust in our business, with implications for our reputation and business operations.
Customer and road safety Failure to effectively manage road infrastructure and response to incidents could impact customer and road safety.
Positive customer and road safety performance for FY22. HSE remains a focus for FY23 with implementation of revised HSE and Road Safety Strategy
Cybersecurity and information protection
Increase reflects global geopolitical uplift in cyber threat landscape
Failure to appropriately manage, govern and protect customer and company data and systems from cyber threats, resulting in information or data loss and operational disruption. Board role renewals Failure to effectively manage Board/ Chair transitions could impact on market confidence.
• Transition plan development and implementation • CEO and Board engagement.
Risk raised reflecting FY22 Board change and Chair transition plan
1 Transurban’s exposure to financial risks and the policies we have in place for managing that risk can be found in the Derivatives and Financial Risk Management notes—see note B15. This section discusses our hedging policies, credit risk, interest rate risk and liquidity and funding policies Transurban considers the impacts of climate change as a potential contributing factor to many of our threats and opportunities. For more information on our climate change management strategies and our consideration of transition and physical risks refer to climate change risk management on page 89 of this report and our Sustainability Supplement 2 D irectional arrows are a general assessment only of the risk change over the year, detailed risk reviews are undertaken regularly to ensure alignment with our risk appetite statement as outlined in “Risk management” on page 82
Made with FlippingBook Annual report maker