Governance and risk
Key risks – Opportunities and threats 1
Up Down Neutral
Threat
Trend Change in threat within FY24
Example management responses
Potential impacts of cost of living challenges Cost of living pressures could impact on business and customer confidence, thereby reducing economic activity. This could lead to reduced revenue and impacts on Transurban’s social license to operate. Cyber security and information protection Failure to appropriately manage, govern and protect customer and company data and systems from cyber threats could result in data loss, customer harm and operational disruption. Operational disruption – failure of infrastructure or an inability to respond effectively to a disruption Failure to adequately maintain our infrastructure or respond adequately to an emerging incident or disruption, including significant weather events could impact on asset operations causing disruption and lead to breaches in concession, potential safety risks and/ or reputational damage.
Reflects global economic uncertainties and challenges.
• Ongoing review of external trends and performance • Early identification of pressure points and action if changes identified. Responses include: • Review of cost base • Stress testing and scenario analysis
• Implement early changes to spend plans • Ongoing approach to financing activities • Customer Hardship Programme
Increase reflects the impact of the global geopolitical environment.
• Implementation and operation of a Cyber Security 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 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 • Data assurance and privacy programmes • Exercising and scenario analysis Preventative responses in place: • Transurban’s asset management and operations programme and the associated systems and processes • Supplier and Contractor Management Framework outlines requirement for regular audits, inspections and quality assurance assessments of contractors and sub-contractors • Asset reviews and Internal Audit Program • Continued development and testing of climate change adaptation plans Resilience measures in place: • Scenario based response training • Scenario analysis of future weather events and/or changes in the operating environment on system/asset reliability and asset lifecycle planning • Business Continuity Plan and Incident Management and • Emergency Strategy Teams in place • Annual desktop exercises and field exercises with emergency services to coordinate response • Annual update and review of all corporate emergency procedures • Safety reporting and management systems that enable detailed analytics • Contractor management and engagement to ensure implementation of Transurban critical risk minimum requirements • Ongoing development and implementation of the Transurban HSE culture including delivery of psychosocial working group, wellbeing initiatives and support services • HSE training and awareness including practical exercises • Proactive HSE observation and HSE Action Plan activities linked to employee performance KPI • Roll out of initiatives to foster a physically and psychologically healthy workplace • Regular internal and external HSE reviews of our HSE frameworks and management system • Climate Change Adaptation Plans
Resilience programme and exercising across all levels of the organisation. Proactive Asset Management.
Positive HSE performance for FY24, roll out of enhanced wellbeing and psychosocial initiatives.
Ensuring the safety and wellbeing of employees and contractors Due to the nature of some of our work activities and operating environment (including significant weather events), employees, workers and other stakeholders could be exposed to harm or suffer wellbeing issues if business controls fail to be adequate.
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 B14. 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 pages 38–47 of this report
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