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Depending on the payment schedule drawn up, the relevant hedging is established through forward currency
purchases or by using transactions with derivatives which lead to closed risk scenarios.
TECHNOLOGICAL
Noteworthy are the risks relating to information systems, since group activities depend greatly on IT systems
and technical items associated with the production and broadcasting of the audiovisual content and the risks
related with the broadcasting of the signal. Carrier, support and broadcasting services of the television signal
are arranged with a single company. Nonetheless, regardless of the guarantees provided under the contract for
services, no lasting incidences with significant effects have been recorded to date throughout the years of the
relationship. With respect to risks deriving from information systems and broadcasting process infrastructure,
strict security measures, as well as contingency and business continuity plans, have been established with a
view to facing unforeseen events of a varied source and nature. The security area defined the procedures which
must be applied and periodically monitors the security audits to verify compliance with the IT security model.
Security measures have also been implemented with respect to the technical means of broadcasting the signal
to ensure its compliance with the established parameters. For this reason, redundant equipment exists and
preventive tests are carried out on both sets of equipment on a monthly basis.
COMPLIANCE
Associated with regulatory compliance. Includes those risks arising from unforeseen regulatory changes in the
different market areas (regulations relating to the broadcasting of advertising, competition and new operators,
use of the radio-frequency spectrum, etc.).
REPUTATIONAL
These risks affect the two main areas of Corporate Responsibility: respect for the Law and voluntary
compliance with the Atresmedia Group's values and principals. This section includes environmental risks
which, although in Atresmedia's case are not essential for the activity performed by it, they are included in the
system. The Atresmedia Group has a Code of Conduct which was approved by the Board of Directors. This Code
enables the general conduct framework within Atresmedia to be made visible and be supervised, aside from
defining and guiding the conduct and personal and group commitment of all its employees and workers,
executives and members of the Boards of Directors. This Code must be complied with by all those forming part
of the Atresmedia Group and/or third parties which work with it.
INFORMATION
These risks may be classified as operational, financial and strategic, depending on the impact of incomplete or
erroneous information on decision making. Atresmedia has mechanisms for measuring the most significant
indicators and aggregates of the business, with a view to making quick and efficient decisions on all business
processes and on quantifiable aspects relating to its strategy, to its financial structure and capacity.