Risk management As regards the process for identifying the risk of climate change, Iberdrola’s Board of Directors and senior management are committed to identifying and evaluating the risks of the group: a) Ex ante: the risk tolerance levels are reviewed and approved annually through risk policies and limits that establish the qualitative and quantitative risk appetite at the level of the group and at each of the principal businesses and corporate functions; b) Ex post: at least one quarterly supervision of major risks and threats and the different exposures of the group, as well as compliance with the risk policies, limits and approved indicators.