The Risk Management Model: ■ classifies risks, according to their impact, into Strategic risks (resulting from the evolution of the factors underlying the main assumptions used for the development of the Strategic Plan) and Operational risks (resulting from the evolution of both endogenous and exogenous risk factors, which may undermine achievement of the business objectives); ■ assesses the risks not only individually but also in terms of a risk portfolio (correlation analysis); ■ identifies and updates the overall set of risks to which the Group is exposed, through analysis of the Strategic Plan, cyclic monitoring with the Risk Owners, in order to intercept any changes and/or new risk scenarios, and monitoring of the reference macroeconomic context.