RWS AR 23 Final Single pages - Flipbook - Page 45
Risk category
Description
Mitigation
The quality of service provided by RWS is
fundamentally derived from the quality
of our people. Our performance could
therefore be adversely a昀昀ected if we are
unable to recruit, train, incentivise and
retain key talent in the Group. We are
also exposed to wage in昀氀ation and talent
shortages in certain countries,markets,
which is fuelling the 'war for talent'.
RWS has a compelling proposition for current
and future employees: operating in a fast
moving and growing sector; with strong
processes around salary structure, bonuses,
LTIP and career planning; positive culture and
values; and strong communications. We have
introduced structured job architecture; job
grading; and benchmarking; and embedded
onboarding and engagement programmes.
The Group also plans for succession at senior
levels.
Cyber security
RWS may be adversely a昀昀ected by activities
such as systems intrusions, denial of service
attacks, ransomware, virus spreading and
phishing. AI is increasing the volume and
sophistication of such activities and further
heightens the people risk associated with
cyber attacks.
The Group operates a network of systems to
act as barriers to outside attacks. It has third
party threat detection and response services,
fully supported 昀椀rewall protection, data
and systems recovery procedures, business
continuity planning and uses targeted third
party penetration testing. The Group also
conducts sta昀昀 information security training
and holds an appropriate level of cyber
insurance.
Failure to deliver
transformation
programme
The Group is executing an ambitious
transformation programme, which
a昀昀ects large parts of its core systems and
processes. The Group would be exposed
if the implementation does not deliver the
planned bene昀椀ts to time, plan and cost.
The Group has a structured programme to
update and report on progress of each of its
key initiatives. Risks are reduced by ensuring
the appropriate quality and quantity of
resource is provided to each activity. To the
extent that issues arise, these are identi昀椀ed
early and appropriate remedial action taken.
The Executive Team and the Board receive
regular status updates.
Complexity risk
The Group’s current operating model is
complex as a result of past organic and
inorganic growth. This risk manifests itself in
a multitude of di昀昀erent operational systems
and the associated workload involved in
maintaining, securing and using them.
The Group is currently investing in a
transformation programme to signi昀椀cantly
simplify its operating model. Protocols are also
now in place to ensure that acquisitions are
better integrated in order to avoid adding to
complexity wherever practical. The Board and
Executive Team reviews the Group’s operating
model and transformation programme
regularly to ensure progress is being made.
PEOPLE
Failure to attract,
engage, retain,
incentivise and develop
key talent
OPERATIONAL
STRATEGIC REPORT
RWS Holdings plc — Annual Report 2023
45
