An emerging risk is defined as a risk which has large unknown components, which may form and crystallise beyond a one year horizon. If these risks were to materialise, they could have a material impact on the Group’s long term strategy, affect profitability and damage the Group’s reputation. Existing management action plans are likely to be minimal, reflecting the uncertain nature of these risks. Some high-level analysis or stress testing may have been carried out to try to assess and quantify impact.