Risks are driven by changes in markets, competition, customer behaviour, technology, the regulatory environment and government policy. The importance of established telecommunications services is continuing to decline. New services in the areas of digitisation and IT services, such as cloud services, security products and communication between machines, should compensate for the loss of revenue from the traditional core business. Over the long term, the trend in the ICT market will necessitate major changes in the approach to risks related to the business model, technology and human capital, while forthcoming regulatory decisions pose a latent risk that could impact Swisscom’s financial development. The key risk factors are addressed below. The main risk factors in the supply chain are reported separately in the Sustainability Report.