PDF (10.9MB) - ThyssenKrupp AG
PDF (10.9MB) - ThyssenKrupp AG
PDF (10.9MB) - ThyssenKrupp AG
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Management report on the Group<br />
2.7 Management report on the Group Expected developments and associated opportunities and risks<br />
Pages 96–99.<br />
Pages 96–99<br />
Pages 102-104<br />
Pages 102–104<br />
114 | 115<br />
Various business processes and data centers attained security certification which documents the standard<br />
achieved for our customers. In the new <strong>ThyssenKrupp</strong> Quarter in Essen we raised the standard of security<br />
significantly: By incorporating state-of-the-art technologies from the planning stage we were able to achieve<br />
an appropriate level of protection. Regular tests are carried out – in some cases with external support – to<br />
check whether our IT infrastructure is vulnerable to hacking. If necessary increased protection is introduced<br />
immediately. In addition we have established a Groupwide program to guarantee segregation of duties in<br />
ERP (Enterprise Resource Planning) systems in accordance with the principle of dual control. This minimizes<br />
risks for numerous business processes at authorization level.<br />
Together with the Group’s data protection officer, our experts ensure that personal data are processed only<br />
in accordance with the rules of the German Data Protection Act. All these measures allow us to continue to<br />
protect the Group’s business data as well as the privacy of our business associates and employees through<br />
preventive action and to respond appropriately to potential new risks.<br />
Risks associated with pensions and healthcare obligations<br />
The fund assets used to finance pension liabilities are exposed to capital market risks. To minimize these<br />
risks, the individual investment forms are selected and weighted on the basis of studies by independent<br />
experts. The aim is to adjust the investments to ensure that the associated pension liabilities are<br />
permanently fulfilled in respect of the current and future income from the investments. Pension obligations<br />
are subject to risks from increased life expectancies of beneficiaries and from obligations to adjust pension<br />
amounts on a regular basis. In addition, the cost of healthcare obligations in the USA may increase.<br />
Furthermore, in some countries there is a risk of significantly higher payments having to be made to finance<br />
pension plans in the future due to stricter statutory requirements. In individual cases, the premature<br />
cancellation of a pension plan may necessitate an additional allocation.<br />
Personnel risks<br />
Our staff and managers with their commitment to <strong>ThyssenKrupp</strong> are of central importance to our success.<br />
To find key personnel to fill vacancies and avoid losing competent employees, we position ourselves as an<br />
attractive employer and promote the long-term retention of employees in the Group. We offer executives an<br />
ongoing management development program, career prospects and attractive incentives, while our staff<br />
receive targeted mentoring. We inform interested young people about career opportunities at <strong>ThyssenKrupp</strong><br />
from an early stage and support apprentices as they start work. Our cooperation with key universities and<br />
early contacts with talented students also help us secure the young people we need for our workforces.<br />
General economic risks<br />
We expect further growth of the global economy in 2012. However, our forecasts are subject to great<br />
uncertainties. For the industrialized countries there is a risk of a further slowdown in the economy, in<br />
particular on account of the debt crisis in some countries and the associated turbulence on the financial<br />
markets. If growth in the emerging countries fails to match expectations, the risk of a global economic<br />
downturn will increase. This would impact demand on the markets important to us.