Fiscal period ending 2025-12-31 versus 2024-12-31
— view filing on EDGAR →
Acquisition-driven integration risk and AI-related threats are the two new material exposures this cycle. The Newfront and Cushon deals introduce a broad cluster of execution risks — technology integration, cybersecurity surface expansion, U.K. regulatory complexity, and talent retention — while AI advances now threaten both the demand side (client self-service substitution) and the supply side (third-party tool risks to IP and confidential data). Together these represent a substantive widening of the risk profile across strategic and technology dimensions.
1 company-specific
· 1 common-mode
Company-specific changes
Revised
Added specific risks for Newfront and Cushon acquisitions: technology integration, cybersecurity exposure, U.K. pension regulation, talent retention challenges, and technology application across business units.
The growth and portfolio optimization elements of our strategy depend, in part, on our ability to execute strategic transactions, including both acquisitions and dispositions. We face risks when we…
Also disclosed — common-mode (Third party AI vendor dependency)
Third party AI vendor dependency
Revised
Added specific risk that AI advances may enable clients to self-serve, reducing demand for services and revenues. New disclosure of third-party AI tool risks to IP and confidential data. Escalated vendor dependency risks.
Our business performance and growth plans could be negatively affected if we are not able to develop and implement improvements in technology and effectively apply technology, data and analytics to…