REG - Workspace Grp PLC - Half Year Results <Origin Href="QuoteRef">WKP.L</Origin> - Part 3

WorkspaceAnnouncement

08/11/2017 07:01

- Part 3: For the preceding part double click  ID:nRSH8502Vb 

                                                                  undertake thorough due diligence and detailed appraisals prior to purchase·     We monitor acquisition performance against target returns.·     Property disposals are    
                                                                                                                                                                                                                                                                                                                                                                                                                                 subject to detailed review and Board approval                                                                                                                             
 Regulatory Failure to meet regulatory requirements leading to fines or tax penalties, or the introduction of new requirements that inhibit activity.                           ·   Fines or penalties for failure to adhere to regulations·   Failure to identify and respond to the introduction of new requirements·   Health and Safety breaches·   Negative impact on reputation amongst investors and partners/suppliers.  ·     REIT conditions are monitored and tested on a regular basis and reported to the Board. We work closely with HMRC and our tax advisers to ensure we are aware of     
                                                                                                                                                                                                                                                                                                                                                                                                                                 emerging issues and keeping up to date with changes·     Close working relationship maintained with appropriate authorities and all relevant issues openly disclosed·     
                                                                                                                                                                                                                                                                                                                                                                                                                                 The Risk Committee provides regular updates to the Board on emerging risks and issues·     The Company Secretary issues a detailed briefing to the Board regularly·       
                                                                                                                                                                                                                                                                                                                                                                                                                                 The Group's Health and Safety Manager meets regularly with the CEO to keep abreast of any actual or potential Issues                                                      
 Business Interruption Major events mean that Workspace is unable to carry out its business for a sustained period.                                                             ·   Loss of critical data·   Loss of access for customers to work at our business centres·   Potential loss of income·   Potential negative impact on reputation amongst customers.                                                              ·     We have robust Business Continuity Plans and procedures in place which are regularly tested and updated·     IT controls and safeguards are in place across all our 
                                                                                                                                                                                                                                                                                                                                                                                                                                 systems, including a specific standalone data centre back-up facility                                                                                                     
 Brand and reputation Failure to meet customer and external stakeholder expectations.  Joint ventures or other ventures with third parties do not deliver the expected return.  ·   Damage to brand and perception by customers and stakeholders·   Adverse publicity impacting on demand from new customers·   Worse reputation amongst all stakeholders as a result.                                                           ·     To ensure we understand our customers and their ever-evolving requirements we undertake twice-yearly customer surveys and have a system of real-time feedback in    
                                                                                                                                                                                                                                                                                                                                                                                                                                 place. We developed a customer engagement plan to ensure we are interacting with our customers in a variety of ways, including the use of social media·     We maintain   
                                                                                                                                                                                                                                                                                                                                                                                                                                 regular communication with all stakeholders and key shareholders. We hold investor presentations, roadshows and an annual Capital Markets Day                             
 Resourcing Failure to progress with strategy due to inability to recruit and retain correct staff.                                                                             ·   Reduced ability to action strategy successfully·   Insufficient resource to manage increased demands as the Company grows                                                                                                                    ·     We have a robust recruitment process in place to ensure that there is an appropriate level of interviewing and scrutiny of new joiners·     We have various         
                                                                                                                                                                                                                                                                                                                                                                                                                                 incentives to align staff objectives with those of the Group to help ensure staff are working in the best interests of the Group and its stakeholders. This is supported  
                                                                                                                                                                                                                                                                                                                                                                                                                                 by a robust appraisal and review process for staff·     Our HR team run a detailed training and development programme to ensure staff are supported and encouraged to     
                                                                                                                                                                                                                                                                                                                                                                                                                                 progress their learning and study opportunities                                                                                                                           
 Cyber security Loss of data or income due to cyber security attack on our business and on that of our customers.                                                               ·   Loss of critical data·   Financial loss due to fraud·   Reputational damage amongst customers·   Potential loss of income                                                                                                                    ·     Monitoring information on security threats and targets·     Monitoring guidance and best practice issued by Government and advisors ·     Review of IT systems and  
                                                                                                                                                                                                                                                                                                                                                                                                                                 infrastructure in place to ensure these are as robust as possible                                                                                                         
 
 
This information is provided by RNS
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