Risk Management

Risk management is an inextricable part of Brisa’s culture and management processes, ensuring sustained business growth and safeguarding the value of the group.

Positioning itself as a model company in the road infrastructures sector, Brisa considers risk management as one of the fundamental pillars of its Corporate Governance policy. By embracing the best practices, the Group aims to capitalize on its internal know-how of effective management of the risks to which it is exposed.

The Brisa Group risk management policy is currently divided into 5 aspects which cover all of the Group's activity: operational; regulation & compliance; environmental; information systems; financial.

Operational risks 

By being constantly concerned with identifying operational risks and establishing management measures and good practices, the Brisa Group regards prevention as a key measure. Through continued investment in the excellence and innovation of the operations where it intervenes, the Group demonstrates its concern about its continuous improvement and risk management in their core business.

These activities allow mitigation, anticipation and prevention of potential risk situations.

  • Network security – It is a crucial point in operational risk management. Brisa makes constant improvements on its network, through the maintenance and expansion of highways;
  • Road prevention – Brisa organizes and continuously supports prevention campaigns in order to raise awareness among road users;
  • Emergency situations – We have established a model of crisis management and communication in order to respond to emergency situations, as well as specific contingency plans for several areas;
  • Safety and health at work – Through a specialized structure, Brisa supervises and guarantees the security and health plans that are associated with risk activities;
  • Operational Coordination Centre – Supported by a road telematics structure, the OCC ensures the registration, processing and provision of updated and timely information to their customers. It also coordinates operation services such as relief efforts, protection, patrolling and customers assistance;
  • Innovation – Our emphasis on innovation promotes technological evolution as well as the modernization of infrastructures — all of which is carried out in part by Brisa Innovation and Technology (BIT). Due to its exemplary and innovative partnerships policy with several universities and companies, Brisa remains at the front line of the technological change.

Regulation risks & compliance

Since the operation of the infrastructure concessions is subject to a very specific regulation, the resulting risk from regulatory changes is particularly relevant.

In order to minimize the inherent risk, Brisa’s Legal Department closely follows the evolution of regulatory activity and it also proposes appropriate measures for the development of several activities in accordance with the current legal framework.

Environmental Risks

Brisa follows a strict Environmental Policy which aims to identify and prevent the environmental risk situations by adopting measures that minimize its impact. The project, construction and operation phases of the highways are managed according to this policy in order to minimize environmental risks.

Eco-efficiency, an advanced response to the problem of integration of environmental risk management across the value chain, is also an integral part of environmental management. We consider not only the environmental impact, but also its related costs and benefits.

The Brisa Group companies are already environmentally certified by the ISO 14001 standard, the international normative reference which defines environmental management guidelines for enterprises. In addition to these guidelines that are imposed by the ISO 14001 standard, the Brisa Group, under its Internal Environmental Policy, establishes eco-efficiency standards and quantitative goals for environmental indicators.

Information systems risks

In order to minimize information systems risks, the Brisa Group has developed a medium/long term strategy that includes the Disaster Recovery solution. This solution allows the Organization to reduce the risk of operational losses in case of a disaster, guaranteeing as well a quick reaction to eventual changes in the business environment.

Internally and generically, Brisa has strengthened its structure through a systematic re-evaluation by promoting the adoption of best practices in this area, namely the integration of the ITIL framework in its management.

Financial risks

The Brisa Group, as well as the most business groups, is exposed to a set of financial risks that result from their activity, among which are the following:

  • Liquidity risks and the interest rates arising from the financial liabilities of some subsidiaries;
  • Exchange rate risk resulting from investment in Northwest Parkway, located in the United States of America;
  • Counterparty risk to which the company is exposed to as a result of hiring risk coverage operations and the application of the cash surpluses.


As a way of minimizing the inherent risks, the appropriated financial actions and policies have been developed, including:

  • Definition of the Brisa Highways Financial Direction board (DFI) as the party responsible for identifying and quantifying financial risks, and proposing and implementing relevant management measures which are approved by the Executive Board:
  • A management and risk mitigation policy designed for participation in tenders for award of infrastructure concessions through the use of the project finance financing structure, which allows the operational, financial and legal segregation of each project;
  • Segregation and ring-fencing of the Brisa concession into a single company — Brisa Road Concession, S.A. (BCR) — by mitigating the financial risks which BCR is exposed to;
  • Financial risk coverage policy that establishes the rules and guidelines such as as a minimum ratio of fixed-rate in the debt structure, the non-existence of the non-covered significant foreign exchange exposures, among others.