Risks are driven by changes in technology, the regulatory environment, markets, competition and customer behaviour. The importance of established telecoms services is continuing to decline, and the associated loss of revenue from traditional core business needs to be compensated by driving customer and volume growth and offering new services. The economic environment remains uncertain and is having an effect, among other things, on customers and suppliers. Over the long term the trend in the ICT market will necessitate fundamental changes in the approach to risks related to human capital, technology and the business model. Pending regulatory decisions pose a latent risk which could have a major impact on Swisscom’s financial development, as illustrated by the following selected key risk factors.