Economic slowdown Impact on operating profit or brand/image Likelihood Implementation of BSP1 Impact and speed of large Group projects  High Medium Low Low Medium High RISK ASSESSMENT HEAT MAP CARLSBERG’S ONGOING RISK  MANAGEMENT FRAMEWORK IDENTIFICATION ASSESSMENT MAPPING RECORDING MONITORING RISK MANAGEMENT Risk categories covered by Carlsberg’s  risk management are: Strategic risks  related to issues such  as market development, competition,  stakeholders and politics. Operational risks  related to issues such  as technology, people, processes, infra- structure and information. Compliance risks  related to issues such  as corporate social responsibility, legal  and tax. Financial risks  related to issues such  as foreign exchange, interest rate, and  credit and liquidity risks (described in  sections 1 and 4 in the consolidated  financial statements). The identified strategic high risks also in- cluded declining beer markets and the image  of beer in Europe, increasing excise taxes,  tightened regulation and lack of top-line  growth. The Group closely monitors and  undertakes risk-reducing activities in order to minimise the likelihood and potential  impact of all strategic high risks. of the risk heat map. These three high risks  for 2014 are presented on page 34.  Local risk management workshops and heat  mapping were carried out during the third  quarter of 2013. The correlation between the  high risks identified at Group level and at lo- cal level was significant, which indicates that  the strategy and associated risks at local and  regional level are aligned with the overall  Group strategy. Among the risks identified, economic slow- down, including in emerging markets, the  implementation of BSP1 and the impact and  speed of large Group projects were classified  as high risks for 2014 as well as for 2015- 2018 and placed in the upper-right quartile activities/action plans for the most significant  risks in the Carlsberg Group. The financial risks, including foreign ex- change, interest rate, and credit and liquidity  risks, are described in sections 1 and 4 in the  consolidated financial statements. In October 2013, ExCom carried out the an- nual risk management workshop to evaluate  the adequacy of the existing heat map. The  review resulted in a revision of the identified  high risks, and a revised set of high risks for  2014-2018 was defined.  RISK ASSESSMENT 2014 Carlsberg Group Annual Report 2013 32 Management review RISK MANAGEMENT Strategic risks are assessed according to a two-dimensional heat  map rating system that  estimates the impact of  the risk on net revenue  or brand/image and the  likelihood of the risk  materialising.