tiprankstipranks
Trending News
More News >
Enbridge Inc (ENB)
NYSE:ENB
US Market

Enbridge (ENB) Risk Analysis

Compare
8,844 Followers
Public companies are required to disclose risks that can affect the business and impact the stock. These disclosures are known as “Risk Factors”. Companies disclose these risks in their yearly (Form 10-K), quarterly earnings (Form 10-Q), or “foreign private issuer” reports (Form 20-F). Risk factors show the challenges a company faces. Investors can consider the worst-case scenarios before making an investment. TipRanks’ Risk Analysis categorizes risks based on proprietary classification algorithms and machine learning.

Enbridge disclosed 33 risk factors in its most recent earnings report. Enbridge reported the most risks in the “Production” category.

Risk Overview Q4, 2025

Risk Distribution
33Risks
30% Production
24% Legal & Regulatory
18% Macro & Political
12% Tech & Innovation
9% Ability to Sell
6% Finance & Corporate
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
This chart displays the stock's most recent risk distribution according to category. TipRanks has identified 6 major categories: Finance & corporate, legal & regulatory, macro & political, production, tech & innovation, and ability to sell.

Risk Change Over Time

S&P500 Average
Sector Average
Risks removed
Risks added
Risks changed
Enbridge Risk Factors
New Risk (0)
Risk Changed (0)
Risk Removed (0)
No changes from previous report
The chart shows the number of risks a company has disclosed. You can compare this to the sector average or S&P 500 average.

The quarters shown in the chart are according to the calendar year (January to December). Businesses set their own financial calendar, known as a fiscal year. For example, Walmart ends their financial year at the end of January to accommodate the holiday season.

Risk Highlights Q4, 2025

Main Risk Category
Production
With 10 Risks
Production
With 10 Risks
Number of Disclosed Risks
33
+1
From last report
S&P 500 Average: 31
33
+1
From last report
S&P 500 Average: 31
Recent Changes
2Risks added
1Risks removed
14Risks changed
Since Dec 2025
2Risks added
1Risks removed
14Risks changed
Since Dec 2025
Number of Risk Changed
14
+13
From last report
S&P 500 Average: 3
14
+13
From last report
S&P 500 Average: 3
See the risk highlights of Enbridge in the last period.

Risk Word Cloud

The most common phrases about risk factors from the most recent report. Larger texts indicate more widely used phrases.

Risk Factors Full Breakdown - Total Risks 33

Production
Total Risks: 10/33 (30%)Above Sector Average
Manufacturing5 | 15.2%
Manufacturing - Risk 1
Changed
A service interruption could have a significant impact on our operations, and negatively impact financial results, stakeholder relationships and our reputation.
A service interruption could significantly and negatively affect our operations, financial results, stakeholder relationships, the safety of our end-use customers, and our reputation. Interruptions to our crude oil and natural gas transportation services can disrupt customer operations and earnings, as they rely on us to move their products to market and fulfill contractual arrangements. Such disruptions have previously led to claims against us and they may do so again. We have experienced, and may again experience, service interruptions, restrictions or other operational constraints, including those related to operational incidents described in the preceding risk factor.
Manufacturing - Risk 2
Changed
Operation of complex energy infrastructure involves many hazards and risks that may adversely affect our business, financial results, the environment, relationships with stakeholders, the safety of the public and our workers, and our reputation.
These operational risks include accidents, third-party damage to assets or systems, equipment failure, process breakdowns, human error, major power disruptions, curtailment or limitations of commodity supply, operational incidents, failure of information technology or operational technology systems, security incidents (cyber or physical), lower than expected levels of operating capacity or efficiency, among others. Such events could be catastrophic in nature. Operational risk is also intensified by exposure to severe weather conditions and natural disasters, including those related to climate change. Events such as heavy snowfall, extreme precipitation, floods, landslides, wildfires, hurricanes, cyclones, tornadoes, tropical storms, storm surges, ice storms, and extreme temperatures, as well as chronic physical risks like long-term changes in precipitation patterns, or sustained higher temperatures, can affect the safety and reliability of our operations. We have and expect to continue to experience climate-related physical risks, potentially with increasing frequency and severity, and we cannot guarantee that we will not experience catastrophic or other events in the future. Our assets and operations are vulnerable to damage or disruption from these events, which could result in reduced revenue from business interruptions or reduced capacity and may also increase costs for repairs, remediation or adaptation measures. Such events have led to, and could again lead to, ruptures or product releases from our pipelines or facilities, causing property and environmental damage, personal injury or loss of life. Such an incident has in the past, and could again in the future, result in substantial losses that insurance may not fully cover, negatively impacting earnings. Such incidents could also have lasting reputational impacts and impair stakeholder relationships. For pipeline and storage assets located near populated areas, the potential damage could be even greater. We expect to continue to incur significant costs to prepare for and respond to operational risks. Additionally, we have faced, and could face again, litigation and significant fines and penalties from regulators in connection with such events.
Manufacturing - Risk 3
Changed
Our secured projects and maintenance programs are subject to various factors, which may affect our ability to drive long-term growth.
Our project execution continues to face challenges, including intense scrutiny of regulatory and environmental permit applications, politicized permitting processes, public opposition such as protests, efforts to repeal permits, and resistance to land access, which have increased construction complexity and, in certain cases, delayed project completion. Joint ventures further increase complexity and reduce our ability to control project execution. Continued challenges with global supply chains have created unpredictability in material costs and availability. Labor shortages and inflationary pressures have increased the costs of engineering and construction services. Recent and proposed legislation in Canada and the US aimed at increasing supply chain integrity, including with respect to forced labor and child labor, together with measures by us, our suppliers and governments, may impact business activities, global and North American supply chains, and our procurement processes, potentially impacting the availability or cost of goods and materials that we purchase. There is a risk that our supply chain may actually use or be alleged to have used forced labor or child labor, which could impact our reputation. Other factors that can, and have in the past, delayed project completion and increased project costs include contractor or supplier non-performance, tariffs, extreme weather events and geological factors beyond our control.
Manufacturing - Risk 4
Changed
There are utilization risks with respect to our assets, across all business segments.
Liquids Pipelines: We are partially exposed to throughput risk on the Canadian Mainline, and are exposed to throughput risk under certain tolling agreements for other assets, such as the Lakehead System. Lower transported volumes can directly reduce our revenues and earnings. Utilization of our assets may be affected by factors such as changing market fundamentals, capacity bottlenecks, regulatory restrictions, maintenance, operational incidents, and increased competition. Commodity prices, price differentials, weather, gasoline prices and consumption, tariffs, alternative and new energy sources and technologies, and global supply disruptions and dynamics, including those that may arise due to geopolitical conflicts, can also influence the supply of, demand for, and price of crude oil and other liquid hydrocarbons transported on our pipelines. Gas Transmission: Shifts in regional and global production and consumption continue to affect gas supply and demand dynamics, which can lead to fluctuations in commodity prices and price differentials and potential underutilization of some parts our system. Other factors affecting system utilization include operational incidents, regulatory restrictions, system maintenance, and increased competition. Gas Distribution and Storage: Customers of our gas distribution franchises are billed on both a fixed charge and volumetric basis, and our ability to collect the total revenue requirement (the cost of providing service, including a reasonable return to the utility) in certain jurisdictions, depends on achieving the forecast distribution measures set during the rate-making process. The probability of realizing such measures varies by jurisdiction but is generally contingent upon four key forecast variables: weather, economic conditions, pricing of competitive energy sources, and customer growth. Weather is a significant driver of delivery volumes, as many customers use natural gas for heating. Our ability to add new customers could be impacted by housing market conditions, such as interest rates and affordability on new home construction, and energy transition trends. Large commercial and industrial volumes are more sensitive to economic conditions and fuel-switching options. Even where total forecast distribution volumes are met, we may not achieve expected ROE due to other forecast variables, such as fluctuations in the mix between higher- and lower-margin customers. All of our gas distribution businesses remain at risk for actual versus forecast of large volume contract commercial and industrial volumes. Renewable Power Generation: Earnings from our Renewable Power Generation assets are highly dependent on weather and atmospheric conditions, as well as continued operational availability of these energy producing assets. While the expected energy yields for our projects are predicted using long-term historical data, wind and solar resources are subject to natural variation from year-to-year and from season-to-season. Any prolonged reduction in wind or solar resources at any facilities could lead to decreased earnings and cash flows. Additionally, inefficiencies or interruptions of facilities due to operational disturbances or outages resulting from weather conditions or other factors, could also impact earnings.
Manufacturing - Risk 5
Our operations involve safety risks to the public and to our workers and contractors.
Enbridge's assets span a broad geographic area and often operate near populated areas. We have experienced major incidents involving these assets that have resulted in, and may again result in, injury or loss of life to members of the public. In addition, given the hazards inherent in our operations, our workers and contractors also face personal safety risks. Despite the precautions we take, such safety incidents have occurred in the past and may occur in the future. Such events could lead to reputational damage, legal claims, material repair costs, and higher operating or insurance costs.
Employment / Personnel1 | 3.0%
Employment / Personnel - Risk 1
Changed
Our business requires the retention and recruitment of a skilled and inclusive workforce, and difficulties in recruiting and retaining our workforce could result in a failure to implement our business plans.
Our operations and management require the retention and recruitment of a skilled and inclusive workforce, including engineers, technical personnel, other professionals, executive officers, and senior management. We compete with other companies in the energy industry, and for some jobs, the broader labor market, for this skilled workforce. If we are unable to retain current employees and/or recruit new employees of comparable knowledge and experience, our business could be negatively impacted. In addition, we could experience increased costs to retain and recruit these professionals.
Costs4 | 12.1%
Costs - Risk 1
Changed
Our Liquids Pipelines growth rate and results may be adversely affected by commodity prices.
Wide commodity price basis between Western Canada and global tidewater markets has negatively impacted producer netbacks and margins in the past, largely due to pipeline takeaway capacity constraints in Western Canada and North Dakota. A protracted long-term outlook for low crude oil prices could result in delays or cancellation of future projects. The tight conventional oil plays of Western Canada, the Permian Basin, and the Bakken region of North Dakota, have short cycle break-even time horizons (typically less than 24 months) and high decline rates that can be managed through active hedging programs and are positioned to react quickly to market signals. Accordingly, during periods of comparatively low prices, drilling programs, unsupported by hedging programs, may decrease, reducing supply growth from tight oil basins, which could impact volumes on our pipeline systems. Crude oil marketing generates margin by capitalizing on quality, time and location differentials when opportunities arise. Changing market conditions that impact the prices at which we buy and sell commodities have in the past limited margin opportunities and impeded our ability to cover capacity commitments and could do so again in the future. Other market conditions, such as backwardation, have likewise limited margin opportunities.
Costs - Risk 2
Our assets vary in age and were constructed over many decades, which causes our inspection, maintenance or repair costs to increase.
Our pipelines vary in age and were constructed over many decades. Pipelines are generally long-lived assets, and pipeline construction materials and techniques, including coating, have evolved over time. Depending on the era of construction and construction techniques, some assets require more frequent inspections, which have resulted in, and are expected to continue in the future to result in, increased maintenance and repair costs. Any significant increase in these expenditures could adversely affect our business, operations or financial results.
Costs - Risk 3
Our Gas Transmission results may be adversely affected by commodity price volatility.
We hold a 13.2% effective economic interest in DCP, which is in the businesses of gathering, treating, processing and selling natural gas and NGL. In addition, we own Tomorrow RNG, which operates landfill gas-to-RNG production facilities, and Aitken Creek, which operates an underground natural gas storage facility. The financial results of these businesses are directly and indirectly impacted by changes in commodity prices. To a lesser degree, the financial results of our Gas Transmission business are subject to fluctuation in power prices, which impact electric power costs associated with operating some of our compressor stations.
Costs - Risk 4
Our insurance coverage may not fully cover our losses in the event of an accident, natural disaster or other event, and we may encounter increased cost arising from the maintenance of, or lack of availability of, insurance.
Our operations involve many hazards inherent in our industry as described in this Item 1A. Risk Factors. While we maintain an insurance program for Enbridge, our subsidiaries and certain affiliates, to mitigate a certain portion of our risks, not all risks are insurable or are insured by us. Limitations may arise due to lack of availability, high premiums or other factors. We self-insure a significant portion of certain risks through our wholly-owned captive insurance subsidiary, and our insurance coverage is subject to terms and conditions, exclusions and large deductibles, or self-insured retentions, which may reduce or eliminate coverage in certain circumstances. Our insurance policies are generally renewed annually, and premiums, terms, policy limits and/or deductibles, can vary substantially, based on factors like market conditions. We can give no assurance that we will be able to maintain adequate insurance in the future at rates or on other terms that we consider commercially reasonable. In such a case, we may decide to self-insure additional risks. A significant self-insured loss, uninsured loss, a loss significantly exceeding insurance policy limits, delays in claim payments, or inability to renew insurance policies on similar or favorable terms, could materially and adversely affect our business, financial condition and results of operations.
Legal & Regulatory
Total Risks: 8/33 (24%)Above Sector Average
Regulation4 | 12.1%
Regulation - Risk 1
Policy and legal risks
We are subject to various climate change and emissions-related laws and regulations in the jurisdictions where we operate, including at the federal, state/provincial, and local levels, and these continue to evolve and change with shifting government policy and public sentiment. Key carbon-related policies and regulations that impact us are described in Part I, Item 1. Business - Regulation - Environmental Regulation. Carbon pricing in the form of carbon charges, carbon levies, or other carbon pricing frameworks poses risks to our business, including potential reduced demand for our services and decreased economic viability for our projects. We are also subject to anti-greenwashing legislation and are impacted by climate-related disclosure requirements in development in certain jurisdictions where we operate. Such evolving policy, legislation and regulation could influence commodity demand, and the overall energy mix we deliver and has already led to increased compliance risk and costs, including higher costs for our customers. Stakeholder opposition to parts of our business and the energy industry, particularly fossil fuels, continues to pose risks to our business such as climate-related protests, complaints, litigation and regulatory actions, including against Enbridge. In addition, anti-ESG activism has grown, creating competing stakeholder priorities, fragmented regulatory regimes, and greater uncertainty. We have faced, and expect to continue to face, climate-related legal challenges. Defending and resolving these claims has resulted in increased costs and will likely lead to additional expenses, and could affect our reputation, strategy, and financial performance.
Regulation - Risk 2
Our operations are subject to economic regulation and failure to secure regulatory approval for our proposed or existing commercial arrangements could have a negative impact on our business, operations or financial results.
Our Liquids Pipelines, Gas Transmission, and Gas Distribution and Storage assets face economic regulation risk. Economic regulation risk arises when governments or regulatory agencies change or reject proposed or existing commercial arrangements, tolls, tariffs, rates or policies, including permits and regulatory approvals for new or existing projects or agreements. These decisions can directly impact our ability to operate and earn revenue. Our Liquids Pipelines, Gas Transmission and Gas Distribution and Storage assets are subject to oversight by various regulators, including the CER, the FERC, the OEB, the Ohio Commission, the Utah Commission, the Wyoming Commission, the Idaho Commission, and the North Carolina Commission. These regulators establish rates, tariffs, and tolls for our assets. Regulatory or court decisions to modify or reject rates, tariffs, tolls or commercial arrangements, including with respect to permits, tariff structures, or interpretations of existing regulations, have previously impacted our revenues and earnings and may do so again in the future. Our Renewable Power Generation assets in Canada and the US are subject to directives, regulations, and policies of federal, provincial and state governments. These measures are variable and can change due to factors such as tax rate adjustments or changes in government, which may negatively impact our commercial arrangements. Our Renewable Power Generation assets in Europe (France, Germany and the UK) are also subject to the directives, regulations and policies established and enforced by the EU and the UK government. These measures are variable and can include price controls, tariffs, caps and demand reduction goals, all of which could adversely impact our revenues and earnings.
Regulation - Risk 3
Many of our operations are regulated and failure to secure timely regulatory approval for our proposed projects, or loss of required approvals for our existing operations, could have a negative impact on our business, operations or financial results.
The nature and scope of government policy, regulation and legislation governing permitting and environmental review for energy infrastructure in Canada and the US continues to evolve. At the same time, energy companies continue to face opposition from anti-fossil fuel/anti-pipeline activists, environmental groups, politicians and other stakeholders concerned about the safety and environmental impacts of energy infrastructure. In the US, the current administration has declared an energy emergency, and this directive shaped the rulemaking and guidance efforts across federal agencies in 2025 resulting in significant policy changes from the prior administration: - Formed the National Energy Dominance Council designed to bolster energy production and minimize regulatory roadblocks to building energy infrastructure projects and energy development;- Proposed to modify the EPA rules to reduce and report methane emissions from the oil and gas sector and to streamline the process for states and tribes to assume authority over the Clean Water Act's section 404 permitting program for discharges of dredge and fill material;- Repealed the Council for Environmental Quality (CEQ) regulations implementing the National Environmental Policy Act (NEPA);- Enacted the One Big Beautiful Bill Act that includes measures to streamline reviews under NEPA and the US Supreme Court narrowed the scope of NEPA review in a pivotal decision referred to as Seven County Infrastructure;- CEQ issued guidance and a template to streamline NEPA reviews, and many federal agencies have implemented new agency-specific procedures seeking to streamline NEPA environmental reviews;- FERC rescinded its draft GHG and draft Updated Certificate policy statements concerning the development of natural gas infrastructure projects and consideration of climate change and environmental justice when reviewing natural gas projects. FERC further eliminated an order that slowed project construction timelines and temporarily raised the cost limits for projects that qualify under the Blanket Certificate Program while considering permanent changes; and - PHMSA issued rules updating requirements for sustainable and safe pipeline operation and refocused its efforts to safety regulation. Some actions by the current US administration are being challenged in the courts, and further legal challenges to the US administration and/or agency actions may occur. The current US administration may take further action to promulgate new regulations and/or modify or reverse regulations that were promulgated by the prior US administration. These actions may significantly change environmental reviews for energy projects. In Canada, the federal and provincial governments are undertaking various regulatory streamlining initiatives, including the passage of the Building Canada Act and the establishment of the Major Projects Office, with a mandate to advance major projects in Canada and streamline regulatory project approvals, including potentially with respect to a crude oil pipeline from Alberta to the west coast of Canada. Such legislative and regulatory actions may significantly change regulatory review processes and the competitive landscape for new pipeline projects in Canada and may increase the risk of legal challenges to project approvals from parties opposed to these legislative and regulatory changes specifically and to fossil fuels generally. Actions by regulators, legislators, or stakeholders could adversely impact permitting for energy projects. We may not be able to obtain or maintain all required regulatory approvals for our operating assets or development projects. If there is a significant delay in obtaining any required regulatory approvals, if we fail to obtain or comply with them, or if laws or regulations change or are administered in a more stringent manner, the operations of existing facilities or the development of new facilities could be prevented, delayed or become subject to additional costs.
Regulation - Risk 4
Changed
Our operations are subject to a range of regulatory and contractual requirements, including compliance with operational regulations, easements, permits, and other land tenure agreements. Failure to comply with these obligations could negatively impact our reputation, business, operations or financial results.
Operational risks relate to compliance with applicable operational rules and regulations mandated by governments, applicable regulatory authorities, or other requirements that may be found in easements, permits, or other agreements that provide a legal basis for our operations. Breaches of these obligations may lead to fines, penalties, damage awards, operational restrictions or shutdowns, and an overall increase in operating and compliance costs. We do not own all of the land on which our pipelines, facilities and other assets are located, and we rely on rights granted by third parties or government entities to construct and operate our pipelines and other assets. In addition, some of our pipelines, facilities, and other assets cross Indigenous lands pursuant to rights-of-way or other land tenure interests. Our loss of these rights, including through our inability to renew them as they expire, could adversely affect our reputation, operations and financial results. We have experienced litigation relating to easements, including in relation to Line 5. Refer to Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Legal and Other Updates. Regulatory scrutiny of our assets and operations has the potential to increase operating costs or limit future projects. Regulatory enforcement actions issued by regulators for non-compliance can increase operating costs and negatively impact our reputation. Potential regulatory changes and legal challenges could impact our future earnings from operations and construction costs for new projects. Future regulatory actions and decisions or legislative changes may differ from current expectations, creating uncertainty for the regulatory environments in which we operate. While we actively monitor and engage with regulators on potential regulatory changes and develop response plans to such changes, these efforts may be ineffective or insufficient. Although we prioritize safe, reliable operations and compliance with current regulations, regulators or government authorities may still take unilateral actions that could disrupt operations or create adverse financial impacts.
Litigation & Legal Liabilities1 | 3.0%
Litigation & Legal Liabilities - Risk 1
We are involved in numerous legal proceedings, the outcomes of which are uncertain, and resolutions adverse to us could adversely affect our financial results and reputation.
We are subject to numerous legal proceedings related to our business and operations, which could include climate-related regulatory action and litigation against companies in the energy industry. There is no assurance that we will not be impacted by such regulatory action, litigation, or other legal proceedings. By its nature, litigation is subject to many uncertainties, and we cannot predict the outcome of individual matters with assurance. It is reasonably possible that the final resolution of some of the matters in which we are involved or new matters could require additional expenditures, in excess of established reserves, over an extended period of time and in a range of amounts that could adversely affect our financial results or adversely affect our reputation. Refer to Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Legal and Other Updates for a discussion of certain legal proceedings with recent developments.
Taxation & Government Incentives1 | 3.0%
Taxation & Government Incentives - Risk 1
We are subject to changes in our tax rates, the adoption of new US, Canadian or international tax legislation or exposure to additional tax liabilities.
We are subject to taxes in the US, Canada and numerous foreign jurisdictions. Economic and political conditions may cause tax rates in various jurisdictions to change significantly. Our effective tax rates may be affected by changes in the mix of earnings in countries with differing statutory tax rates, adjustments to the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretation. We are also subject to the examination of our tax returns and other tax matters by the US Internal Revenue Service, the Canada Revenue Agency, and other tax authorities and governmental bodies. We regularly evaluate the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of our provision for taxes. There can be no assurance as to the outcome of these examinations. If our effective tax rates were to increase, particularly in the US or Canada, or if the ultimate determination of our taxes owed is for an amount in excess of amounts previously accrued, our financial condition and operating results could be materially adversely affected.
Environmental / Social2 | 6.1%
Environmental / Social - Risk 1
Changed
Our operations are subject to numerous environmental laws, regulations, and rules, including those relating to emissions reduction, climate-related disclosure, and anti-greenwashing. Compliance may require significant capital expenditures, increased operating costs, affect or limit our business plans, expose us to environmental liabilities or litigation, and affect our reputation and stakeholder relationships.
We are subject to numerous environmental laws and regulations affecting many aspects of our operations, including, but not limited to, air emissions, climate change, water, soil, land management, waste, hazardous substances, wildlife and protected species, biodiversity, noise, emergency response, and pollution. We are also subject to new and evolving environmental laws, regulations and rules, including climate-related disclosure and anti-greenwashing obligations, such as recent amendments to Canadian competition legislation. Environmental laws, government policies, and stakeholder expectations are dynamic and vary across the jurisdictions where we operate. These requirements are not only evolving rapidly but can also conflict with one another, creating regulatory uncertainty and complexity. For example, under the current US administration, the deregulatory agenda has significantly altered the regulatory landscape for the energy sector. Executive actions prioritized expedited permitting processes under the Clean Water Act and reduced environmental compliance requirements, creating a more favorable environment for conventional energy. In parallel, the administration actively rolled back renewable energy incentives, including tax credits for wind, solar, and electric vehicles, and imposed a moratorium on offshore wind development, which creates a less favorable environment for renewable energy. This continual change increases compliance risk, as we must navigate differing standards, overlapping obligations, and emerging disclosure and substantiation requirements, all while maintaining alignment with stakeholder expectations. Our exposure to these risks could result in adverse impacts to our reputation and relationships with stakeholders or increased costs, liabilities or litigation. Compliance with environmental laws, regulations, and rules, including those related to climate change, GHG emissions, climate-related disclosure, and anti-greenwashing, has, and is expected to continue in the future to, require significant capital investment and higher operating costs, which we may not be able to recover. These expenses include, for example, emissions monitoring and reporting, equipment replacements or modernization, and third-party verification or assurance of environmental data. If we are unable to obtain or maintain all required environmental regulatory approvals and permits for our operating assets and projects, or if there is a delay in obtaining any required environmental regulatory approvals or permits, the operation of existing facilities or the development of new facilities could be prevented, delayed, or become subject to additional costs. Failure to comply with environmental laws, regulations, and rules may result in the imposition of civil or criminal fines, penalties and injunctive measures, which could harm our reputation and impact our operating assets.
Environmental / Social - Risk 2
Changed
Stakeholder expectations and government policies on sustainability, climate change, social and human capital management topics, and environmental protection continue to evolve and an inability to meet these requirements and expectations could erode stakeholder trust and investor confidence, damage our reputation, influence stakeholder actions and decisions and negatively impact our business, operations or financial results.
Companies across all sectors and industries are facing changing expectations and continued scrutiny from a wide range of stakeholders on sustainability, climate change, social and human capital management topics, and environmental practices. Our customers, investors, employees, regulators, and other stakeholders have diverse and evolving expectations on these topics. These changing expectations may heighten existing risks, or create new risks, which could lead to increased costs, project delays or cancellations, loss of growth opportunities, permit denials or restrictions, public protests, activism and legal challenges. We may not be able to satisfy all stakeholder expectations and demands, which could result in adverse publicity, reputational harm, legal claims, regulatory compliance challenges, strained stakeholder relationships, and operational risks, and could adversely impact our access to and cost of capital and demand for, or value of, our services or securities, any of which could have a material adverse effect on our business. Unexpected shifts in energy demands, including those driven by climate change concerns, could reduce revenue through, for example, reduced throughput volumes on our pipeline systems. Maintaining and meeting any sustainability-related goals we have set or may set in the future, including any related to emissions reduction, involve significant costs and uncertainty, including as a result of changes in regulatory, technological, financial and operational conditions. We may not be able to, or may be perceived as being unable to, achieve such goals, either in a timely manner or at all, may need to adjust or rescind such goals as a result of changing circumstances, or expected benefits of achieving such goals may not materialize. If we experience challenges, or perceived challenges, in achieving our sustainability-related goals, regulatory or reporting requirements (which continue to change and diverge across different jurisdictions), or stakeholder expectations, it could harm our reputation, affect investor confidence, or expose us to enforcement actions or litigation, which may impact our business, operations or financial results.
Macro & Political
Total Risks: 6/33 (18%)Above Sector Average
Natural and Human Disruptions2 | 6.1%
Natural and Human Disruptions - Risk 1
Climate change risks could adversely affect our reputation, strategic plan, business, operations and financial results, and these effects could be material.
Climate change is a systemic risk that presents both physical and transition risks to our organization. A summary of these risks is outlined below. Given the interconnected nature of climate change-related impacts, we also discuss these risks within the context of other risks impacting Enbridge throughout Item 1A. Risk Factors. Climate change and its associated impacts may also increase our exposure to, and magnitude of, other risks identified in Item 1A. Risk Factors. Our business, financial condition, results of operations, cash flows, reputation, access to and cost of capital or insurance, business plans and strategy may all be materially adversely impacted as a result of climate change and its associated impacts.
Natural and Human Disruptions - Risk 2
Terrorist attacks and threats, escalation of military activity in response to these attacks or acts of war, other civil unrest or activism, or geopolitical uncertainty could adversely affect our business, operations or financial results.
Terrorist attacks and threats (which may take the form of cyber attacks, as outlined above), escalation of military activity, armed hostilities, war, sabotage, or civil unrest or activism may disrupt general economic conditions, cause fluctuations in consumer confidence and spending, and affect market liquidity, all of which could negatively impact our business. Future terrorist attacks, rumors or threats of war, actual conflicts involving the US or Canada, civil unrest or military, trade, or commodity supply and demand disruptions may significantly affect our operations and those of our customers. Strategic critical infrastructure, including energy-related assets, face heightened risk of cyber or physical attacks. Our assets and projects under construction could be direct targets or indirect casualties of such an attack. In addition, increased environmental activism against energy infrastructure could lead to work delays, reduced demand for our services, new or stricter legislation or public policy, or denial or delay of permits and rights-of-way. We also face risks related to international relations and geopolitical events. Factors such as political, economic, or social instability, trade disputes, increased tariffs, legal and regulatory changes, and shifts in political leadership can lead to volatility in commodity prices and affect energy availability and costs.
Capital Markets4 | 12.1%
Capital Markets - Risk 1
Market risks
Concerns about climate change, rising demand for lower-carbon energy and new energy technologies, shifting customer behavior, and reduced energy consumption could decrease demand for our services or our securities. In recent years, certain investors, lenders and insurers have begun or are contemplating reducing the carbon intensity of their portfolios or limiting support for the fossil fuel industry. These actions could increase our costs to manage these risks and restrict access to, or increase the cost of, capital and insurance. Market uncertainty, including abrupt or significant changes in energy prices and demand, which could be driven by climate change, could negatively impact operations, for example through reduced throughput volumes on our pipeline systems.
Capital Markets - Risk 2
Changed
We rely on access to short-term and long-term capital markets to finance capital requirements and support liquidity needs. If we or our rated subsidiaries are unable to maintain an investment-grade credit rating, it could impair cost effective access to those markets. Our ability to maintain cost-effective access to these markets may be influenced by several factors, including market volatility, interest rate fluctuations, geopolitical instability, and systematic banking risk.
A significant portion of our consolidated asset base is financed with debt, and the maturity and repayment profile of that debt often does not correlate to cash flows from assets. Accordingly, we rely on access to both short-term and long-term capital markets as a source of liquidity for capital requirements not satisfied by cash flows from operations and to refinance investments originally financed with debt. Our senior unsecured long-term debt is currently rated investment-grade by various rating agencies. If the rating agencies were to rate us or our rated subsidiaries below investment-grade, our borrowing costs could increase, potentially significantly. Consequently, we could be required to pay a higher interest rate in future financings and our potential pool of investors and funding sources could decrease. We maintain revolving credit facilities at various entities to backstop commercial paper programs, for borrowings and for providing letters of credit. These facilities typically include financial covenants, and failure to maintain these covenants at a particular entity may result in accelerated repayment obligations or preclude that entity from accessing the credit facility, which could impact liquidity. If our short-term debt rating were to be downgraded, access to the commercial paper market could be significantly limited. Although this would not affect our ability to draw under our credit facilities, borrowing costs could be significantly higher. If we are not able to access capital at competitive rates, or at all, our ability to finance operations, pursue growth opportunities, or refinance existing debt could be affected. Any downgrade or other event negatively affecting the credit ratings of our subsidiaries could make their costs of borrowing higher or access to funding sources more limited, which in turn could require us to provide liquidity in the form of capital contributions or loans to such subsidiaries, thus reducing the liquidity and borrowing availability of the consolidated group.
Capital Markets - Risk 3
Changed
Our business is exposed to changes in market prices, including but not limited to interest rates and foreign exchange rates, which could materially impact our financial results. Our risk management policies cannot eliminate all risks and may result in material financial losses. In addition, any non-compliance with our risk management policies could adversely affect our business, operations or financial results.
Our use of debt financing exposes us to interest rate fluctuations on both future fixed rate debt issuances and floating rate debt. While our financial results are denominated in Canadian dollars, many of our businesses have foreign currency revenues or expenses, particularly the US dollar. We use financial derivatives to manage risks associated with changes in foreign exchange rates, interest rates, commodity prices, and power prices, to reduce the volatility of our cash flows. Based on our risk management policies, substantially all of our financial derivatives are associated with an underlying asset, liability and/or forecasted transaction and are not intended for speculative purposes. These policies cannot, however, eliminate all risk, including unauthorized trading. Although this activity is monitored independently by our risk management function, we can provide no assurance that we will detect and prevent all unauthorized trading and other violations, particularly if deception, collusion or other intentional misconduct is involved, and any such violations could adversely affect our business, operations or financial results. To the extent that we hedge our exposure to market prices, we will forego the benefits we would otherwise experience if these were to change in our favor. In addition, hedging activities can result in losses that might be material to our financial condition, results of operations and cash flows. Such losses have occurred in the past and could occur in the future. See Part II. Item 7A. Quantitative and Qualitative Disclosures about Market Risk and Item 8. Financial Statements and Supplementary Data for a discussion of our derivative instruments and related hedging activities.
Capital Markets - Risk 4
Changed
The effects of US, Canadian and other governments' policies on tariffs and trade relations are uncertain and could adversely impact our business, operations or financial results.
The announcement and imposition of tariffs by the US, together with potential, announced or implemented retaliatory tariffs by other governments on imports from the US, and other potential measures, including duties, fees, economic sanctions or other trade measures, as well as the potential impacts of these tariffs and trade measures, present significant risks to our business operations and financial results. Tariffs announced by the US (which are in addition to any pre-existing tariffs) which may impact our business operations include, among others: - tariff on Canadian goods that are non-compliant under the United States-Mexico-Canada Agreement (USMCA) (excludes crude oil, natural gas, and natural gas liquids);- global tariffs on steel and aluminum; and - other periodic retaliatory tariffs on Canada. Several of the US tariff announcements have been followed by announcements of limited exemptions and temporary pauses on implementation dates. In response to the US tariff announcements, certain governments have threatened or announced retaliatory measures against the US and/or are in the process of negotiating with the US on tariff agreements. These announcements led to significant uncertainty and market volatility throughout 2025. If maintained, such trade measures, the nature, extent and timing of which are uncertain, and the potential for escalation of trade disputes, including retaliatory measures, could lead to, among other things, worsening of macroeconomic conditions, inflationary pressures, increased construction costs, costs to maintain our assets and other costs and expenses, as well as to potential reductions in demand for US and/or Canadian energy. The measures also introduce uncertainty in North American energy and capital markets and have the potential to disrupt supply chains and access to capital markets and jeopardize our competitiveness. The US Government has also stated its interest in renegotiating and altering the USMCA, which could further impact the energy market and our business. Any of the foregoing could significantly adversely impact our business, operations or financial results.
Tech & Innovation
Total Risks: 4/33 (12%)Above Sector Average
Cyber Security1 | 3.0%
Cyber Security - Risk 1
Changed
Cyber attacks and other cybersecurity incidents pose significant threats to our technology systems and could materially adversely affect our business, operations, reputation or financial results.
Our business is dependent upon information systems and other digital technologies to control our plants, pipelines and other assets, process transactions, and summarize and report results of operations. Cybersecurity risks have grown due to the proliferation of new technologies, increasingly sophisticated cyber attacks, and financially-motivated cybercrime, as well as international and domestic political factors, including geopolitical tensions, armed conflicts, civil unrest, sabotage, terrorism, and state-sponsored or other cyber espionage. Human error or malfeasance can also contribute to cyber incidents, which may occur internally or externally and at any point in our supply chain. Because of the critical nature of our infrastructure and our use of information systems and other digital technologies to control our assets, we face a heightened risk of cybersecurity incidents, such as ransomware, theft, misplaced or lost data, programming errors, phishing attacks, denial-of-service attacks, acts of vandalism, computer viruses, malware, hacking, malicious attacks, software vulnerabilities, employee errors and/or malfeasance, or other attacks, security or data breaches, or other cybersecurity incidents. Cyber threat actors have attacked, and continue to threaten to attack, energy infrastructure, including our assets. Government agencies have warned that attacks targeting critical infrastructure - including pipelines, utilities, and power generation facilities - are increasing in sophistication, magnitude, and frequency. These risks may escalate during periods of heightened geopolitical tensions. We have experienced an increase in unauthorized attempts to access our systems and company data, and expect this trend to continue. While we invest heavily in security measures to prevent unwanted intrusions and to protect our systems and data, whether such data is housed internally or by external third parties, we and our third-party vendors have experienced, and expect to continue to experience, cyber attacks of varying degrees, including denial-of-service attacks. To date, these attacks have not, to our knowledge, had a material adverse impact on our business, operations or financial results, but future incidents could. We expect that our technology systems, as well as those of our vendors or other service providers, will continue to be targeted, which could compromise our data and systems, and access thereto by us, our customers or others. Such events could disrupt our operations, impair our ability to correctly record, process and report transactions, or result in the loss of information. There is no certainty that our business continuity measures will completely eliminate the risk of disruption or adverse business effects. Furthermore, we and some of our third-party service providers (who may in turn also use third-party service providers) collect, process or store sensitive data in the ordinary course of our business, including personal information of employees, customers, landowners, and investors, as well as intellectual property or other proprietary business information. These risks are heightened following the Acquisitions, which increase the attack surface and the volume of personal customer information processed. Consequences of a significant cyber incident could include revenue loss, repair, remediation or restoration costs, regulatory action, fines and penalties, litigation, breach of contract or indemnity claims, cyber extortion or ransomware payments, implementation costs for additional security measures, loss of customers, customer dissatisfaction, reputational harm, or other adverse consequences, costs or financial loss. Regardless of the method or form of cyber attack or incident, any or all of the above could materially adversely affect our reputation, business, operations or financial results. New and changing cybersecurity legislation, regulations and orders have been implemented or are proposed, resulting in additional regulatory oversight and compliance requirements, which require internal and external resources and increase costs. The potential impacts of future cybersecurity-related legislation, regulations or orders on our business remain uncertain and cannot be reliably predicted. A cyber attack may occur and remain undetected for an extended period, representing an inherent risk that we must continually manage. Investigations of cyber attacks or other security incidents are often unpredictable and typically take time to complete before full and reliable information becomes available. In this period, we may lack visibility into the damage or the optimal corrective approach, allowing issues to persist or escalate and driving up both costs and risks. Remediation efforts may not be successful. Failure to implement, maintain and upgrade adequate safeguards could materially and adversely affect our results of operations, cash flows, and financial condition. Recent rulemakings may require disclosure of cybersecurity incidents before investigations or remediations are complete, adding complexity and risk. As cyber attacks continue to evolve, we may need to invest significant additional resources to strengthen protections and address vulnerabilities. Media reports about a cyber attack or other significant security incident, whether accurate or not, or our failure to make adequate or timely disclosures to the public, regulators, law enforcement, or affected individuals could negatively impact our operating results and result in other adverse consequences, including reputational harm, damage to our competitiveness, strained relationships with customers, partners, suppliers, investors, and other stakeholders. Such circumstances could also lead to operational disruption, increased remediation and protection costs, significant litigation or regulatory action, fines or penalties, all of which could materially adversely affect our business, operations, reputation or financial results.
Technology3 | 9.1%
Technology - Risk 1
Added
We are subject to risks relating to the integrity of our systems and infrastructure, as well as affiliate and third-party computer systems, computer networks and other communication systems.
System interruption and the lack of integration and redundancy in the information systems and infrastructure, both of our own websites and other computer systems and of affiliate and third-party software, computer networks and other communications systems service providers on which we rely, could adversely affect our ability to conduct our operations. Such interruptions could occur as the result of natural disaster, malicious actions, such as hacking or acts of terrorism or war, human error or other causes, such as break-downs in technology or other malfunctions. With respect to third-party software or systems, there are certain arrangements that are not covered by long-term agreements. In addition, the loss of some or all of certain key personnel could require us to expend additional resources to continue to maintain our software and systems and could subject us to systems interruptions. While we have backup systems, offsite and cloud-based data centers, and service redundancy for certain aspects of our operations, disaster recovery planning by its nature cannot account for all eventualities. In addition, we may not have adequate insurance coverage to compensate for any or all losses from a major interruption. If any of these adverse events were to occur, it could adversely affect our business, financial condition and results of operations.
Technology - Risk 2
Added
Advancements in AI and the speed at which we can implement them or not increases our cybersecurity risks discussed above and also have the potential to negatively affect our business, operations, reputation or financial results.
Secure processing, maintenance and transmission of information are critical to our business. This includes the integration of AI to enhance both efficiency and safety. For example, Enbridge utilizes cloud-based platforms and internal AI assistants to make workflows and data analysis more efficient. As AI adoption and integration accelerates in our day-to-day operations, the associated technology and cybersecurity risks are also intensifying, increasing the potential for system vulnerabilities and exposure to malicious threats. The continuous evolution and increasing use of generative AI systems both by Enbridge and third parties, as well as the embedding of AI technologies into software, systems and other tools currently used or being considered for use by Enbridge pose a number of risks to Enbridge's technology, information systems and data privacy. This is due to its potential for user misuse, decision-making based on biased or incorrect models or information, unauthorized exposure of sensitive data, unauthorized use of intellectual property and other risks, all of which potentially compromise safety, productivity and profitability. AI tools have the potential to provide advantages to Enbridge if successfully used, developed and implemented with the proper governance, but those benefits may require significant expenditures and may never materialize, which could adversely affect our business, financial condition and results of operations.
Technology - Risk 3
Technology risks
Achieving our emissions reduction goals depends partly on technological improvements, innovation, and modernization of our existing assets. Advances in technologies such as renewable power, carbon capture and storage, and other lower-carbon energy infrastructure can help reduce our emissions, extend the life of our assets, and diversify our business. However, relying on these technologies also carries risks, including the pace of technological development, uncertain regulatory requirements, and potentially high costs that could make the use of such technologies uneconomical. If emerging technologies do not materialize as expected, meeting our emissions reduction goals could become more difficult.
Ability to Sell
Total Risks: 3/33 (9%)Above Sector Average
Competition1 | 3.0%
Competition - Risk 1
Competition may result in a reduction in demand for our services, fewer project opportunities or assumption of risk that results in weaker or more volatile financial performance than expected.
Competition in all of our businesses, including competition for new project development opportunities, could have a negative impact on our business, financial condition or results of operations. Our Liquids Pipelines business faces competition from existing and proposed pipelines serving Canadian, US and international markets, including those that may advance through inter-provincial and federal agreements or collaboration. Key competitive factors include transportation costs, access to supply, service quality and reliability, contract carrier alternatives, and proximity to markets. Commodities transported in our pipelines increasingly compete with emerging alternatives for end-users, such as electricity and electric batteries. We also compete with alternative storage facilities. Our Gas Transmission business competes with similar facilities that serve the same supply and market areas. Natural gas also competes with other energy sources, including electricity, coal, propane, fuel oils, and renewables. Our Gas Distribution and Storage business competes with other forms of energy available to customers and end-users, including electricity, coal, propane and fuel oils. Our Renewable Power Generation business faces competition in securing long-term power purchase agreements and from other fuel sources in the markets in which we operate.
Sales & Marketing1 | 3.0%
Sales & Marketing - Risk 1
We are exposed to the credit risk of our customers, counterparties, and vendors.
We are exposed to the credit risk of multiple parties in the ordinary course of our business. Generally, our customers are rated investment-grade, are otherwise considered creditworthy, or provide us with security to satisfy credit concerns. However, we cannot predict to what extent our business would be impacted by deteriorating economic conditions, including possible declines in the creditworthiness of our customers, vendors, or counterparties. Payment or performance defaults from these entities, if significant, could adversely affect our earnings and cash flows.
Brand / Reputation1 | 3.0%
Brand / Reputation - Risk 1
Reputational risks
Energy companies, including Enbridge, continue to face negative perceptions about fossil fuels and pipelines, which can lead to stakeholder opposition to our operations and infrastructure projects, as well as investor, stakeholder or regulatory concerns about stranded assets. Such factors may impact our ability to secure capital or complete new projects. Enbridge's climate-related activities, goals, commitments, and plans are based on various assumptions, estimates, judgments, risks, and uncertainties. Rules, standards, and methodologies for setting climate-related goals and for measuring and reporting climate-related information are still developing. As such, our climate-related goals and disclosures are based on assumptions that are subject to change. Achieving our sustainability-related goals and commitments will require collective efforts and actions from a wide range of stakeholders, much of which is beyond our control, and there can be no assurance that these efforts will deliver the intended impact. Our climate-related goals and emissions-reduction pathways will continue to evolve and may need to be revised as data improves, standards, methodologies, metrics, and measurements mature, and legislation, regulations, and stakeholder expectations change. If we encounter challenges or perceived challenges in achieving our climate-related goals, fail to comply with climate-related regulatory or reporting requirements, or fall short of stakeholder expectations, it could negatively impact our reputation, reduce demand for our services or securities, and expose us to enforcement actions or litigation, which could impact our business, operations or financial results.
Finance & Corporate
Total Risks: 2/33 (6%)Above Sector Average
Corporate Activity and Growth2 | 6.1%
Corporate Activity and Growth - Risk 1
Our forecasted assumptions may not materialize as expected, including on our expansion projects, acquisitions and divestitures.
We evaluate expansion projects, acquisitions, and divestitures on an ongoing basis. Planning and investment analysis is highly dependent on accurate forecasting and the use of appropriate assumptions. If these assumptions do not materialize, financial performance may be lower or more volatile than expected. Economic volatility and unpredictability, both locally and globally, and changes in cost estimates, project scope, or risk assessment could result in reduced profitability. In addition, abrupt and unexpected shifts in energy costs and demands, have in the past, and may again in the future, negatively impact revenue, for example, from reduced throughput volumes on our pipeline systems.
Corporate Activity and Growth - Risk 2
Changed
We may encounter difficulties in successfully integrating the US Gas Utilities into our business, which may negatively affect the expected benefits from the Acquisitions.
In 2024, we completed the Acquisitions of the US Gas Utilities. The success of the Acquisitions will depend on, among other things, our ability to integrate the US Gas Utilities into our business effectively to achieve anticipated benefits and growth opportunities. There is a significant degree of difficulty and management distraction inherent in the process of integrating an acquisition, including challenges with integrating certain operations and functions, technologies, organizations, and policies and procedures; managing cultural differences; and retaining key personnel. The integration may be complex and time-consuming and involve delays or additional and unforeseen expenses. The integration process and other disruptions resulting from the Acquisitions may also disrupt our ongoing business. Any failure to realize the anticipated benefits of the Acquisitions, additional unanticipated costs or delays, or other factors could negatively impact our earnings or cash flows, decrease or delay any beneficial effects of the Acquisitions, and negatively impact our business, financial condition and results of operations.
See a full breakdown of risk according to category and subcategory. The list starts with the category with the most risk. Click on subcategories to read relevant extracts from the most recent report.

FAQ

What are “Risk Factors”?
Risk factors are any situations or occurrences that could make investing in a company risky.
    The Securities and Exchange Commission (SEC) requires that publicly traded companies disclose their most significant risk factors. This is so that potential investors can consider any risks before they make an investment.
      They also offer companies protection, as a company can use risk factors as liability protection. This could happen if a company underperforms and investors take legal action as a result.
        It is worth noting that smaller companies, that is those with a public float of under $75 million on the last business day, do not have to include risk factors in their 10-K and 10-Q forms, although some may choose to do so.
          How do companies disclose their risk factors?
          Publicly traded companies initially disclose their risk factors to the SEC through their S-1 filings as part of the IPO process.
            Additionally, companies must provide a complete list of risk factors in their Annual Reports (Form 10-K) or (Form 20-F) for “foreign private issuers”.
              Quarterly Reports also include a section on risk factors (Form 10-Q) where companies are only required to update any changes since the previous report.
                According to the SEC, risk factors should be reported concisely, logically and in “plain English” so investors can understand them.
                  How can I use TipRanks risk factors in my stock research?
                  Use the Risk Factors tab to get data about the risk factors of any company in which you are considering investing.
                    You can easily see the most significant risks a company is facing. Additionally, you can find out which risk factors a company has added, removed or adjusted since its previous disclosure. You can also see how a company’s risk factors compare to others in its sector.
                      Without reading company reports or participating in conference calls, you would most likely not have access to this sort of information, which is usually not included in press releases or other public announcements.
                        A simplified analysis of risk factors is unique to TipRanks.
                          What are all the risk factor categories?
                          TipRanks has identified 6 major categories of risk factors and a number of subcategories for each. You can see how these categories are broken down in the list below.
                          1. Financial & Corporate
                          • Accounting & Financial Operations - risks related to accounting loss, value of intangible assets, financial statements, value of intangible assets, financial reporting, estimates, guidance, company profitability, dividends, fluctuating results.
                          • Share Price & Shareholder Rights – risks related to things that impact share prices and the rights of shareholders, including analyst ratings, major shareholder activity, trade volatility, liquidity of shares, anti-takeover provisions, international listing, dual listing.
                          • Debt & Financing – risks related to debt, funding, financing and interest rates, financial investments.
                          • Corporate Activity and Growth – risks related to restructuring, M&As, joint ventures, execution of corporate strategy, strategic alliances.
                          2. Legal & Regulatory
                          • Litigation and Legal Liabilities – risks related to litigation/ lawsuits against the company.
                          • Regulation – risks related to compliance, GDPR, and new legislation.
                          • Environmental / Social – risks related to environmental regulation and to data privacy.
                          • Taxation & Government Incentives – risks related to taxation and changes in government incentives.
                          3. Production
                          • Costs – risks related to costs of production including commodity prices, future contracts, inventory.
                          • Supply Chain – risks related to the company’s suppliers.
                          • Manufacturing – risks related to the company’s manufacturing process including product quality and product recalls.
                          • Human Capital – risks related to recruitment, training and retention of key employees, employee relationships & unions labor disputes, pension, and post retirement benefits, medical, health and welfare benefits, employee misconduct, employee litigation.
                          4. Technology & Innovation
                          • Innovation / R&D – risks related to innovation and new product development.
                          • Technology – risks related to the company’s reliance on technology.
                          • Cyber Security – risks related to securing the company’s digital assets and from cyber attacks.
                          • Trade Secrets & Patents – risks related to the company’s ability to protect its intellectual property and to infringement claims against the company as well as piracy and unlicensed copying.
                          5. Ability to Sell
                          • Demand – risks related to the demand of the company’s goods and services including seasonality, reliance on key customers.
                          • Competition – risks related to the company’s competition including substitutes.
                          • Sales & Marketing – risks related to sales, marketing, and distribution channels, pricing, and market penetration.
                          • Brand & Reputation – risks related to the company’s brand and reputation.
                          6. Macro & Political
                          • Economy & Political Environment – risks related to changes in economic and political conditions.
                          • Natural and Human Disruptions – risks related to catastrophes, floods, storms, terror, earthquakes, coronavirus pandemic/COVID-19.
                          • International Operations – risks related to the global nature of the company.
                          • Capital Markets – risks related to exchange rates and trade, cryptocurrency.