OverviewNokia Corporation is a leading mobile communications company, providing telecommunications hardware, software, and professional services (Nokia, 2014). There are three businesses, including Devices & Services, HERE (formerly Location & Commerce) and Nokia Siemens Networks, and four operating and reporting divisions, including Smart Devices and Mobile Phones within the Devices & Services business (HERE) and Nokia Siemens Networks (Nokia Siemens Networks, 2012). Nokia's main activities include technology research, product development, product management, sales and marketing, manufacturing of 1. Mobile devices 2. Map and location-based services 3. Infrastructure equipment and products, as well as procurement and strategic partnerships (Nokia Siemens Networks, 2012). Other areas of activity concern strategies that lead to sustainability for people and the environment, for example the implementation of sustainable and ethical working practices, the minimization of gas emissions greenhouse, developing services that reduce unnecessary travel, and improving energy efficiency in products and technologies that use renewable energy (Nokia, 2014). Risk Factors As mentioned above, Nokia comprises several activities and businesses; therefore, there are several business areas sensitive to physical, financial and reputational risks. These risks are identified in terms of strategic, tactical, operational and economic risks. The overall risks, which arise from the core activities, are summarized below: Strategic (external) risks The information technology sector presents a rapidly changing environment, such as rapid expansion of device capabilities (Mizoguchi, 2012). As a result, if Nokia's top management failed to adapt their business/operations and increase carrier-related operations they would have criminal and government problems, for example Siemens employees would be accused of being illegal; therefore, influencing Nokia's reputation and operations (Nokia Siemens Networks, 2012). Finally, the Nokia brand is subject to reputational risks due to slow operations in 2012 (Balakrishnan, 2012). Economic risks The euro is Nokia's reporting currency; therefore, the dissolution of the euro could increase costs and volatility in Nokia's reporting on operations and financial conditions (Nokia Siemens Networks, 2012). Additionally, because Nokia operates in a large number of emerging countries, they are subject to economic, regulatory, political and uncertainty risks, including sudden currency devaluation, tax issues, cash repatriation challenges and regulations against imports from such countries . (Nokia Siemens networks, 2012).