Visa 2014 Annual Report Download - page 45

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operations and adversely affect our results of operations. In addition, we would become subject to any
ongoing or future regulatory disputes as a result of EU regulations that govern the operations of Visa
Europe. We may also be required to assume any ongoing or future litigation involving Visa Europe.
If we cannot remain organizationally effective, we will be unable to address the opportunities
and challenges presented by our strategy and the increasingly dynamic, competitive, economic
and regulatory environment.
For us to remain organizationally effective, we must effectively empower and deploy our
management and operational resources, and incorporate both global and local perspectives into our
decisions and processes. If we fail to do so, we may be unable to expand quickly, and the results of
our expansion may be unsatisfactory.
In addition, if we are unable to make decisions quickly, assess our opportunities and risks, execute
our strategy, and implement new governance, managerial and organizational processes, as needed,
we may not be successful in this increasingly dynamic, competitive, economic and regulatory
environment.
We may be unable to attract and retain key management and other key employees.
Our employees, particularly our key management, are vital to our success. Our senior
management team has significant industry experience and would be difficult to replace. We may be
unable to retain them or to attract other highly qualified employees, particularly if we do not offer
employment terms that are competitive with the rest of the market. Failure to attract, motivate and
retain highly qualified employees, or failure to develop and implement a viable succession plan, could
adversely affect our business and our future success.
Acquisitions, strategic investments and entries into new businesses could disrupt our
business and harm our financial condition and results of operations.
Although we may continue to make strategic acquisitions or investments in complementary
businesses, products or technologies, we may be unable to successfully finance, partner with or
integrate them. We are also subject to the terms of the exclusive license granted to Visa Europe in
most acquisitions and major investments that involve countries in Visa Europe’s territory, which will
impact our ability to expand or conduct business in those regions. Regulatory constraints, particularly
competition regulations, may also affect the extent to which we can maximize the value of our
acquisitions or investments.
Furthermore, the integration of any acquisition or investment will take time and resources from our
core business and disrupt our operations. We may spend time and money on acquisitions or
investments that do not increase our revenues. Although we periodically evaluate potential acquisitions
of and investments in businesses, products and technologies and anticipate continuing to make these
evaluations, we cannot guarantee that they will be successful.
With the evolution of technology and the opening of new market segments, we may choose to
participate in areas in which we have not engaged in the past, either through acquisitions or through
organic development. These include digital, eCommerce and mobile payments. Our recent entry into
these businesses requires additional resources and presents an additional degree of risk, which could
materially and adversely affect our financial condition and results of operations.
31