---
ticker: FDS
company: FDS
filing_type: 10-K
year_current: 2026
year_prior: 2025
risks_added: 5
risks_removed: 3
risks_modified: 9
risks_unchanged: 17
source: SEC EDGAR
url: https://riskdiff.com/fds/2026-vs-2025/
markdown_url: https://riskdiff.com/fds/2026-vs-2025/index.md
access: public_preview
generated: 2026-10-20
---

# FDS: 10-K Risk Factor Changes 2026 vs 2025

> Source: U.S. Securities and Exchange Commission (EDGAR)  
> Generated: 2026-10-20  
> All data extracted directly from official filings. No hallucinated content.

## AI Risk Brief

> **AI interpretation layer.** The brief below was generated by an AI model from the deterministic diff. AI never invents facts.

> **New AI, infrastructure, vendor and transformation risks broaden exposure, while revised cybersecurity and legal disclosures reinforce execution and operational concerns.**

- **Direction:** More concerning
- **Themes:** Artificial Intelligence, Supply Chain, Cybersecurity

---

## Summary

| Status | Count |
|--------|-------|
| New risks added | 5 |
| Risks removed | 3 |
| Risks modified | 9 |
| Unchanged | 17 |

---

## Selected change

This public preview includes one change. Pro access provides the complete comparison and historical data.

## New in Current Filing: Inadequate or inconsistent governance of our internal use of AI could expose us to security, operational, legal and reputational risks

We are rapidly expanding the use of AI technologies, including generative and agentic AI, across our products, internal systems and business processes. The pace of adoption may outpace the maturity of our governance, controls and oversight. If AI tools are adopted inconsistently or in a decentralized manner across our business, or are used outside of our established governance frameworks and approved environments, we may be exposed to increased operational, security, legal, regulatory and reputational risk. The introduction of agentic AI, which can take autonomous actions across systems, may create new attack surfaces and novel security vulnerabilities that our existing controls were not designed to address. Our policies, controls and monitoring may not keep pace with the rapid evolution of these technologies or with emerging legal and regulatory requirements. Any failure to establish and enforce effective AI governance could result in security incidents, regulatory scrutiny or enforcement, litigation, harm to our reputation and client relationships, and could otherwise have a material adverse effect on our business, financial condition or results of operations.

---

## Source filings

- [2026 10-K filing on SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1013237/000162828026066391/0001628280-26-066391-index.htm)
- [2025 10-K filing on SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1013237/000162828025045769/0001628280-25-045769-index.htm)

[View the full comparison with Pro](https://riskdiff.com/fds/2026-vs-2025/full/)

*Data sourced from SEC EDGAR. Last updated 2026-10-20.*