What business must do to prepare for Brexit

While both sides of the referendum campaign mooted figures that repeatedly failed fact-checkingwe cast our vote knowing Brexit would have a cost. However, as March 2019 and the UK’s exit from the EU draws closer we are frankly none the wiser on what Brexit will look like, the totality of impact, or its cost.

Brexit negotiations have been described as ‘a staring contest’ where neither side can afford to blink first. Where nothing is decided until everything is decided. A government minister has put the odds of the UK ‘crashing out’ with no-deal at 60:40.  Even if the terms of divorce can be agreed, could all necessary arrangements be implemented within the proposed two-year transition window?

Given the fog of uncertainty that persists what is business supposed to do? The short answers is everything possible.

Businesses have responsibilities to their workers, customers, communities and shareholders.  Business needs to act responsibly and take action on Brexit.  They must plan to ensure business continues.  Not just those businesses responsible for keeping the lights on, food on the shelves and planes in the skies; businesses large and small have responsibilities to their stakeholders.

How much will Brexit impact your business? 

You might wonder how you can answer when a so much ambiguity remains, yet whatever your business the assessment process is straightforward:

  • Identify the key sources of Brexit uncertainty for your business,
  • Estimate credible ranges of impacts and the probability of occurrence,
  • Evaluate,
  • Make risk-based decisions and take action where appropriate.

Given the breadth of Brexit issues – from maintaining your workforce to the legality of contracts – business leaders need credible information with which to make decisions. Quantifying risk is therefore essential; qualifying risk as ‘High, Medium, Low’ or scoring through a flawed risk matrix is unhelpful and potentially dangerous.

Risk Insights Explorer is the only risk tool specifically designed for the first-pass estimation and evaluation of uncertainty, and today we launch our model designed specifically for conducting Brexit impact assessments. Our unique approach delivers a quantified impact assessment tailored to your business.

To learn how Risk Insights can help, contact us today.