Uncertainty is the one certain thing to come out of the UK’s decision to leave the European Union, and the full impact of the decision on the financial services industry remains to be seen.
While the UK will not leave immediately – there is a two-year window once we have invoked Article 50 – things will become increasingly uncertain as the authorities and regulators work out what the new business environment will look like and companies will attempt to plan and react in the absence of clear direction.
Instead of making rudderless changes or waiting until it is too late, now is the time to assess your business and ensure you are prepared for whatever changes may arise, says Brickendon Executive Director Nathan Snyder.
Snyder believes a lot of the changes will relate to cross-border transactions and the restrictions these could place on your business, particularly in relation to data, trades and vendors, and service providers.
“Do you know the exact path your data takes or how many borders it crosses?” he asks. “Can you identify each individual who accesses it in each jurisdiction? If necessary can you restrict access, divert the flow and control it as you desire?”
Every global organisation will also have contractual obligations linked to borders, such as using vendors and providers that are owned by EU companies, or operating near-shore businesses in EU locations like Poland. The changes from Brexit may impact these agreements so it is important to ensure you know all the details of arrangements and contractual obligations.
A comprehensive review of movement of data and legal obligations is a critical planning step to allow organisations to prepare and be adaptive when the tariff and trade restrictions are finalised.
Read our insight papers for more information on how to prepare and optimise your business for all eventualities: