Friday 29 March 2019 has been etched in United Kingdom (UK) consciousness as a day that will fundamentally change the UK as we know it.
As at time of publication, this is “Brexit day”, when the UK will leave the European Union (EU) and embark on a journey that will impact the make-up of its citizens, how it trades with the EU, and what rules and laws it needs to adhere to in relation to the EU.
The arrangements we have in place ahead of Brexit day – whether a “Withdrawal Agreement” or no deal at all – will determine how much time we have to prepare for these changes.
Indeed, there is a chance the date of Brexit will be postponed to accommodate further negotiations between the UK and EU.
With all of the uncertainty surrounding Brexit, it is imperative that businesses keep their eyes on the potential impact that Brexit will have on risk and insurance issues.
There are some key areas companies should be considering, including:
- Market volatility.
- Material change in risk.
- People issues.
- Passporting issues.
- Changes in the legal and regulatory environment.
Companies should have strategies in place to address the various outcomes over the coming weeks, and a clear plan for a “No Deal” Brexit eventuality, as a “No Deal” Brexit allows for no transition period at all.
3 Areas of Focus for Risk Managers
With the UK vote to exit the European Union (EU), risk managers need to be aware of three critical areas post-Brexit. Learn more about them in our full infographic.