One of the greatest sources of uncertainty for many UK organisations today is Brexit. It has the potential to affect all aspects of an enterprise from human resources management, finance and supply chain through to marketing, IT and information management.

To establish how organisations are approaching the challenge, URM conducted an online survey with its customers and wider contacts and documented the findings in a new report, which can be accessed here.

Significant findings from the report are:

  • Since the Brexit decision was made in June 2016, 37% of respondents had experienced some negative business impact, 18% had put investment decisions on hold, and 11% had experienced issues with their supply chains. However, 50% had not experienced any impact and 8% recorded some positive impacts
  • The function areas most strongly impacted by Brexit were finance (reported by 47% of respondents), HR (45%) information security/data protection (42%) logistics and supply chain design at (34%) and procurement (32%).
  • Those with a structured approach to risk management (e.g. already conducted ‘Brexit’ risk reviews and assessments) demonstrated a clearer understanding of potential impact and senior management were significantly more comfortable with the risk landscape for current operations (44% vs 15%) and future strategy (40% vs 8%).

A key message from the survey is the need to act now rather than taking a ‘wait and see’ approach. By conducting an enterprise risk assessment approach:

    • Business managers gain a better understanding of the risks and impacts of Brexit and can be proactive in responding to risks
    • Senior managers have greater confidence in the ability of their organisations to manage risks and can focus on effective oversight
    • Organisations are better placed overall to take advantage of opportunities that may arise from Brexit, as well as protecting the strategy.

For those organisations looking to adopt a more proactive approach to Brexit, URM is able to:

  • Organise and facilitate enterprise risk management workshops with leadership and operational teams to review and identify (1) key risks and (2) opportunities arising from Brexit
  • Support ‘deep dive’ reviews on information security, data protection and business continuity arrangements to ensure seamless operation and provide assurance to senior management
  • Provide Abriska risk management tools to ensure that decisions made are based on the best available information, which is supplied in a structured way and reflects adequate and timely stakeholder engagement.

For more information about the report or to review how URM can help your organisation improve its understanding of and response to Brexit, please contact Lee Glendon, Senior Risk & Resilience Consultant, Ultima Risk Management: lglendon@ultimariskmangement.com or +44 782 414 41109