The UK is all set to exit the EU with or without a deal by 31st October 2019. There has been a lot of discussion regarding Brexit in the past few months. Brexit will bring about a lot of changes in the rules and regulations of the UK and EU. Therefore, a lot of companies are busy in the preparation of Brexit.
A lot of political turbulence has taken place these days regarding Brexit. All these actions have made one thing clear – the organisations need to take a lot of measures. Due to the changes which might happen in the rules and regulations, all the organisations need to have a contingency plan ready so as to keep the loss at a minimum.
Preparation for Brexit is essential for businesses, and it is recommended that all departments – especially IT, HR, supply chain and legal, follow certain steps for planning.
What should be done?
During your company’s preparation for Brexit, there are a lot of things which you need to take care of. There are a lot of factors and procedures which you might have to put into use after Brexit.
Here’s what you should do in advance to be prepared for Brexit:
1} Establish a cross-functional planning and working group:
The first step during the preparation of Brexit is to establish a cross-functional Brexit planning and working group. Recently, Gartner ran a poll for almost 300 risk, audit and compliance leaders of large enterprises. In the poll, recognition for the need for a cross-functional approach was very clear. Close to 49% of the companies that they work with have already implemented such a working group.
A group of representatives from the departments like HR, IT, Legal, Risk Management and Supply Chain should be created. This is very necessary as the impact of Brexit will be felt the most in these areas. Well planned steps are crucial for increasing efficient enterprise planning, avoiding common pitfalls that could undermine results and boosting confidence in preparedness. Therefore, committees for certain activities such as IT and supply chain responses should be formed. Then, identifying unknown exposures by conducting risk assessments and impact analysis and supply chain mapping should be done.
2] Keep an eye on any notices from the Government:
It is recommended that organisations should check the relevant EU and UK government preparedness notices from time to time. This will help in knowing the status of Brexit. It will also help us determine if there’s something which needs to be given special attention.
The employees and the customers should be well aware of the processes that the organisations do during their preparation for Brexit. Since your employees and customers are an integral part of your company, it is important that they know what’s going on and what is being planned. The organisation also needs to discuss and decide if they require more channels or resources to make their experiences a smooth one.
Enterprises should also engage with their service providers and understand their plan in detail for supporting the organisation during Brexit.
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