The world is constantly changing and as Business Continuity professionals it is our job to adapt and grow with it. About a month ago, the United Kingdom decided to leave the European Union. This event was known as the “Brexit”. The Brexit has sparked massive change and political uproar, quickly becoming an event to consider when creating and updating plans. But what does the Brexit mean for your company?
The Brexit not only affects Europe, but the entire corporate world. Leaving the EU umbrella provokes change to the UK’s laws that may directly impact your business. Some examples include trading agreements, laws concerning the way EU business is conducted in the UK, labor laws and immigration laws. These impending changes could negatively impact your business and prevent it from running the way it has been.
Depending on where and with whom your business is conducted, the Brexit could provoke changes within your company. Already, it has made the UK more vulnerable and forced the value of the pound to decline. These are all things to consider and include in future risk assessments. The Brexit’s affects are not in full swing quite yet, so it is imperative to assess risks now.
Some things to consider:
- Do we have any suppliers or contractors within the EU?
- How many of our employees are EU citizens?
- Do we have clients within the EU?
- What trading agreements may affect our business?
- What relevant international import/export taxes may change?
- Do we have employees that travel into the EU?
- Is any of our data stored in the UK?
These are just a few of the questions that need to be asked in order to protect your business against the changes that will be caused by the Brexit’s shifting landscape.