The historic vote to leave the EU raises significant challenges and potential opportunities for all companies operating in the UK.
As the deadline swiftly approaches businesses, if they haven’t already, need to start putting serious steps in place to accommodate the expected changes that will come with Brexit, whether its a deal or no deal result. Carrying out a Brexit assurance audit is one way to identify Brexit-related risks and, where possible, shine a light on the steps to take in response.
Implementing a Brexit Assurance Audit
This plan should be flexible to cope with the evolving negotiations between the UK and the EU but should also identify the aspects of your business which will be most affected by Brexit. An audit should successfully pinpoint the implications as well as the risks and opportunities
There are 3 principal phases to consider when carrying out a Brexit assurance audit:
- Conducting an audit to pinpointing the implications, risks and opportunities.
- Evaluating and prioritising the audit conclusions to create a plan in readiness for Brexit.
- Monitoring strategies and developments to mitigate further risks.
These steps are designed to ensure that a company’s board can satisfy itself that all Brexit-related risks and opportunities have been identified and responded to as much as possible in advance of a decision surrounding Brexit.
From a commercial perspective, the key areas we would advise businesses to focus their attention are:
- Ability to continue to operate in key markets
- Business immigration
- Contractual consequences
- Corporate restructuring
- Data Protection
- Intellectual property and information technology
Due to the high level of uncertainty, it’s vital from businesses to receive strategically focused legal advice when implementing a Brexit assurance audit. Our Brexit team includes legal experts from each of the commercial discipline we cover ready to provide your business with responsive Brexit advice.
It’s key that businesses stay informed on the outcomes and effects negotiations could have on their business.
Read our Brexit blog to keep up to date with developments and our advice.