Maintaining compliance with changing regulatory frameworks is crucial for any business to continue to operate and trade across the EU and non-EU countries as they do now.
Is your business is up-to-date and able to maintain compliance with changing regulatory frameworks?
Regulation and compliance considerations beyond Brexit
Do you know what your financial and non-financial regulatory requirements will be post-Brexit?
Regulation and compliance review - A review of your existing financial and non-financial regulation and compliance obligations (including tax, legal, audit, financial reporting and insurance) in order to devise a strategy to mitigate the impact of Brexit.
How will you monitor the changing regulatory environment?
Global compliance services - Look at technologies available that will help you to maintain visibility and adhere to compliance and financial reporting responsibilities regardless of the direction of Brexit. GCRS and GVCR systems are two in particular we can help you with.
Will your existing contracts need to change?
Legal services - It may be necessary to negotiate changes to your existing contracts with other businesses and your employees. Arrange a review to help you to identify the potential risks, set out a clear plan and undertake the changes.
Snapshot of our experience
We worked with a non-departmental Government body with various subsidiaries, with a UK wide remit in the energy sector, but with activities extending into Europe and around the world. Two thirds of their annual spend is on private suppliers, some of which provide safety or environmentally critical products and services.
How did we help?
Our solution began by examining over 100 Technical Notices published by the UK Government with information on likely changes and impacts post-Brexit, or where the UK Government had implemented alternative arrangements. The Notices described actions that should be considered to limit the potential impact under a No Deal Brexit.
We identified the potential risks to the business and worked to identify client-side subject matter experts to jointly explore the possible implications, options to mitigate foreseeable impacts and where leadership decisions were needed to implement new business processes.
The list of challenging subjects included trade with the EU, workplace rights, accessing public contracts and maintaining safety and environmental standards after Brexit. Of real significance is the cessation of EU funding beyond 2020 and the consideration of how future funding gaps could be closed.
Subsequently, we shared our recommendations in 4Action, enabling our client to monitor internal progress towards achieving the protections it needed, and to be confident a No Deal Brexit wouldn’t impact their activities or statutory obligations.
If you would like to know how we could help your business with preparations for Brexit, please get in contact with Simon Hart.