Are you confident your business is ready to face Brexit, whatever happens in March 2019? With a no-deal Brexit a real and rising possibility, we are helping Internal Audit, Risk Management and Brexit teams across the UK gain vital confidence through KPMG’s Brexit Maturity Assessment.
There are a huge number of practical steps organisations can take despite not knowing what the final Brexit outcome will be. Precisely because of the uncertainty, organisations’ plans must be even more robust: the wait and see approach not only threatens business continuity in some cases, but risks you being outflanked by better-prepared rivals.
How we can help
- Planning all scenarios
We typically start an engagement by analysing an organisation’s risk register – covering finance, contracts, regulation, data, people and supply chain – to reveal potential vulnerabilities under a range of scenarios. Surprises for clients have so far included the impact of losing senior EU-born staff, to how product labels might have to be changed.
- Assessing the maturity of your plans
Most businesses we work with have already started identifying their Brexit risks and opportunities. We put those efforts under the microscope to make sure client’s own impact assessments are strong enough. The KPMG team will interview key staff and review your plan in detail. We perform a gap analysis into the way you identify, assess and measure Brexit risk. And we perform specific ‘deep dives’ into priority areas. Getting the governance right around your Brexit programme is critical to its success. The KPMG team will work with you to build a structure that spots risks faster and identifies opportunities too. Almost all our clients have identified either significant new risks or opportunities through the assessment.
- Prioritising and taking action
After delivering a rapid assessment of your risk identification analysis so far, we will help you quickly move to actual implementation and establish what you need to prioritise. In many cases, our KPMG specialist colleagues can provide the solution.
- A prioritised, proportionate and benchmarked response
We offer recommendations that help you prioritise where you are most exposed, construct a proportionate response based on the size of the exposure and the investment required and benchmark you against competitors. Our recommendations are segmented according to whether they are …
- No regrets: Actions you should take regardless of Brexit and do immediately to be a more efficient and profitable business.
- Tactical: Useful steps to keep your business running in some Brexit scenarios and which may give you a competitive advantage.
- No return: Decisions involving greater expense and disruption which are not easy to reverse. Execute as the last possible moment to complete in time.
- Run the risk: Those actions where the cost of mitigation is prohibitive and it makes more sense to see how the politics plays out.
- A holistic team. The breadth of KPMG’s work means you can draw on a multi-disciplinary team uniting Internal Audit and Risk Management with Supply Chain, People & Immigration, Customs, Regulations, Tax and KPMG’s Brexit team itself.
- A tried and tested model. Our unique Brexit Maturity Assessment framework has been honed over two years’ of work with numerous companies across multiple sectors and has been used to determine KPMG’s own readiness.
- Speed of delivery. Reviews typically take two to three weeks and will arm you with an action plan, whatever the course of Brexit.
For more information or if you would like to discuss potential opportunities for your organization, please contact Hannah Cool, Brexit lead for Internal Audit.