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Tuesday, 06 November 2018 05:34

The BCI presents the results of the first Brexit Readiness Tracker report

Organizations are holding off making plans until they know what course of action the Government will take on 29th March 2019

 

LONDON, UK – The Business Continuity Institute (BCI) has launched its first Brexit Readiness Tracker report designed to provide insight on how prepared organizations are across the globe to deal with Britain leaving the EU on 29 March 2019. This report will be published every month in the run up to the exit date.

A large amount of uncertainty remains around Brexit: will there be a deal or won’t there? Will there be a Northern Ireland agreement? Will there be a temporary customs union set up? Because of this uncertainty, unremarkable 43% of organizations feel ‘somewhat ready’ as they take a wait and see approach to Brexit. Larger organizations are the most prepared and started planning when Britain voted to leave the EU in June 2016 although a sizable minority of respondents (14%) admitted that their organization only started planning in the last three months.

In the UK a ‘no deal’ Brexit is becoming a believable scenario with 43.2% respondents believing that this is most likely to happen. However, this sentiment is much different in the rest of Europe where 57.1% of respondents are confident that the UK would leave with a deal.

The study also reported the most prepared sector for both a ‘deal’ and ‘no deal’ scenario is financial services. Public sector and healthcare organizations feel the lack of Government guidance on Brexit has delayed their planning for Brexit, while small- to mid-sized organizations also feel unprepared due to the lack of dedicated resource to ensure plans are made.

The loss of EU grants and funds poses also great insecurity amongst organizations and micro-organizations employing less than 10 people feel most exposed. From an insurance perspective, 75% of respondents reported they have not been advised on how or if their insurance policies will change once Brexit comes into effect and that even their insurance companies have advised that they will not be able to receive information until there is a clear Brexit scenario.

In terms of keeping operations within the UK territory, only 55% of respondents can say for certain that they will not relocate their operations, whereas 11% of respondents revealed that their organization has already moved operations or has shifted staff into alternative offices in the EU.

Rachel Elliott, Head of Thought Leadership at the BCI, commented:” Our research has uncovered a worrying lack of preparedness amongst organizations, with the public sector and small organizations in particular struggling with a lack of guidance from the Government. With 14% of respondents admitting they have already moved or are in the process of moving staff or operations out of the UK, the lack of information provision from the Government is not just an issue for continuity and resilience professionals within industry, but threatens to unhinge the strategic direction and financial performance of entire organizations.”

About the Business Continuity Institute

Founded in 1994 with the aim of promoting a more resilient world, the Business Continuity Institute (BCI) has established itself as the world’s leading Institute for business continuity and resilience. The BCI has become the membership and certifying organization of choice for business continuity and resilience professionals globally with over 8,000 members in more than 100 countries, working in an estimated 3,000 organizations in the private, public and third sectors.

The vast experience of the Institute’s broad membership and partner network is built into its world class education, continuing professional development and networking activities. Every year, more than 1,500 people choose BCI training, with options ranging from short awareness raising tools to a full academic qualification, available online and in a classroom. The Institute stands for excellence in the business continuity and resilience profession and its globally recognised certified grades provide assurance of technical and professional competency. The BCI offers a wide range of resources for professionals seeking to raise their organization’s level of resilience, and its extensive thought leadership and research programme helps drive the industry forward. With approximately 120 Partners worldwide, the BCI Partnership offers organizations the opportunity to work with the BCI in promoting best practice in business continuity and resilience.

The BCI welcomes everyone with an interest in building resilient organizations from newcomers, experienced professionals and organizations. Further information about the BCI is available at www.thebci.org.