Organisations may be risking delivery of the Brexit changes due to (i) an inadequately staffed programme and/or (ii) adoption of a “wait and see” approach, due to uncertainty in trade agreements and the transition period.
Delaying agreement on the target state business, location or operating models may result in duplicative conversations with regulators and/or costly and overdue implementations.
Organisations risk challenges with the 4Rs (recruitment, redundancy, relocation, & retention), including high costs and local talent market saturation.
Brexit’s compressed timelines, combined with uncertainty, makes programme resourcing, governance, planning, solution design and testing challenging.
5. CLIENT MIGRATION & ONBOARDING
Client segmentation, onboarding, offboarding, and re-papering can be a resource intensive and time consuming process due to fragmented systems across business & regions and data quality issues.
6. COLLATERAL & TREASURY OPTIMISATION
Managing capital, liquidity and collateral across a portfolio that is splitting across different jurisdictions, requires careful planning and management to avoid expensive and inefficient allocations.
7. MANAGING AND TESTING TECHNOLOGY CHANGE
Organisations will have to replicate technology infrastructure, applications, connectivity, and security across jurisdictions and entities, requiring large scale, complex coordination. Compressed timelines make business requirement gathering and testing complex.
8. COMPLYING WITH NEW REPORTING REQUIREMENTS
Organisations risk building inefficient, ineffective, & overcomplicated business process and architecture in a “rush to comply” with new, local, Financial, Transaction, Regulatory and Tax reporting requirements.