Brexit & Financial Services
Brexit is a live and dynamic challenge impacting firms and their clients globally. With multi entity structures, products, process and legal and regulatory jurisdictional trading and sales licenses and permissions, Brexit provides both challenge and opportunity. At a minimum, firms should be looking to have no market, client and revenue erosion by April 2019. Beyond that remains fluid as the policy makers bring further clarity and direction. Opportunities and challenges will come from many other factors including regulation, employment law, clients and cost base. There are many considerations for firms over Brexit and these should include location, product and client. Considerations such as trading venues, memberships and regulations have an impact on current process and process re design, back to back flows and intercompany process management. These drive both documentation and the important element of resourcing. With the career practitioner background of the OCREUS Group we can bring support and assistance to firms as they navigate through Brexit.
Product Realignment Process Realignment Client Realignment Documentation
OCREUS Group has been helping firms with their Brexit Strategy and programmes as they seek to have their selected Entity(s) (both European and UK) reviewed and set up to provide their relevant set of products and services to their clients and to obtain the necessary regulatory permissions and approvals. In numerous cases, firms are looking to replicate their current offerings and therefore the programmes have been about process build out, including process flow, people and infrastructure, legal and regulatory requirements and intercompany structures and documentation. Brexit is dynamic with many external geographic, political, legislative and human factors, and at present most firms’ approach and focus has been to mitigate any negative impact. Secondary is to seek future opportunities.
Currently Brexit can be loosely put into four phases
- Assessment & Strategy
- Build Out & Mitigation
- Testing & Future Proofing
- Transitional Development
- Skilled Product SME’s to help with the design and implementation of new processes, operational books and records, finance, risk and control.
- Skilled Product SME’s for line backfill and / or interim management positions
- Specific project resources from PMO, Programme and Project Managers to Business Analysts with experience from large scale location strategy programmes, technology development / implementation, Resource realignment, product & process design, efficiency and optimization, regulatory & risk
- Testing resources and teams covering script and test management through UAT
- Advisory, SME’s, project management and resource secondment for the post April 2019 phase of Brexit as firms seek opportunity through the transition phase