There are two things everyone can agree on. First, Brexit is going to happen. Second, it’s going to impact the financial industry significantly. The upheaval is impossible to ignore and hard to predict. And it’s inconceivable that it will be stopped before running its course.
There’s also a third issue nobody will argue with. Between now and finalising the UK’s constitutional Euro-divorce, the volume of commentary and speculation will grow exponentially. Yet we urgently need more than just talk. We need more even than strategy and planning. The whole financial industry requires solid, practical execution to deal effectively with detailed operational and commercial challenges.
Moving from speculation to implementation - a ‘stairway to Brexit’
What does an effective stairway to Brexit look like for financial institutions? It identifies, and takes full account, of the areas that need to function coherently and compliantly in a post-Brexit market. It consists of seven key steps:
We may not have all the answers. But we can substantially reduce the ‘unknown unknowns’.
To quote those infamous words, Brexit has to be at the apex of ‘unknown unknowns’. But, with clear sighted and robust strategy, planning and execution, we can cut across the uncertainty and speculation and eliminate ‘the ones we don't know we don't know’.
Executing a robust implementation plan can offer financial institutions a direct route to vital post-Brexit competencies.
This may not be a stairway to heaven, but certainly a solid 7-step plan to post-Brexit resilience. It’s time to transform our collective reaction to Brexit: from ‘make it go away’ to ‘bring it on’!
To find out more, view our Brexit response: 7 key initiatives banks must undertake
Jatin Patel is a Senior Consultant at Capco, specializing in strategy and advisory, primarily within capital markets. Prior to joining Capco, Jatin was a cross-asset trader at a fund and before that - at a Tier 1 investment bank in the derivatives space.
The content and opinions posted on this blog and any corresponding comments are the personal opinions of the original authors, not those of Capco.