Front line accountancy professionals in the finance sector see Brexit as more of a risk than an opportunity
With the UK’s exit from the European Union there are risks as well as opportunities for the financial services sector.
Our survey drew in members from around the world working in the financial sector.
These individuals are at the heart of the decision-making processes that shape their organisations' responses to Brexit.
Net view - risks vs opportunities
The number of respondents who view Brexit as a net risk was more than double the number of those who viewed it as a net opportunity.
Risks - premium placed on reducing policy-level uncertainty
Insufficient or unclear communication by government/regulators on the proposed approach has is a key area of risk for survey respondents across all segments within the sector.
While a degree of disruption is inevitable, the time it takes to prepare means that organisations place a high premium on finding out, sooner rather than later, what their working environment will be like.
Opportunities - cost reduction
Generally cost reduction was viewed as the most compelling opportunity presented by Brexit. This could be linked to a move to lower-cost locations or streamlining of operations.
About half the respondents have started planning, are in the advanced stages of planning, or have completed planning and taken the first steps towards implementation of a post-Brexit plan.