A Brexit would require resolving complex
legal and financial issues and addressing all kinds of topics that
would affect Vendor Contracts even, or especially, in financial
services. Countries of the EUROZONE would probably insist on all EURO
trade being moved out of Britain to Paris, Frankfurt and Luxembourg to
establish themselves as more important financial centers relative to
London. People in the connected tech industry fear that it will increase
the regulatory burden facing British companies looking to do businesses
in Europe, make it harder to hire and retain talent, and make Britain
look unattractive to foreign businesses looking to expand.
A difficult transition out of the EU
would jeopardize all kinds of outsourcing agreements. This is a known
fact but also very often ignored. The question is, how much it will make
difficulties to your enterprise? A currently very hot question for Risk
and Compliance Managers. Even they may feel inconvenient but Risk and
Compliance Managers should know, how much their enterprise depends from
the British market.
Enterprises headquartered in the UK or
enterprises running a large portion of their business in the UK should
be aware about risks on existing relationships with Service Providers
outside UK as well as enterprises outside the UK have existing Service
Providers within UK. It becomes very difficult when the risks are
questioned about 4th and 5th parties. This industry acts as subcontractors of 3rd parties. The delivery model of 3rd parties is almost unknown to clients.
Answering all that questions might be a
very time consuming and costly task, in many cases enterprises do not
have a single source of truth where all effects might be assessed and
reviewed.
For more information about Bank & Financial Services Industry (BFSI)
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