Document your Brexit plans, or risk D & O liability issues
Although the impacts of Brexit remain uncertain, it’s crucial for your organisation to prepare for any possible scenario. Especially as a senior-level leader within your workplace, failure to generate and document comprehensive continuity planning could expose you to serious directors’ and officers’ (D & O) liability risk if your organisation suffers a performance problem or interruption following Brexit.
In fact, the Insurance Act 2015 emphasises that senior-level management must properly investigate their business risks and disclose them to their brokers. With this in mind, organisations that possess improper documentation of Brexit preparations could suffer hefty legal expenses from disgruntled stakeholders and invalid insurance policies.
Regardless of Brexit’s outcome, make sure your organisation prepares with robust continuity plans and detailed documentation. At a glance, consider including topics such as supply chain risks, data transfers, international trade, worker status and proper budgeting in your plan.