Over half of respondents to an Institute of Risk Management (IRM) survey have said Brexit will negatively impact their organisation over the short / medium term.
A total of 35% said Brexit will have a minor negative impact, with 16% saying would have a major negative impact. Some 20% were neutral, while 12 % felt Brexit will have a positive impact.
Looking at those foreseeing a positive impact, a significant proportion of these respondents came from consultancy and accountancy but there were also positive reactions from those in financial services, insurance and manufacturing.
A total of 52% of all respondents said that their organisation had considered Brexit risk scenarios before the UK referendum vote on 23 June. Some 38% had not and 10% didn’t know.
The IRM’s survey was open between 29 June and 13 July 2016 and was promoted to the IRM membership so it gives us the views of IRM members and other risk professionals.
One hundred respondents added comment to the IRM survey. Some of the themes coming through were:
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- There has been a step change in the level of uncertainty facing organisations of all types. Secondary and interconnected risks are also likely to emerge.
- Uncertainty means opportunity as well as risk and the risk profession has to step up to this challenge and position themselves as strategic leaders, but not overdo it
- Effective and comprehensive scenario analysis is a vital organisational skill – could do better
There were 187 responses in total to the survey: 71% from the UK, 11% from Europe and 18% from the rest of the world.
The respondents were spread across industry sectors with the insurance sector providing the highest number of responses (14%), followed by other financial services (13%) and consultants (11%).