Risk management provider Aon has launched a three-step tool, the Brexit Navigator, to help organisations quantify the impact of Brexit risk exposures, and redesign risk management and risk financing structures.
The solution is supported by an interactive tool that presents scenario-based insights for each of the European Union (EU) Four Freedoms – goods, capital, services and people – which will help users assess the impact of Brexit.
Aon Global Risk Consulting UK director Grant Foster noted that extensive conversations with clients from different sectors and geographies over the past four months gave Aon perspective on companies’ Brexit concerns.
“These insights, combined with our deep and extensive expertise in risk advisory and solutions, have enabled us to develop Brexit Navigator,” he noted.
The three steps of the navigator include a baseline, which assesses how Brexit-ready an organisation is, mapping out potential risks and opportunities, and undertaking a risk assessment through the lens of the EU’s four freedoms; balance, which helps the organisation realign its risk management and insurance programmes; and horizon, which considering the UK’s formal exit from the EU, tests the changes introduced to the risk and insurance programme of each organisation to help ensure resilience for the future.
Aon Global Risk Consulting Europe, Middle East and Africa chief commercial officer Eddie McLaughlin added that the navigator was “a great example of what we do best at Aon; an innovative solution created by experts who have listened to what our clients need.
“Like all emerging risks, the sooner an organisation can plan for an eventual outcome the better. Brexit Navigator will help clients measure and respond to risks and opportunities created by Brexit,” he pointed out.
The UK is expected to start formal negotiations to leave the EU by the end of March.