Speakers at Shannon Chamber Seminar Urge Preparation for Brexit

Speakers at a seminar organised by Shannon Chamber and presented by BDO Dublin and Limerick have warned that companies must start developing a robust strategy for the impact of Brexit.

Presenter Stephen O’Flaherty, Director, Corporate Finance and Recovery, BDO, was joined by his colleagues Carol Lynch, Partner, BDO Customs and International Trade, and Maurice Carr, Partner, BDO to encourage the attendees to develop a robust strategy for dealing with Brexit and build scenario planning, including risk management, into their business plans.

“The one certainty around Brexit is that once Britain leaves the EU it will be a third country requiring exporters and importers to make declarations and pay customs duties,” said Ms Lynch. “Companies need to start analysing their supply chains and assess where or how they can make changes to alleviate such costs. There is no better time to start doing this than now as it can take months to understand supply chains.”

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Giving a recruiter’s perspective on the recruitment and talent management challenges and opportunities associated with Brexit, Maurice Carr said: “With over 2,000 people living here and working in the UK; 300,000 Irish living and working in the UK; 280,000 British living and working in Ireland; and a significant number of Irish companies with UK operations and UK companies with Irish operations, the main impact will be linked to the free movement of people and the requirement for work permits or visa delays and restrictions, which would make it difficult to recruit and retain.”

Mr Carr also highlighted the positives accruing to Ireland being the only native English-speaking country in the EU such as the attractiveness of Ireland as a European base for international companies and for UK companies wishing to maintain a presence in the EU.

Pictured above: Stephen O’Flaherty, Director, Corporate Finance and Recovery, BDO; Carol Lynch, Partner, BDO Customs and International Trade; Helen Downes, CEO, Shannon Chamber; and Maurice Carr, Partner, BDO.

Photograph by: Eamon Ward