Insurance firm launches “Brexit navigator” for utilities

Energy and utilities firms struggling to quantify the business risks associated with Brexit have been offered a new tool by risk management and insurance advisor Aon.

The new risk assessment model called Brexit Navigator provides a three-step plan-of-action that will help businesses quantify risks associated with the UK’s exit from the EU and help them effectively redesign their risk management and financing structures to address them.

The three steps presented by the model ask UK businesses to; evaluate how ready an organisation is for Brexit, mapping out potential risks and opportunities; realign the risk management and insurance programme to adapt to new organisational risk tolerance and appetite; and finally, to test the changes introduced to the programme to ensure future resilience.

With the release of this model, Aon is asking boards to acknowledge the risks Brexit presents to the corporate governance framework.

Managing director of UK Aon global risk consulting Grant Foster said that the Brexit Navigator was developed through a combination of “extensive conversations with clients from different sectors and geographies” and Aon’s own expertise is risk management.

As a result, Aon has shaped a “unique perspective on companies’ Brexit concerns.”