The recent geopolitical shift will likely bring tougher U.S. and European sanctions against human rights abuses, increasing the consequences for companies with risky third-party relationships. I believe it underlines the need for firms to understand their exposure to potential legal violations. Fortunately, there are a plethora of tools that can be leveraged. I recently contributed an article to Entrepreneur that outlines how companies can protect themselves from potentially major financial and reputational damage. In part:
“Every now and then the geopolitical pendulum makes a decisive swing and the effects reverberate through economies and supply chains. This feels like one of those moments as a new U.S. administration takes office with a very different approach to international relations than the previous one.
The Biden administration has committed to taking a tougher stance on countries that violate U.S. human rights standards, threaten national security or even undermine democratic standards. That raises the prospect of the more widespread use of sanctions.
This environment promises to ratchet up the consequences for companies with risky third-party relationships. Specifically, it underlines the need for firms to understand their exposure to potential legal violations and to adopt compliance processes that provide protection.”
READ THE FULL ARTICLE – Is Your Company at Risk Due to New International Sanctions? - https://www.entrepreneur.com/article/366119