Post by ashik54 on Dec 30, 2023 11:23:36 GMT 1
Affecting political forces, the global economy, and, consequently, the corporate sphere. And, with the intention of avoiding another collapse, in a phase of post-pandemic recovery, the vast majority of countries that are members of the UN Security Council and NATO mobilized using economic embargo strategies to isolate Russia and mitigate the conflict. In addition to the closure of some financial institutions, the devaluation of the Russian currency, and the meltdown of shares, some companies that had relations with Russia began to limit their operations. Effects of a Compliance Task Force Focused on Risk Management.
But what is the relationship between a company's compliance and the conflicts between Russia and Ukraine? Companies based in Russia were already treated as high-risk counterparties by countries that had high compliance Email Data standards, as Russia is considered the 44th country with the highest corruption perception index in the world by Transparency International. Before the conflict, hiring a Russian company was considered risky but possible through compliance diligence, looking for red flags. However, due to economic sanctions on Russia, this classification evolved into the title of "blacklisted," that is, strictly prohibited from hiring regardless of not having red flags.
It is important to be aware if your company does business with organizations in Europe or the United States, as you may be disqualified in the hiring process if you have Russian suppliers, clients, or service providers. It is worth investing in internal control efforts to mitigate risks to the sustainability and reputation of the business in times of war. One of these control mechanisms is the reporting channel, which allows detecting, reducing, preventing, and solving problems involving behavioral deviations and non-compliance with legislation.
But what is the relationship between a company's compliance and the conflicts between Russia and Ukraine? Companies based in Russia were already treated as high-risk counterparties by countries that had high compliance Email Data standards, as Russia is considered the 44th country with the highest corruption perception index in the world by Transparency International. Before the conflict, hiring a Russian company was considered risky but possible through compliance diligence, looking for red flags. However, due to economic sanctions on Russia, this classification evolved into the title of "blacklisted," that is, strictly prohibited from hiring regardless of not having red flags.
It is important to be aware if your company does business with organizations in Europe or the United States, as you may be disqualified in the hiring process if you have Russian suppliers, clients, or service providers. It is worth investing in internal control efforts to mitigate risks to the sustainability and reputation of the business in times of war. One of these control mechanisms is the reporting channel, which allows detecting, reducing, preventing, and solving problems involving behavioral deviations and non-compliance with legislation.