This article was originally featured on Corporate Compliance Insights

Since the Cold War, military conflicts have usually been regional disputes, often involving smaller nations. And when global “great powers” were engaged in conflicts, they were usually asymmetrical in nature and involved adversaries who weren’t peer nation-states.

Perspective: Read the U.N.’s “A New Era of Conflict and Violence” about the evolving nature of conflict around the world

The current war in Ukraine marks the first time in modern history that two large, industrialized countries have engaged in conflict with each other. The reverberations across the globe — from travel restrictions to inflation — have been enormous and will continue. For many in the business world, this war is the first time they have felt these effects.

When geostrategic crises erupt, the risks to businesses can be complex and unpredictable. It’s critical that groups that mitigate risk and ensure business resilience, such as human resources, legal and compliance, work across the organization to identify the impact. When widening the circle of teams you collaborate with, it’s important to think broadly about the issues on the table. The Russian invasion of Ukraine has had cascading effects across the globe, but the full extent of these reverberations on assets, employees and executives has yet to be known.

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