Leaders examine global economic risks in International Business Law certificate program
From repeat wholesale international transactions to the one-time hire of a consultant abroad, companies of all sizes must now understand the liabilities they might take on during global business operations. Celia Bigoness, a clinical professor at the Cornell Law School and director of the Blassberg-Rice Center for Entrepreneurship Law, developed eCornell’s International Business Law certificate to help professionals understand and mitigate business risks. Bigoness recently discussed her online certificate with the eCornell team.
Why would a ‘domestic business’ need an understanding of international law?
“We tried to make sure that this course would be relevant for a whole variety of companies and individuals, including many who may not think they are necessarily involved in cross-border transactions. So, for example, there’s a module on dealing with tariffs — you could be in a company that thinks that what they do is purely domestic, but the [company] may import products or be looking to import products in the future. There could be cost implications there, and they [need to] understand how to deal with tariffs.”
What tools can businesses use to protect themselves from liability?
“Professionals should be able to look at a particular business strategy or a particular question or set of facts and be able to identify the red flags there, to be able to ask: How is [hiring a consultant in Venezuela] different from hiring a consultant in New York state? What are the risks that a business takes on when it is operating outside of its home environment? And how can that business begin to identify those risks, prioritize them and figure out which risks are acceptable and which risks are not. And then, as a practical matter, once you’ve said the risks are not acceptable, ask ‘what do we do about it?’ That’s where we get into a specific sort of contract techniques and other ways outside of a contract in which a business can protect itself. For example, getting insurance against a specific foreign risk.”
How does the course respond to an evolving geopolitical world?
“We rely heavily on a case study method … and we focus particularly on political risks. What if you are doing business in a country that has a change in leadership which is hostile to working with Americans, or, more broadly, more hostile to working with foreign investors. [The government] may decide that it wants to take action against foreign investors, and that action could be everything ranging from expropriation at the most extreme level to something that is much more common, such as raising taxes or saying you can no longer send American workers. What do you do? What rights do you have as a U.S. business when a foreign government seeks to put pressure on you?
Gain the tools to understand your business’ place in the increasingly globalized world in the International Business Law certificate program from Cornell. Learn more and enroll now.
Quotes have been edited for length and clarity.