Subject The article discusses regulatory issues of managing the conflict of interests in the private sector. Objectives The study analyzes legal grounds and determines mechanisms for mitigating legal risks that arise from managing the conflict of interests in private business. I make suggestions on respective legislative updates. Methods The study employs a systems approach to examining the effective laws, and a comparative analysis of regulations governing the way conflicts of interests are managed in the public and municipal sectors in comparison with the private sector. Results I analyzed legal principles for managing the conflict of interests in the Russian businesses, outlined my recommendations for mitigating legal risks associated with the performance of related laws. The article provides the rationale for developing and specifying laws for countering the corruption, personal data protection, labor laws. Conclusions and Relevance Current, private businesses do not have a reliable framework for settling conflicts of interests. Based on my own experience and the Russian best expertise, I provide a clear guidance for preventing regulatory risks that are associated with the practical approval of regulations on labor, anti-corruption and personal data protection. The article mentions that there should be further legislative work for governing anti-corruption practices in private business.
Keywords: corruption, conflict of interest, legislation, personal data protection, private business
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