In this episode of the podcast Ethics vs the Law – same same or different, Bo Berndtsson from BoB Advokater and Ezekiel Ward from North Star Compliance explore one of the most fundamental drivers of compliance risk: the business model itself.

How a company chooses to go to market, whether through direct sales, agents or distributors, has a direct impact on both risk exposure and control. But in practice, these models are rarely clear-cut, and what companies call a “distributor” or “agent” does not always reflect what is actually happening.

In this conversation, Bo and Zeke discuss why mapping your intermediaries is often the missing starting point, how legacy setups can create hidden risks, and why companies sometimes take on significant risk for relatively limited business upside.

They also look at the role of compliance as a true business partner, not just a control function, and why understanding how the business really operates is key to making better decisions from the start.

Expect practical insights on:

• the three main routes to market and how they differ in risk and control
• why labels and contracts are less important than actual behaviour
• how to map and assess intermediaries across markets
• balancing commercial opportunity with compliance risk
• how compliance can support better business decisions

A practical discussion for anyone working with compliance, legal or business strategy who wants to understand where risk really begins, and how to manage it.