The fighting in Ukraine may be far from over, yet plans are already underway for the post-war reconstruction of the country, with companies and governments set to contribute. Elsewhere, post-conflict rebuilding and recovery initiatives have made varying degrees of progress in Ethiopia, South Sudan and Iraq.

The commercial opportunities in the aftermath of wars and natural disasters can be considerable. But the fragility of these jurisdictions means multinationals must ensure their activities support stability and development, otherwise they risk seeing early business gains evaporate.

Countries recovering from destructive events are keen on foreign direct investment to rebuild shattered infrastructure and stimulate economic growth with companies able to play a constructive role in stabilization efforts. In so doing, they gain reputations as responsible economic players, winning the trust of local customers and authorities.

But corporate missteps, advertent or not, can incur operational and reputational damage particularly in post-disaster settings in the sometimes-chaotic rush to start relief and reconstruction efforts.

In the wake of the Asian tsunami, there were reports of private contractors in Indonesia using substandard building materials to increase profits. Following the Haitian earthquake, contractors came under scrutiny over the number of locals benefiting from cash-for-work programs aimed at promoting the stabilization process.

In South Sudan and Iraq, energy majors have buttressed these countries oil-and-gas-dependent economies hydrocarbon extraction helping them recover, albeit fitfully, from devastating wars. But in a number of instances, commercial engagement has come under intense scrutiny, with some firms linked to human rights abuses in South Sudan and extensive pollution in southern Iraq.

Post-conflict and post-disaster jurisdictions are some of the most challenging markets to enter from a risk perspective. Companies must identify and mitigate...