While the operating environment in Venezuela remains characterized by elevated and persistent risk, this challenging environment does not foreclose the possibility of responsible engagement where appropriate safeguards are in place. In the first installment of this two-part guest article series about doing business in Venezuela, Miller & Chevalier members Matteson Ellis and James Tillen, with counsel Collman Griffin and visiting law clerk Angelo Márquez, provided historical context for the current risk environment and discussed two of the most significant risk areas in the country: corruption and sanctions. In this second article, they discuss some additional areas of risk and provide strategies for mitigating them through each stage of operations in Venezuela. For more from Miller & Chevalier, see “High Risks, Low Institutional Trust: Why Stronger Anti‑Corruption Laws Do Not Guarantee Increased Reporting of Corruption in Latin America” (Aug. 14, 2024).