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Inside Internal Controls

News and discussion on implementing risk management

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The current state of risk oversight: Useful or useless?

All the surveys, including this one, report that executives do not believe risk management practices at their organization are making a significant contribution to the development and execution of their strategies.

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CASL’s private right of action for Competition Act reviewable conduct

While much has been written about the impending CASL private rights of action, less has been said about the new private right of action CASL will tack on to the Competition Act for misrepresentations in electronic messages.

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Ontario court decides ground-breaking online copyright case

Trader Corp v CarGurus Inc, a recent Ontario Superior Court decision, breaks a staggering amount of new ground in Canadian copyright law.

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The risk of material errors in the quarterly financial statements

Audit Analytics has released some interesting statistics on financial restatements and SOX. According to them, in 2015 about 5.3% of companies assessed their internal control over financial reporting (ICFR) as ineffective. This is down from 5.8% in 2014 but otherwise the highest level since 2008. This is the key section of their report.

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Getting rid of troublesome members: Read your bylaws carefully!

A recent decision is a reminder that simply following the rules of governing bylaws to get rid of a member may not be sufficient. The member could retain his or her status, accuse the board of acting in bad faith, and the organization could suffer extensive costs if a court finds that the bylaws relied upon in expelling the member fail to meet certain minimum requirements.

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Real answers to common questions on cybersecurity

Every day there is something in the news about organizations generally of all different sizes that have been breached and have had to deal with the impact of the loss, compromise or destruction of data. Making key decision-makers aware of the general threat landscape is helpful, but more helpful is making them aware of the threat landscape specific to your organization.

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Availability of non-infringing product is relevant in determining profit recovery for infringing activities

In a recent decision, the Federal Court of Appeal determined that the Federal Court erred in law by rejecting the relevance at law of any available non-infringing product and failed to adequately consider the evidence adduced as to the ability and willingness of three suppliers to provide non-infringing product.

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Review of the environmental assessment processes

The Canadian Minister of the Environment and Climate Change was tasked with reviewing the environmental assessment processes set out in the Canadian Environmental Assessment Act, 2012. To this end, an expert panel was set up to conduct consultations that led to a report setting out the Panel’s recommendations being submitted to the Minister. The report, entitled Building Common Ground: A New Vision for Impact Assessment in Canada, was published on April 5, 2017. Comments may be submitted on the report until May 5, 2017. Legislative and regulatory amendments could then be tabled in late 2017 or early 2018.

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Cyber and reputation risk are dominoes

As I was reading the book, I realized that I have a problem with organizations placing separate attention to reputation risk and its management. It’s simply an element, which should not be overlooked, in how any organization manages risk – or, I should say, how it considers what might happen in its decision-making activities.

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Charities and not-for-profits: Beware the usual rules

Charities and not-for-profits are obviously subject to a layer of laws that are related to their special status. Often overlooked though, is that they are equally subject to the same rules and regulations as other economic actors. Indeed, sometimes there are linkages between these two worlds making the need for good legal awareness that much more critical.

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Practical tips for effecting a successful merger

This article sets out the practical benefits and challenges of merging two charities and some post-merger considerations to effect a smooth transition.

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Cyberbullying and revenge porn: An update on Canadian law

The current nature of social media and, more broadly, the Digital Age, continues to create challenges for legislators and law enforcement officials alike. One such challenge arises in the cyberbullying context, where intimate (or otherwise private) images are uploaded to the Internet. These files can be copied, forwarded and shared instantaneously, making them seemingly impossible to delete retrospectively. There have been developments in both common law in statute.

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Ontario’s first Cap and Trade Auction results

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Ontario held its first Cap and Trade Program Auction of Greenhouse Gas Allowances on March 22, 2017. The auction drew 47 qualified bidders. Of the total number, approximately half are members of the energy industry.

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When an acceptable level of risk is not acceptable

We are used to identifying a risk, analyzing the potential consequences and their likelihood, and then establishing a ‘risk level’. We evaluate whether the level of risk is acceptable or not, based on risk appetite, risk criteria, or the like. But is that sufficient?

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Trump administration takes aim at Chapter 19 of NAFTA, U.S. wish list for NAFTA renegotiations and more

In this week’s brief, we look at the U.S. administration’s wish list for NAFTA renegotiations — along with the draft notice and its parallels to the Trans-Pacific Partnership — the Trump administration taking aim at Chapter 19 of NAFTA, the U.S. border tax proposal, as well as the NAFTA Rules of Origin.

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