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Inside Internal Controls

News and discussion on implementing risk management

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New initiatives to hold companies accountable for human rights violations abroad

On January 17, 2018, the federal government announced two new initiatives to hold Canadian companies doing business and operating abroad accountable for human rights violations abroad.

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Technology law highlights: 2017 Year in Review

Here, in no particular order, are some of the year’s highlights as chronicled by McCarthy Tétrault’s bloggers:

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Compliance incentive: Canada to appoint a Canadian Ombudsman for Responsible Enterprise

On January 17, 2018, the Government of Canada furthered its “progressive trade agenda” and responded to calls from human rights groups by announcing that it is going to watch the activities of Canadian businesses operating in overseas markets more seriously. The Government of Canada will create an Office of the Canadian Ombudsman for Responsible Enterprise […]

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An example of game theory in risk management

One of the risks identified by many organizations as significant and included in the risk disclosures required in corporate filings, such as the annual and quarterly filings with the U.S. Securities and Exchange Commission, is the loss of key personnel.

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Fintech regulatory developments: 2017 year in review

As predicted in our 2016 year-end report, 2017 proved to be a busy year for Fintech in Canada, with a number of important regulatory developments. With the dawn of 2018, we look back to summarize some of 2017’s most notable Fintech regulatory developments in Canada, as well as developments to watch for in 2018.

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Function and form

A recent decision of the Tax Court illustrates a concept whose importance is only matched by the universality to which it is ignored. The case of Lichtman involved a number of Orthodox Rabbis teaching at an Orthodox Jewish school in Vancouver. The Rabbis claimed what is known as the “Clergy Residence Deduction” and ultimately lost their case.

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Ontario proposes amendments to gift card rules to clarify scope

The Government of Ontario’s proposal to amend existing gift card rules under the Consumer Protection Act, 2002 (Ontario) states that the amendments are intended to clarify “confusion in the marketplace about how the rules apply to certain types of cards, like prepaid credit cards”.

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Lock in 1% interest rate for income splitting loans by March 31, 2018

The prescribed rate used to calculate taxable benefits for employees and shareholders for interest-free and low-interest loans has been 1%, the lowest possible rate, since April 2009, other than in Q4 2013 when it rose to 2%.

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Measuring ethical culture

This presents a discussion on how to measure ethical culture. I just read an interesting article by Scott Moritz of Protiviti. Measuring Ethical Culture – Tapping into Open Secrets is an easy read and covers the main points. He suggests that employees are more likely than in previous years to answer a survey honestly, assuming […]

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Artificial intelligence and the protection of personal information in Canada: The priority for 2018

“When I look at myself, I am discouraged, when I compare myself to others, I panic…” This distorted saying summarizes the interactions in 2017 between artificial intelligence (AI) and personal information. While the number of AI projects and successes continues to mount in Canada, especially in Montréal, discussions on “the after” remain embryonic: how can […]

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Phishing losses exceed $224,000.00 after insurer denies coverage

In August 2010, someone called The Brick’s accounts payable (AP) department, pretending to be from Toshiba Canada. The caller said he was new to Toshiba and needed some payment details. The Brick employee faxed the payment information to the number which the caller provided.

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Keeping an eye on employees – Guidance from BC’s Office of the Information and Privacy Commissioner

If you decide that you need to keep an eye on your employees, you’ll want to take into consideration this guidance from BC’s Office of the Information and Privacy Commissioner. As technology becomes more inexpensive, accessible and ubiquitous, we are seeing an increase in employers’ use of surveillance tools. While workplace monitoring has its benefits, […]

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Canadian Anti-Money Laundering Law: What you need to know about compliance program requirements

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Among other things, it is responsible for the enforcement of Canadian AML Law. In December 2017, FINTRAC released a revised guidance document relating to the compliance program requirements.

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Identifying, assessing, and evaluating risk is the easy part

COSO ERM 2017 talks about strategy selection, which is a very important decision, and how you need to assess each option. The selection process includes understanding what might happen under each option (risks and opportunities in their language), weighing all the pros and cons, and then choosing the one that makes the most business sense.

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Québec Court of Appeal confirms application of French language requirements for websites

On December 20, 2017, in 156158 Canada inc. v. Attorney General of Québec, 2017 QCCA 2055, the Québec Court of Appeal confirmed the constitutional validity of the provisions of the Québec Charter of the French Language (the CFL) that require the joint or predominant use of French in commercial advertising, packaging and publications, including websites.

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