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Inside Internal Controls

News and discussion on implementing risk management

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European commission releases proposal to regulate crowdfunding

Crowdfunding Service Providers (CSPs) can provide businesses and individuals with a digital platform to reach out to potential investors for funding. Presently, some EU countries have their own national legislation on crowdfunding while others require CSPs to be licensed and operate under EU frameworks.

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B.C. considers benefit corporations

British Columbia may become the first province in Canada to pass legislation that provides for the creation of “benefit corporations.” Benefit corporations are different from the typical for-profit business corporation in that they must be mandated to conduct business for the purpose of creating a general public benefit. It will be interesting to see where the benefit company model will go in B.C. The benefit company is somewhat similar to the existing B.C. C3, which is a hybrid corporate structure featuring both for-profit and a non-profit components.

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Is it a management or board failure when no action is taken on audit findings?

How effective are your organization’s internal audit reports? An effective internal audit report and proper communication on the part if IAs can promote appropriate action on the part of management and the board.

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Government of Canada announces significant expansion of Integrity Regime for federal contracting

Recently, the Government of Canada announced that it has completed its extensive consultation process that took place over the past year, and it has decided to implement new changes to the Integrity Regime.

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Wine(ing) about donations

A recently released decision of the Tax Court of Canada illustrates some of the problems in donating gifts in kind and their valuation.

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Government of Ontario announces plans for Fintech Accelerator Office

On May 2, 2018, the Government of Ontario announced plans to open the Fintech Accelerator Office. The Federal Government has also indicated interest in assisting emerging Fintech companies. In a recent Consultation Paper, the Department of Finance proposed establishing an advisory service for small payment service provider firms.

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Deferred no more: Deferred prosecution agreements finally on their way to Canada

The announcement of the proposed Remediation Agreement Regime is a long awaited step towards a more flexible and responsive criminal justice regime for organizations accused of criminal misconduct, and puts Canada on an equal playing field with jurisdictions around the world.

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Are you managing risk or are you managing the organization?

Stop managing risk – manage the business. Stop talking about accepting or managing risk and start talking about taking the right risks through informed and intelligent decisions.

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

The Quebec Court of Appeal reaffirmed the jurisprudence as to the constitutional validity of provisions requiring the joint or predominant use of French in Québec in respect of commercial advertising, packaging and publications, including websites.

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Collective agreement, not software, drives employee entitlements

Organizations must carefully and proactively determine user requirements and document them with great specificity when designing or evaluating software options to manage payroll and benefits within their companies.

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BCCA rules overdraft fees exceeding $5 constituted “interest” under Criminal Code

Can a financial institution’s “overdraft charges” be considered criminal “interest”? In this case, the judge declared that the overdraft fees constituted “interest” under the Criminal Code, but the credit unions appealed.

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European Union proposes whistleblower protections

A recent EU proposal is only the latest in a string of legislative developments in jurisdictions around the world aimed at strengthening whistleblower protections and encouraging whistleblowers to come forward and report wrongdoing.

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The essential competencies of an effective risk officer

I recently sparred gently with a good friend, a respected and influential risk practitioner and thought leader, about the key competencies necessary for a risk officer to be effective. He listed several competencies for effectiveness, saying that “without these competencies risk managers are useless to the business”.

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Prior rights and registered intellectual property

This article explores if the exclusive rights in a trademark can be obtained in the course of trade without registration and what is the scope of such rights across Canada, China, France, Germany, Russia, UAE and the UK.

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New International Mobility Program options under Canada-EU Comprehensive Economic and Trade Agreement

The Comprehensive Economic and Trade Agreement (“CETA”) is a new agreement between Canada and the European Union (“EU”), which is now in force. Chapter 10 of CETA removes the requirement for a Labour Market Impact Assessment for three categories of EU foreign nationals entering Canada for business purposes.

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