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Inside Internal Controls

News and discussion on implementing risk management

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Competition

Efficiencies in merger reviews: Competition Bureau issues draft model timing agreement

On July 16, 2019, the Competition Bureau (Bureau) issued a draft model timing agreement for use in the review of unconsummated mergers where the parties intend to rely on the efficiencies defence under section 96 of Canada’s Competition Act (Act).

 

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An ERM horror story

Does it make sense to aggregate risk levels for a variety of risk sources, including cyber, compliance, credit, liquidity, competitor, and internal control over financial reporting?

 

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Walking the tightrope: Distinguishing substantial compliance from material deficiency in bid documents

Your job is to decide whether any or all of these proposals is capable of acceptance or must be rejected as containing a material defect. You know the basic principles: the difference between Contract A and Contract B, the implied term in Contract A that only a compliant proposal is capable of acceptance, and that the test for compliance is ‘substantial compliance’.

 

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Canada’s trademark applications for marijuana products and services cause an international stir at the Nice Committee of Experts

The hot topic this year at the 29th session of the Nice Committee of Experts in Geneva stemmed from Canada’s legalization of marijuana and the resulting trademark applications being filed globally containing marijuana and cannabis, as well as their related products and services.

 

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CCAA and BIA amendments to come into force November 1, 2019

Bill C-97 including certain proposed amendments to the Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA) received Royal Assent on June 21, 2019.

 

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How to assess the effectiveness of risk management

Internal auditors are expected, according to the IIA Standards and some governance codes, to assess the effectiveness of risk management.

 

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Deceptive marketing in the spotlight: Ticketmaster to pay Competition Bureau penalty of $4.5 million

In a recent article, the Competition Bureau’s focus on high-impact, consumer-focused digital economy investigations, including specifically investigations into drip pricing practices was highlighted. On June 27, 2019, the Bureau announced that its investigation into such practices by Ticketmaster had concluded with a consent agreement.

 

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Commissioner of Competition makes his mark: Rare merger challenges

A recent notice of application filed with the Canadian Competition Tribunal is the first contested merger challenge since the Staples / Office Depot transaction in 2015 and the first by the current Commissioner who himself received a permanent appointment as Commissioner only in March 2019.

 

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Paradigm shift 2: More recommended changes to Canadian copyright law announced

On June 3, 2019, Parliament’s Standing Committee on Industry, Science and Technology released its Statutory Review of the Copyright Act. Section 92 of the Copyright Act mandates that the Act must be reviewed every five years by a parliamentary committee, and this Statutory Review was the first comprehensive review conducted since the overhaul of Canada’s copyright legislation in 2012 with the adoption of the Copyright Modernization Act.

 

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Insight into effective risk management

I need to draw your attention to a provocative piece by his firm (presumably by him): The risks of risk management. (My thanks go to Tim Leech for tweeting about it.)

 

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CEOs are not idiots when it comes to risk management

If you consider the small number of organizations where risk management is considered as providing a strategic advantage, one of these alternatives must be true:

 

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If risk management is the answer, what is the question?

We need to stop coming up with new words and phrases when all we need to address is the effectiveness of management. So stop talking about ERM, IRM, or even objective assurance, and start thinking about how to obtain reasonable assurance that the management of the organization, including how it sets objectives and makes related execution decisions, is effective.

 

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NASAA targets ‘cross-selling’ sales tactic in investment and banking sectors

The North American Securities Administrators Association (NASAA) is an association of securities administrators from Canada, the United States of America and Mexico, whose mandate is to protect the investing public. The NASAA recently released an Investor Advisory focused on the practice of “cross-selling” investment products

 

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5 key FAQs about Canadian cannabis company “key investor” disclosure requirements

It’s key that all stakeholders clearly understand the Cannabis Regulations’ key investor disclosure obligations to avoid surprises and to ensure compliance. Here are the answers to five key frequently asked questions about cannabis companies’ “key investor” disclosure requirements.

 

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Decision-making and the practitioner

McKinsey has shared three articles with insights into effective decision-making.

 

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