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Inside Internal Controls

News and discussion on implementing risk management

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Competition

One objective but multiple risks

Some organizations and consultants are wedded to the idea that the level of risk can be quantified and calculated as the magnitude of a potential effect (or consequence) multiplied by its likelihood.

 

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Competition Act update

The Competition Bureau must generally be given advance notice of proposed transactions when the acquired assets in Canada or revenues generated in or from Canada from such assets exceed C$92 million, and when the combined Canadian assets or revenues in, from or into Canada of the parties together with their respective affiliates exceed C$400 million.

 

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Ontario ban on door-to-door sales in effect as of March 1st

Door-to-door sales contracts have been among the top complaints received by the Ministry of Government and Consumer Services. Starting March 1, 2018, Ontario has banned unsolicited, door-to-door sales of certain household appliances to better protect consumers from aggressive and misleading contracting at home. This will bring about some changes for some companies business model and marketing strategies.

 

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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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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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Risk and game theory

game theory

The Cuban Missile Crisis is frequently cited as an example of the use of Game Theory. I am talking about the situation confronting the Kennedy government when they found that the USSR had installed missiles in Cuba that were capable of hitting American cities with nuclear weapons. Here is a link to a summary of […]

 

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Do we understand what a risk event is?

COSO ERM talks about the possible effect of an event on objectives, and in common parlance we are talking about something happening that has an effect on the organization. (COSO thinks of risk as the possibility of that event occurring; ISO talks about risk as the effect of what might happen on objectives.)

 

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CETA gets royal assent – what brand owners and users need to know

On May 16, 2017, Bill C-30, Canada’s legislation to implement the Comprehensive Economic and Trade Agreement (CETA), a free trade agreement between Canada and the European Union, received royal assent.

 

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TPP-11 reach agreement on “core elements” of a deal

Since the withdrawal of the United States from the Trans-Pacific Partnership within three days of President Trump’s inauguration, which many thought would result in a fatal blow to the deal, negotiators from the remaining TPP-11 have been quietly meeting to revive the agreement.

 

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COSO ERM explains the flaw in risk appetite statements

Devotion to remaining within risk appetite (if you can even express one that will proactively guide decision-makers) is likely to make you risk averse – and focusing on avoiding harm is the path to avoiding success.

 

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Should you adopt the updated COSO ERM Framework? My assessment

It has been 13 years since the original COSO ERM Framework and eight years since ISO 31000:2009 was published. The updated COSO ERM Framework was an opportunity for COSO to “leap forward”. But did it?

 

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BCCA eyes enforceability of restrictive covenant in IRIS appeal

Restrictive covenants are often a key component of employment agreements and commercial transactions. Enforceability, however, can be challenging, especially in the employment context

 

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How well did COSO address comments on the ERM draft?

My impression is that COSO only tinkered with the draft. But, have they done enough to move practices forward, in the right direction? Will this update change the percentage of executives answering the piercing question by Deloitte, “Does risk management support, at a high level, the ability to develop and execute business strategies”, up from 13% close to 80%?

 

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Competition Bureau releases big data white paper for public comment

The white paper provides useful initial guidance on how the Bureau may apply the existing framework under the Act to various competition considerations related to big data and algorithms that have been examined so far.

 

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Federal Court releases new guidelines for actions under the amended PMNOC Regulations

On September 21, 2017, the Federal Court released the Guidelines for Actions under the Amended PMNOC Regulations (the “Guidelines”) to coincide with the coming-into-force of the amended PMNOC Regulations (“PMNOC Regulations”).

 

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