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Inside Internal Controls

News and discussion on implementing risk management

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Corporate Administration

How often should you assess risk?

I recently listened to a new video by my friend, Alex Sidorenko. In How often [should] the risk assessments be performed, he makes some solid points, including:

 

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New Environmental Emergency Regulations

The new Environmental Emergency Regulations apply to a responsible person that owns or has the charge, management or control of any of the 249 listed hazardous substances located at any fixed land-based facility in Canada.

 

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A board that would fail any test of its governance practices

I am planning a meeting with the CRO from a company during which I had planned to share some of the principles of effective risk management, based on what is considered world-class, and the governance of risk management by the board.

 

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Countdown to Canada’s new Trademarks Act: Take action

With the June 17 “coming into force” date of the new Canadian Trademarks Act fast approaching, there are opportunities you can be taking advantage of NOW. Here, we highlight some practical tips and considerations to help you maximize the opportunities and prepare for the new realities.

 

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Not-for-profit boards need a succession plan for their CEOs/EDs

Notwithstanding the vast differences between for-profit and not-for-profit entities, both need succession plans to quickly and effectively replace CEOs/EDs, whether the departure is planned or abrupt.

 

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Ontario government announces plans for centralized procurement

On March 18, 2019, the Ontario Treasury Board announced a plan to centralize the province’s public sector procurement and create a more efficient delivery process for goods and services.

 

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The accountants’ role in risk management

The International Federation of Accountants (IFAC) has published an interesting and useful piece, Enabling the Accountant’s Role in Effective Enterprise Risk Management.

 

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B.C. benefit corporation update

We previously reported on how British Columbia may become the first jurisdiction in Canada to permit benefit corporations. A private member’s bill (Bill M 216) on benefit corporations was introduced in the 2018 Legislative Session and passed second reading, which is rare for a private member’s bill.

 

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New ownership transparency requirements for federal corporations

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As a result of recently passed amendments to the federal Canada Business Corporations Act (CBCA), corporations incorporated under that statute will soon be required to maintain a register of individuals with “significant control” over the corporation (an ISC Register).

 

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Selecting a framework for managing risk

arol Williams has a website, ERM Insights, where she writes about risk management (I prefer to talk about the management of risk, rather than risk management, to ensure we are talking about how the organization addresses what might happen, i.e., risk, rather than talking about a function or team).

 

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Franchise article series: What is a franchise?

In order to determine whether the Franchises Act applies to a particular business model, one must first review the definition of a “franchise” in the Act as well as in relevant court decisions.

 

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Ombudsperson for responsible enterprise

The federal government has appointed Sheri Meyerhoffer as the Ombudsperson for Responsible Enterprise. The Ombudsperson for Responsible Enterprise (CORE) reviews allegations of human rights abuses against Canadian companies operating abroad.

 

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Behind the corporate veil: New ownership record rules in Canada

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On December 13, 2018, Bill C-86 received royal assent. This Bill contains a series of amendments to the CBCA pertaining to the tracking and recording of “individuals with significant control” (“ISCs”) over a corporation.

 

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Assessing the effectiveness of your risk management program

The IIA has published a new Practice Guide, Assessing the Risk Management Process. In IIA-speak, this is recommended but not mandatory guidance for its members.

 

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A warning on “meaningful” compliance with FTC orders

Compliance professionals — we need to talk about the Federal Trade Commission. The folks there are unhappy with the quality of your work.

 

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