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Inside Internal Controls

News and discussion on implementing risk management

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Corporate Administration

What is an internal control, really?

What is a control, at an abstract level: what is it supposed to achieve, and how is it supposed to operate within an organization?

 

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Has #MeToo changed the game for board-level compliance training?

Organizations should be applauded for their improvements in board compliance training. But they need to keep working, to channel their increased focus on board awareness and to make sure that their directors are getting the right training to truly lead their organizations.

 

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What is your consolidated risk exposure?

This article discusses consolidated risk exposure and different risk management tools.

 

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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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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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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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Working together works: Ontario Securities Commission approves reduced sanction for insider tipper who cooperated with investigation

The OSC recently approved a settlement agreement in which the respondent admitted to providing material non-public information to a third party. The order in Re Hutchinson, which did not include an administrative penalty or disgorgement of profits, was held to be in the public interest given the respondent’s cooperation and other mitigating factors.

 

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The board and enterprise culture

This article looks at the Board’s involvement in managing enterprise culture. In the corporate context, culture is a system of values, beliefs and behaviors that shape how things get done within the organization.

 

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British Columbia proposes significant legislative amendments to “modernize” class proceedings in the province

Proposed amendments to the Class Proceedings Act will 1) switch BC from an “opt in” to an “opt out” jurisdiction and 2) establish a framework for the certification of multi-jurisdictional class proceedings. If enacted, the amendments will have significant consequences for both current and future class proceedings in the province.

 

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BC’s Class Proceedings Act to get a facelift?

The proposed amendments contained in Bill 21 would bring significant change to the class proceedings regime in British Columbia. While these changes would have a number of effects, the most notable of these is that British Columbia would likely be viewed as a more attractive forum for multi-jurisdictional class proceedings especially in light of the fact that it remains to be a “no cost” regime. As a result, the number and size of class proceedings in British Columbia can be expected to increase.

 

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How significant is the risk of fraud?

fraud

The best resource for understanding the level of fraud risk is the Association of Fraud Examiners’ (ACFE) annual Report to the Nations, their global study of occupational fraud and abuse. Their 2018 Report is now available and, as always, shares some useful and important insights. The ACFE analyzed 2,690 cases from January 2016 to October 2017 from around the world (48% from the USA, the rest evenly split among other regions).

 

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Jim Comey and the practitioner’s dilemma

It is often difficult to make the right decision when facing challenges in an organization. Maintaining integrity, standing your ground and doing what you believe to be right and part of your responsibilities can be difficult and can make you question the decisions you make.

 

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My cyber confession

Should we give up auditing information security and the management of cyber risk? Not at all. But we should do so with eyes wide open. We should recognize the limitations of our knowledge, tools and techniques and the likelihood that hackers have new techniques that are unknown both to auditors and management.

 

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Learning the basics on GDPR’s right to be forgotten

To manage the Europe Union’s new GDPR properly, ethics and compliance officers need to consider many parts within their organization, from IT capabilities, exception clauses, and customer service demands. And these parts must be managed and organized in such a way that they work together so that they do not fall apart.

 

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New GRC guidance from OCEG might be missing a crucial point

GRC is “the integrated collection of capabilities that enable an organization to reliably achieve objectives, address uncertainty and act with integrity”. A new Guide from OCEG, A Practical Guide About GRC Metrics and Measurement, says, a major part of GRC is about “break[ing] down silos between governance, strategy, performance management, risk management, compliance management, internal audit and other departments”.

 

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