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Inside Internal Controls

News and discussion on implementing risk management

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Fraud and Corruption

Beyond due diligence: Ongoing third party risk management

There is something in a name. More people in the compliance industry, when referring to third-party due diligence, are labeling it “Third Party Risk Management.” I like it because it is more accurate.

 

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Bad investing advice and promissory notes: When can you sue and why

Any combination of stressful circumstances, a high degree of trust, inexperience or internet expertise replacing real expert advice might result in a person ignoring a clear warning sign that they are about to enter less than prudent contractual relations or make a poor investing decision.

 

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Proposed changes to anti-corruption rules for federal government procurement and real estate leasing

The federal government’s rules around the integrity of the procurement process also apply to real estate, in particular, the possibility that leases with the federal crown as tenant can be terminated for breach of anti-corruption provisions.

 

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Good faith in insurance dealings: A two way street

It is commonly known that contracts of insurance are contracts of utmost good faith, requiring the parties to deal with each other fairly and in good faith.

 

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SWIFT publishes cybersecurity counterparty risk guidelines

On February 15, 2019, the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) published guidelines for assessing cybersecurity counterparty risk for financial institutions (the “Guidelines”).

 

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Whistleblower, hacker, or both? How the Rui Pinto Case can be applied to corporate compliance officers

Rui Pinto was arrested in January by authorities in Budapest on suspicions of illegally hacking emails about European soccer clubs and providing them to the Football Leaks website.

 

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The game changer: OSC awards $7.5 million to three whistleblowers

The Ontario Securities Commission (the OSC) recently announced that it has awarded nearly $7.5 million to three whistleblowers on separate matters as part of its relatively nascent whistleblower program, which came into effect in 2016.

 

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Apple lawyer charged with insider trading

The recent insider trading case of a former senior lawyer at Apple Inc. serves as a reminder that those tasked with upholding a company’s insider trading rules are expected to ‘walk the walk’ when it comes to complying with ethical and legal obligations in handling confidential information. This case and similar prior cases remind us that counsel and firms ought to be vigilant and take proactive steps to monitor and enforce insider trading programs.

 

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Remediation agreements and other recent developments in white collar crime

Remediation agreements, a new tool for corporate accused, will continue to be in the spotlight as we all learn when prosecutors will be prepared to allow the use of remediation agreements and how their use will be received by the voting public.

 

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Recent guilty plea demonstrates that criminal liability for corruption may extend to corporate officers

Corporate criminal liability in Canada was expanded in 2013 following the R. v. Pétroles Global decision, which established that the “directing minds” of the corporation may be seated in the persons of middle management for purposes of establishing criminal liability of the company.

 

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Fintech regulatory developments: 2018 year in review

2018 proved to be another busy year for Fintech in Canada, with a number of notable and anticipated regulatory developments. We look back to summarize some of 2018’s most notable Fintech-related developments in Canada, and developments to watch for in 2019.

 

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Certain provisions of the act to facilitate oversight of public bodies’ contracts and to establish the autorité des marchés publics to take effect

Following an inquiry into the contracting process in Quebec, the provincial government introduced Bill 108, the Act to facilitate oversight of public bodies’ contracts and to establish the Autorité des marchés publics based on the Commission’s recommendation.

 

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Mixed results in British Columbia white collar enforcement proceedings

Two high-profile cases in late 2018 demonstrate both the potentially grave consequences of securities law violations and the difficulties prosecutors face in securing convictions for white collar crime.

 

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Individual defendant receives three-year sentence for Canadian corruption conviction

On December 17th, 2018, Quebec’s Superior Court of Justice sentenced Yanaï Elbaz, a former senior manager of the McGill University Health Centre (MUHC), to a three-year prison term for his involvement in a bribery scheme in which SNC-Lavalin secured a $1.3 billion contract to build MUHC.

 

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Stop managing and start taking risk

Success in business is taking the right level of the right risks. It all comes down to helping leaders make informed and intelligent decisions.

 

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