First Reference company logo

Inside Internal Controls

News and discussion on implementing risk management

machine cogs image

Fraud and Corruption

Whistleblower protection: Employers need to create a speak-up environment

It is incumbent on Canadian employers to take whatever steps they can to implement systems that would allow whistleblowers to step forward without fear, and speak-up without punishment.

 

, , , , , , , , ,

Compliance incentive: Canada to appoint a Canadian Ombudsman for Responsible Enterprise

On January 17, 2018, the Government of Canada furthered its “progressive trade agenda” and responded to calls from human rights groups by announcing that it is going to watch the activities of Canadian businesses operating in overseas markets more seriously. The Government of Canada will create an Office of the Canadian Ombudsman for Responsible Enterprise […]

 

, , , , , ,

Phishing losses exceed $224,000.00 after insurer denies coverage

In August 2010, someone called The Brick’s accounts payable (AP) department, pretending to be from Toshiba Canada. The caller said he was new to Toshiba and needed some payment details. The Brick employee faxed the payment information to the number which the caller provided.

 

, , , , , , , , , , ,

Canadian Anti-Money Laundering Law: What you need to know about compliance program requirements

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Among other things, it is responsible for the enforcement of Canadian AML Law. In December 2017, FINTRAC released a revised guidance document relating to the compliance program requirements.

 

, , , , ,

Key developments in Canada’s economic sanctions and export controls during 2017 & what to expect in 2018

This article begins with a summary of parliamentary recommendations to improve Canada’s sanctions regime, and then launches into reforms that have already taken shape, such as the creation of a publicly-accessible sanctions database and the adoption of a new Magnitsky Law. Second, it discusses recent updates to Canada’s export controls and economic sanctions laws. Third, we explore Canada’s preparations to join the Arms Trade Treaty with Bill C-47, including expected developments in 2018.

 

, , , , , , ,

Facilitation payments now illegal under Canada’s foreign corruption law

On October 31, 2017, the federal government brought into force a pending amendment to the Corruption of Foreign Public Officials Act likely to have a significant impact on many Canadian firms operating abroad. Starting on October 31, so-called “facilitation payments” – payments to low-level government officials to expedite or secure the performance of an act of a routine nature – will be illegal.

 

, , , ,

Canada publishes a somewhat consolidated economic sanctions list

On October 13, 2017, Global Affairs Canada published the country’s first consolidated list of blacklisted individuals and entities under the Special Economic Measures Act (“SEMA”), known as the “Consolidated SEMA Sanctions List”. The Consolidated SEMA Sanctions List is intended to provide a single accessible website for members of the public to search for individuals and entities listed under SEMA sanctions regulations.

 

, , , , ,

Bill 141 – Proposed amendments to the Act respecting the Autorité des marchés financiers with regard to whistleblowing

Following the example of the Ontario Securities Commission, the Authority implemented a whistleblower program in June 2016. Contrary to Ontario, Quebec’s program does not give financial awards to whistleblowers, but it does guarantee a framework that ensures confidentiality and protects whistleblowers against reprisals. However, no legislative amendment guaranteeing these protections has been introduced until now.

 

, , , , , ,

Ontario Court of Appeal breathes some life into anti-corruption pursuits

The Ontario Court of Appeal’s decision in this case injects new life into anti-corruption pursuits under the CFPOA and is a reminder that individuals may be personally liable for illegal conduct undertaken for a company’s benefit.

 

, , , ,

Estonian blockchain-based ID card security flaw raises issues about identity

On August 30, 2017, an international team of security researchers notified the Estonian government of a security vulnerability affecting the digital use of Estonian ID cards issued to around half of the Estonian population. Affecting 750,000 ID cards issued to a population of 1.3 million, the Estonian Information System Authority (RIA) has taken measures to restrict some of the ID card’s security features until a permanent solution is found.

 

, , , , ,

The root compliance problem: Shadow process

Sometimes I revisit my compliance roots in the world of Sarbanes-Oxley – a place much more concerned with financial reporting than corporate ethics and culture, I know. Yet lessons from one group that can help the other still abound.

 

, , , , , ,

Department of Finance releases consultation paper on new retail payments oversight framework

On July 7, 2017, the Department of Finance issued the consultation paper “A New Retail Payments Oversight Framework” (the “Consultation Paper”) proposing a federal oversight framework for retail payments. Comments on the Consultation Paper are due October 6, 2017.

 

, , , , ,

What do audit committees think about risk and audit?

I am encouraged by the latest KPMG report, their 2017 Global Audit Committee Pulse Survey. I am encouraged because KPMG appears to be asking the right questions and getting intelligent answers.

 

, , , , , , ,

The future of risk management

The Institute of Risk Management has a great feature where they have asked people around the world, including a number of luminaries, about the future of risk management.

 

, , , ,

Canada begins NAFTA consultations

These NAFTA consultations offer a significant opportunity for companies to have input on the primary drivers of their access to Canadian, US and Mexican markets. With the EU-Canada CETA coming into force in the coming months, Canada will be in the unique position of having preferential trading and investment relationships with the world’s two largest economies.

 

, , , , , , , , , ,

Previous Posts Next posts