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Inside Internal Controls

News and discussion on implementing risk management

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Leadership and Management

The Crown pierces the corporate veil: Court imposes liability on individual for fines imposed against a corporate defendant

An Ontario Court has revolutionized the law with respect to whether an individual can be held personally liable for fines imposed against the corporation for breaches of regulatory legislation.

 

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The most important question is WHY

Too often, people do things without asking themselves why they are doing them. It may be because that is what they have always done, what somebody told them to do, or because they read about it in a book or standard.

 

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The role of internal audit in risk management

If we are stressing that risk management is really all about effective, informed and intelligent decision-making, shouldn’t internal audit start focusing on the quality of decision-making processes?

 

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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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So what if the risk is high?

Most organizations cannot afford to reduce every single risk to what some practitioners would deem acceptable. Providing actionable information about all the things that might happen, not by using terms like High, Medium, or Low, but in specific business terms will help evaluate which risks to take.

 

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New COSO ERM Guidance for ESG

It is essential to provide leaders with actionable information. Simply rating a risk as high or valuing it at $250,000 is meaningless. Leaders need to be able to make decisions between addressing one risk vs another, and going forward with a project given all the uncertainties related to its success. For that they need clear, detailed information, not a simple risk rating.

 

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Is your ERM program as useful as a GPS?

An ERM program. like a GPS, helps with making informed and (hopefully) intelligent decisions so that objectives can be reached safely and on time.

 

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Why do we need risk management?

Risk management is about helping an organization achieve its objectives in the face of uncertainty.

 

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Only the clearest release will stop a class action: Superior Court of Québec authorizes class action by former employees against Air Canada

The Court authorized the class action on the basis that it was arguable that Air Canada had deliberately violated the Act by reducing the volume of work sent to Aveos, knowing that this would cause it to cease operations.

 

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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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Is it a management or board failure when no action is taken on audit findings?

How effective are your organization’s internal audit reports? An effective internal audit report and proper communication on the part if IAs can promote appropriate action on the part of management and the board.

 

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Deferred no more: Deferred prosecution agreements finally on their way to Canada

The announcement of the proposed Remediation Agreement Regime is a long awaited step towards a more flexible and responsive criminal justice regime for organizations accused of criminal misconduct, and puts Canada on an equal playing field with jurisdictions around the world.

 

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Are you managing risk or are you managing the organization?

Stop managing risk – manage the business. Stop talking about accepting or managing risk and start talking about taking the right risks through informed and intelligent decisions.

 

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European Union proposes whistleblower protections

A recent EU proposal is only the latest in a string of legislative developments in jurisdictions around the world aimed at strengthening whistleblower protections and encouraging whistleblowers to come forward and report wrongdoing.

 

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