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News and discussion on implementing risk management

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Leadership and Management

New record-keeping requirements for Ontario corporations

While the new record-keeping requirements are relatively straightforward for corporations with just a few “ownership interests” in real property, corporations with significant interests, such as those involved in property development, face a much more onerous task. It is therefore recommended that Ontario corporations begin preparing the register as soon as possible to gather the required information and to establish a common practice.

 

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Copyright year in review 2016

This article highlights noteworthy Canadian copyright law decisions and developments from 2016.

 

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Selecting software to help manage user access risk

I believe software is essential in managing user access risk, not only for SOX but also for other business risks. In fact, the potential harm from inappropriate access is typically greater for other business risk (such as the possibility of disruption of activities such as revenue generation or manufacturing, reputation risk, and the protection of valuable intellectual property) than it is for SOX.

 

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Trump at work, week one

The first week of Trump’s administration has revealed a highly activist White House, hewing with surprising fidelity to campaign promises. The pace of change is materially faster than anticipated and the implications may be felt sooner rather than later.

 

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Views on the future of risk management

James Lam has an impressive resume: Chief Risk Officer for major financial institutions, author of a respected book on ERM, consultant, and board member. Recently, he wrote a white paper that is available through RIMS or Workiva, Next Frontier: Performance-Based Continuous ERM. I think it is fair to say that James and I agree on many points but disagree on others.

 

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Cannabis legislation and regulation

The Liberal Party of Canada made the legalization of marijuana a priority during the 2015 federal election campaign and now the Liberal government has taken a step toward enacting that promise. On June 30, 2016, the Government of Canada launched a Task Force to advise it on the design of a legislative and regulatory framework for legal access to cannabis. The prescribed framework was the Government’s commitment in the 2015 Speech From the Throne to legalize, regulate, and restrict access to cannabis.

 

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Update: Travel to the United States

As per the executive order issued by the President of the United States on Friday, January 27, 2017, a 90–day visa suspension is in place for all travel to the United States (except for those holding diplomatic status) by nationals of the following countries: Iraq, Syria, Iran, Libya, Somalia, Sudan, and Yemen.

 

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Anti-money laundering update: Politically exposed persons

On December 20, 2016, the Financial Transactions and Reports Analysis Centre of Canada released new guidelines in respect of politically exposed persons and heads of international organizations. A separate guideline was released for each of financial entities, securities dealers, life insurance companies, agents and brokers and money services businesses. The Guidelines will be effective June 17, 2017.

 

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Adequacy of Canadian privacy law

Potential amendments could mean Canadian businesses receiving personal information from Europe will have more exposure to the differences in the data protection laws and enforcement regimes in the EU member states.

 

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Transport Canada: Drone incident reporting tool

Transport Canada has announced the launch of a new incident–reporting tool “to keep Canadians safe from reckless drone use.” The new online reporting tool will allow people to report drone “incidents” from their mobile phones and will help Transport Canada “gather valuable information that will assist inspectors with investigations.”

 

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A new front opens in the SOX battle

When potential material weaknesses are discovered during SOX or internal audit testing, my suggestion is to review the issue with the legal function. They can advise the CEO and CFO whether this should be disclosed as part of the Section 302 certification. This new front is clearly starting to open. Don’t let it pull you under.

 

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CBCA amendments: Corporate governance changes

On September 28, 2016, the Canadian federal government introduced Bill C–25: An Act to amend the Canada Business Corporations Act et al. The proposed amendments are the culmination of the first substantive review of the Canada Business Corporations Act in 15 years and are the result of a consultation process initiated in 2013. The stated objectives of the proposed amendments are to, among other things…

 

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CASL and private right of action

Canada has the most onerous anti–spam/anti–malware law (CASL) in the world. In less than a year, July 1, 2017, it is going to become even worse. That’s when the private right of action comes into force.

 

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