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Inside Internal Controls

News and discussion on implementing risk management

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Leadership and Management

The accountants’ role in risk management

The International Federation of Accountants (IFAC) has published an interesting and useful piece, Enabling the Accountant’s Role in Effective Enterprise Risk Management.

 

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B.C. benefit corporation update

We previously reported on how British Columbia may become the first jurisdiction in Canada to permit benefit corporations. A private member’s bill (Bill M 216) on benefit corporations was introduced in the 2018 Legislative Session and passed second reading, which is rare for a private member’s bill.

 

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The effective practitioner in action

Competition law

A risk practitioner can assist in a number of ways, including helping management use comparable methods and tools to assess both upside and downside potential consequences in a way that they can be compared.

 

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New ownership transparency requirements for federal corporations

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As a result of recently passed amendments to the federal Canada Business Corporations Act (CBCA), corporations incorporated under that statute will soon be required to maintain a register of individuals with “significant control” over the corporation (an ISC Register).

 

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The charities and the Canada Elections Act amendments series

Two major changes to the field of political participation received royal assent on December 13th, 2018: changes to the charities’ political activities rules in the Income Tax Act, and changes to the Canada Elections Act.

 

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Selecting a framework for managing risk

arol Williams has a website, ERM Insights, where she writes about risk management (I prefer to talk about the management of risk, rather than risk management, to ensure we are talking about how the organization addresses what might happen, i.e., risk, rather than talking about a function or team).

 

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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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Is internal audit being distracted by consultants bearing sparkling new toys?

In PwC 2019 State of the Internal Audit Profession Study, they are advising internal auditors to adopt approaches and practices with which I disagree.

 

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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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Ombudsperson for responsible enterprise

The federal government has appointed Sheri Meyerhoffer as the Ombudsperson for Responsible Enterprise. The Ombudsperson for Responsible Enterprise (CORE) reviews allegations of human rights abuses against Canadian companies operating abroad.

 

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Are we taking risk, making a decision, or gambling?

We gamble all the time, but we don’t think of it that way. We think we are making decisions, not gambling – and often don’t see it as taking risk either.

 

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Behind the corporate veil: New ownership record rules in Canada

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On December 13, 2018, Bill C-86 received royal assent. This Bill contains a series of amendments to the CBCA pertaining to the tracking and recording of “individuals with significant control” (“ISCs”) over a corporation.

 

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Expert answers for questions on retaliation in the workplace

Competition law

The NAVEX Global Master Class on Retaliation in the Workplace generated a plethora of thoughtful questions and discussion points from our attendees.

 

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The wonder and joy of internal auditing

More than 17 years ago, The IIA’s magazine published an article of mine, The new age of internal auditing. I made some provocative comments, including:

 

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A warning on “meaningful” compliance with FTC orders

Compliance professionals — we need to talk about the Federal Trade Commission. The folks there are unhappy with the quality of your work.

 

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