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Inside Internal Controls

News and discussion on implementing risk management

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Business and Legal Issues

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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Ad Standards announces new dispute procedure

Advertising Standards Canada, the national self-regulatory body that administers the Canadian Code of Advertising Standards, recently launched its new process for handling competitive complaints. The new Advertising Dispute Procedure came into effect on February 11, 2019.

 

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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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Inter-jurisdictional enforcement against cryptocurrency-related financial products

In its first enforcement decision concerning cryptocurrency, the Ontario Securities Commission permanently prohibited USI-Tech Limited from trading in securities or derivatives based on its promotion of cryptocurrency-related financial products in Ontario.

 

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Talking about software for GRC

The Open Compliance and Ethics Group (OCEG) recently published the 2019 OCEG GRC Technology Strategy Report.

 

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Duties on transfers of immovables in Quebec and partnerships

On February 26, 2019, the Quebec Department of Finance introduced Bill 13, An Act to amend the Taxation Act, the Québec Sales Tax Act and other legislative provisions. This Bill finally provided the draft legislation for the changes announced in Information Bulletin 2017-14, dated December 20, 2017, in respect of the Act respecting duties on transfers of immovables.

 

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Breach of contract and repudiation: Affirm or accept the repudiation, not both

One of the more difficult issues in contractual disputes is sorting out what rights and obligations continue to exist when a party to a contract breaches the terms of the contract. Broadly speaking, the party that is in breach of a contract is refusing to perform duties or obligations under that contract and, as a result, is repudiating the contract.

 

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“Social impact bonds” on the rise in Canada

Social Impact Bonds (SIBs) are an interesting part of the larger trend of ‘impact investing’ that has been rising in Canada and around the world in recent years.

 

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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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Those lists of greatest risks all miss the BIG one

When something goes wrong, 99.999999% of the time it’s because somebody made a poor decision (at least in hindsight). The risks associated with a poor decision could have major ramifications.

 

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Restrictive covenants and real estate: Can they survive recent case?

In a recent decision rendered in late November of 2018 by the Quebec Superior Court (under appeal), restraint of trade principles normally applicable in employment and sale of a business contexts were applied to restrictive use covenants in real estate (Complexe Commerciale de l’Ile inc . V . Provigo Distribution).

 

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Does my food ad market to kids? Draft guidance on Bill S-228

Bill S-228, “An Act to amend the Food and Drugs Act (prohibiting food and beverage marketing directed at children)”, has been undergoing legislative review since late 2016. It has been the subject of much debate and is still awaiting Royal Assent.

 

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Osler submission to OECD on public consultation document addressing the tax challenges of the digitalisation of the economy

Osler made a submission [PDF] to the OECD in response to its February 13, 2019 public consultation document on the possible solutions to the tax challenges of digitalization (the 2019 Public Consultation Document).

 

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The cyber heat map

Vince Dasta of Protiviti makes a good point (pun intended – as will be explained shortly) in Cyber Risk Assessment: Moving Past the “Heat Map Trap”.

 

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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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