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Inside Internal Controls

News and discussion on implementing risk management

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Corporate Governance

The Quebec Court of Appeal comments on the role of class action representative and interactions with class counsel, in the context of abusive proceedings

Should the class representative fail to ensure the adequate conduct of the action, and more particularly in the context of abusive proceedings, the Court may take measures in order to ensure the orderly progress of the case, which could exceptionally go as far as making orders to replace the class representative.

 

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How should you assess the effectiveness of risk management?

If an organization seeks to perform at world-class levels, it needs to have highly effective processes and practices for managing what might happen – risk.

 

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Liability waivers: If in doubt, get a new one

There is a need for entities wishing to rely on liability waivers to ensure that the waivers are expertly drafted, that the purpose and limitations of liability waiver are understood by such entities and that such entities routinely review their waivers to ensure that they apply to all activities that might be engaged in by the parties executing such waivers.

 

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Directors need to step outside the boardroom on the issue of sexual harassment

Empathy is not a term often used in regard to boards of directors, but it needs to be. It cannot continue to be a trait that corporate leaders shed as they climb the ranks. Leaders need to think outside the boardroom and own their role in eliminating sexual harassment in the workplace.

 

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Artificial intelligence: The year in review

The regulatory landscape impacting AI continues to evolve both domestically and abroad. As we begin the new year, we pause to reflect on some of 2017’s most notable developments in AI and prepare for new trends to watch out for in 2018.

 

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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.

 

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New initiatives to hold companies accountable for human rights violations abroad

On January 17, 2018, the federal government announced two new initiatives to hold Canadian companies doing business and operating abroad accountable for human rights violations abroad.

 

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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 […]

 

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Function and form

A recent decision of the Tax Court illustrates a concept whose importance is only matched by the universality to which it is ignored. The case of Lichtman involved a number of Orthodox Rabbis teaching at an Orthodox Jewish school in Vancouver. The Rabbis claimed what is known as the “Clergy Residence Deduction” and ultimately lost their case.

 

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Measuring ethical culture

This presents a discussion on how to measure ethical culture. I just read an interesting article by Scott Moritz of Protiviti. Measuring Ethical Culture – Tapping into Open Secrets is an easy read and covers the main points. He suggests that employees are more likely than in previous years to answer a survey honestly, assuming […]

 

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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.

 

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Identifying, assessing, and evaluating risk is the easy part

COSO ERM 2017 talks about strategy selection, which is a very important decision, and how you need to assess each option. The selection process includes understanding what might happen under each option (risks and opportunities in their language), weighing all the pros and cons, and then choosing the one that makes the most business sense.

 

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Is it ever wise for a franchisor to become a shareholder of its franchisees?

Is it a good idea for a franchisor to become a joint shareholder in the franchised businesses of its network? Sometimes yes, and often not. It depends… mostly on the franchisor!

 

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The state of information or cyber security today

Senior management must understand the state of information or cyber security today and how it affects enterprise objectives and the delivery of value to customers and other stakeholders. A number of recent publications talk to this topic.

 

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Is asking about risk culture the right question?

If you don’t have a consistent attitude towards taking risk among the few members of the executive team, how can you expect to have a consistent attitude among the population of employees and decision-makers?

 

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