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Inside Internal Controls

News and discussion on implementing risk management

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Finance and Accounting

New reports on the cost and incidence of cyber breaches

A cyber breach can affect an organization in many ways, from trivial to devastating. There is a range of potential effects, each with its own likelihood.

 

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Do your expectations align with reality — Why compliance training needs more attention

For many years, organizations paid minimal attention to ethics and compliance training. Training was done by someone who had another important job to do on the ethics and compliance team. It was seen as a check-the-box exercise, and employees felt the brunt of that approach.

 

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Significant changes to Canada’s trademark laws now in effect

The most significant amendments to the Federal Canadian trademark statute finally came into effect June 17, 2019.

 

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Gowlessence: The insider view into the legal side of the influencer marketing industry

Influencer marketing is a powerful weapon for brands. Influencers engage with target audiences through authentic storytelling, improve brand sentiment, and so drive a successful return on investment.

 

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How often should you assess risk?

I recently listened to a new video by my friend, Alex Sidorenko. In How often [should] the risk assessments be performed, he makes some solid points, including:

 

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New Environmental Emergency Regulations

The new Environmental Emergency Regulations apply to a responsible person that owns or has the charge, management or control of any of the 249 listed hazardous substances located at any fixed land-based facility in Canada.

 

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A board that would fail any test of its governance practices

I am planning a meeting with the CRO from a company during which I had planned to share some of the principles of effective risk management, based on what is considered world-class, and the governance of risk management by the board.

 

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The essence of time of the essence

In a recent Ontario Court of Appeal decision (Di Millo v. 2099232 Ontario Inc. (2018), 99 R.P.R.(5th) 1) the Court considered what a “time is of the essence” provision means in the context of an option to purchase.

 

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Countdown to Canada’s new Trademarks Act: Take action

With the June 17 “coming into force” date of the new Canadian Trademarks Act fast approaching, there are opportunities you can be taking advantage of NOW. Here, we highlight some practical tips and considerations to help you maximize the opportunities and prepare for the new realities.

 

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Not-for-profit boards need a succession plan for their CEOs/EDs

Notwithstanding the vast differences between for-profit and not-for-profit entities, both need succession plans to quickly and effectively replace CEOs/EDs, whether the departure is planned or abrupt.

 

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Ontario government announces plans for centralized procurement

On March 18, 2019, the Ontario Treasury Board announced a plan to centralize the province’s public sector procurement and create a more efficient delivery process for goods and services.

 

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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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A class divided can stand – Supreme Court of Canada holds that businesses cannot piggyback on consumers to escape arbitration agreements

By a 5-4 majority, the Supreme Court of Canada reversed a line of Ontario cases and held that s. 7(5) of province’s Arbitration Act, 1991 does not give courts discretion to decline to enforce arbitration agreements between businesses, even when those businesses are members of a class alongside consumers under the Class Proceedings Act, 1992.

 

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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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IIROC’s welcome clarification to member firms: e-signatures are permitted

On March 26, 2019, the Investment Industry Regulatory Organization of Canada issued Guidance Note 19-0051 – E-Signature.

 

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