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News and discussion on implementing risk management

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Finance and Accounting

B.C. Supreme Court approves wind-up of Richmond Strata, issues guidance on ensuring a fair sale process

In this case, the Court concluded that it was in the best interests of the owners that the Resolution be confirmed and that it would probably cause greater unfairness, confusion, and uncertainty if the Resolution were not confirmed.

 

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Québec Superior Court reaffirms importance of franchisors keeping their invoices

The judgment in this case demonstrates that franchisors have to properly document the sales they make to their franchisees, by keeping the sales-related invoices, for example. Franchisors that follow that practice will not find themselves unable to prove their claims, thereby incurring serious financial losses.

 

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New COSO ERM Guidance for ESG

It is essential to provide leaders with actionable information. Simply rating a risk as high or valuing it at $250,000 is meaningless. Leaders need to be able to make decisions between addressing one risk vs another, and going forward with a project given all the uncertainties related to its success. For that they need clear, detailed information, not a simple risk rating.

 

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Department of Finance Canada issues consultation paper on review of the Canadian Payments Act

A recent Consultation Paper sought comments on whether the 2015 Amendments had been successful in better enabling Payments Canada to meet its mandate to promote the efficiency, safety, and soundness of its systems while taking into account the interests of users.

 

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Online advisors: Stand-alone investment managers or tools for portfolio managers?

While the use of technology can lower the cost of investment advisory services, the introduction of algorithmic technology or other forms of artificial intelligence into the investment advice process introduces new risks to investors which raises questions.

 

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Alberta Court of Appeal allows apportionment of fault for an accident between a WCB-covered employer and a non WCB-covered party

In McIver v. McIntyre, the Court found that a worker who was injured in a collision could not recover damages against the other vehicle’s owner. The vehicle the worker collided with was operated by a mechanic who was repairing and testing the vehicle while working in the course of his employment.

 

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Is your ERM program as useful as a GPS?

An ERM program. like a GPS, helps with making informed and (hopefully) intelligent decisions so that objectives can be reached safely and on time.

 

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A cautionary tale: Saskatchewan Court refuses to approve $20 million class action settlement

Subject to the outcome of any appeal, Perdikaris v. Purdue Pharma et al., serves as a cautionary tale to class action parties entering into a settlement that they keep in mind the reasonableness of the proposed settlement before concluding it.

 

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Why do we need risk management?

Risk management is about helping an organization achieve its objectives in the face of uncertainty.

 

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Only the clearest release will stop a class action: Superior Court of Québec authorizes class action by former employees against Air Canada

The Court authorized the class action on the basis that it was arguable that Air Canada had deliberately violated the Act by reducing the volume of work sent to Aveos, knowing that this would cause it to cease operations.

 

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30 months in jail for facilitating false donation tax scheme

While donors to fraudulent donation schemes may not be morally innocent, their culpability does not reach the level of the promoters of these schemes. It is refreshing to see the CRA prosecuting those responsible, rather than merely reassessing and penalizing taxpayers.

 

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What is your consolidated risk exposure?

This article discusses consolidated risk exposure and different risk management tools.

 

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Peace of mind may not be priceless: Québec Court of Appeal authorizes extended warranty class action claiming exploitation of the consumer

In this case, by selling extended warranties to consumers on the premise that such warranties allow consumers to avoid having to pay repair costs once the manufacturer’s warranty expires, the proposed class actions alleged that retailers were misleading consumers because under the CPA they would probably still be covered by the legal warranty.

 

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European commission releases proposal to regulate crowdfunding

Crowdfunding Service Providers (CSPs) can provide businesses and individuals with a digital platform to reach out to potential investors for funding. Presently, some EU countries have their own national legislation on crowdfunding while others require CSPs to be licensed and operate under EU frameworks.

 

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Government of Ontario announces plans for Fintech Accelerator Office

On May 2, 2018, the Government of Ontario announced plans to open the Fintech Accelerator Office. The Federal Government has also indicated interest in assisting emerging Fintech companies. In a recent Consultation Paper, the Department of Finance proposed establishing an advisory service for small payment service provider firms.

 

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