First Reference company logo

Inside Internal Controls

News and discussion on implementing risk management

machine cogs image

Accounting Systems and Controls

Government legal and fiscal measures designed to keep businesses in Quebec

On February 21, 2017, the Quebec government announced a plan to strengthen the Quebec economy as an executive-driven economy. The plan includes the enhancement of existing measures and the development of a number of new fiscal and legal measures designed to keep businesses in Quebec and facilitate the transfer of family businesses, therefore limiting the risk of their sale to foreign interests. The key measures include:

 

, , , , , , , , , ,

Why do so many practitioners misunderstand risk?

My apologies in advance to all those who talk about third–party risk, IT risk, cyber risk, and so on. We don’t, or shouldn’t, address risk for its own sake. That’s what we are doing when we talk about these risk silos. We should address risk because of its potential effect on the achievement of enterprise objectives.

 

, , ,

Trump at work, week one

The first week of Trump’s administration has revealed a highly activist White House, hewing with surprising fidelity to campaign promises. The pace of change is materially faster than anticipated and the implications may be felt sooner rather than later.

 

, , , , , , , , , , ,

CRA’s Report on the Charities Program 2015-16

In January 2017, the CRA released its Report on the Charities Program 2015–2016, which provides interesting insights into Canada’s charitable sector. A common thread weaving through issues related to obtaining and maintaining charitable status is the need to create, maintain, and report/file information required by the Charities Directorate and the Income Tax Act.

 

, , , , , , , , , ,

Anti-money laundering update: Politically exposed persons

On December 20, 2016, the Financial Transactions and Reports Analysis Centre of Canada released new guidelines in respect of politically exposed persons and heads of international organizations. A separate guideline was released for each of financial entities, securities dealers, life insurance companies, agents and brokers and money services businesses. The Guidelines will be effective June 17, 2017.

 

, , , , , ,

Adequacy of Canadian privacy law

Potential amendments could mean Canadian businesses receiving personal information from Europe will have more exposure to the differences in the data protection laws and enforcement regimes in the EU member states.

 

, , , , , ,

Substantively enacted corporate income tax rates

corporate income tax rates

Ernst and Young’s tables of substantively enacted corporate income tax rates have been updated to December 31, 2016. The tables are prepared on a monthly basis and you can subscribe to them on Knotia.ca. The determination of the substantively enacted date of a corporate income tax rate change follows the guideline provided in EIC-111 (generally […]

 

, , , , , ,

A new front opens in the SOX battle

When potential material weaknesses are discovered during SOX or internal audit testing, my suggestion is to review the issue with the legal function. They can advise the CEO and CFO whether this should be disclosed as part of the Section 302 certification. This new front is clearly starting to open. Don’t let it pull you under.

 

, , , ,

Not–for–profits and charities: 4 New Year’s resolutions

Many people feel that New Year’s resolutions are passé, particularly since so many resolutions go unachieved each year. But, a resolution is essentially a plan to tackle something of importance, and planning is often half the battle. The following are 4 resolutions that can help strengthen charities and other not–for–profits in 2017.

 

, , , , ,

Cybersecurity best practices for connected cars

Some of the most significant concerns with connected vehicles are cybersecurity and privacy protection. These concerns were the main impetus behind the creation in the US of the Auto Information Sharing and Analysis Centre (ISAC) by a group of US automakers in July of 2014. The group allows its members to share information about threats and vulnerabilities, conduct analysis and develop industry solutions. The Auto ISAC has now released its “Automotive Cybersecurity Best Practices”.

 

, , , , , , , , , , , , , , ,

Closing your business for the holidays

The holidays are quickly approaching. However, leading to that point of unwinding can be stressful for many business owners, with the balancing of family demands and workplace year–end pressures. Regardless of such amounting pressures, businesses should not neglect their responsibilities to employees and clients before closing for the holidays.

 

, , , , ,

Risk and strategy entwined

Risk Officers have to consider themselves as business executives first and foremost. While their charter may talk about ‘risk’, their job is to help the board and executive team achieve the corporate objectives. They need to put themselves in the shoes of the CEO and board members. They cannot afford only to concern themselves with reasons not to pursue ventures–implying a desire to stay home and vegetate. Think like a CEO, act like a CEO, and talk like a CEO. Provide leadership with the information, process, systems, and so on to make effective decisions that lead to success.

 

, , ,

Explaining risk management in plain English

I have been saying for a while that one of the reasons for the disconnect between senior executives and risk practitioners is the latter’s language.

 

, , ,

A revolution in risk management

Risk management, whether you call it enterprise risk management, strategic risk management, or something else, is about helping an organization achieve its objectives. All the standards, frameworks, and guidelines talk about risk in terms of its ability to affect the achievement of the organization’s objectives. Some things might happen that will help and some that will interfere with our progress.

 

, , , , ,

Previous Posts