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Inside Internal Controls

News and discussion on implementing risk management

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Financial Compliance / Planning / Management

Making producers pay – from product stewardship to innovative EPR programs

To date, Canada has focused on two approaches for managing products and their packaging at end-of-life: (1) extended producer responsibility or “EPR”, and (2) product stewardship programs. For the most part, these programs (which cover various categories) fall under provincial jurisdiction.

 

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Financial Stability Board delivers report on financial stability implications of decentralised financial technologies

On June 6, 2019, the Financial Stability Board (the “FSB”), an international body that coordinates the work of national financial authorities, published a report on “Decentralised financial technologies” in response to a request by the Japanese presidency of the G20.

 

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CEOs are not idiots when it comes to risk management

If you consider the small number of organizations where risk management is considered as providing a strategic advantage, one of these alternatives must be true:

 

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Payments Canada proposes new rule for debit payments

Payments Canada recently announced a proposal for a new rule (the Proposed Rule) aimed at increasing the availability of point-of-service (POS) debit card acceptance in Canada. The underlying goal of the Proposed Rule is the transition towards digital payments and decreasing reliance on cash transactions.

 

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If risk management is the answer, what is the question?

We need to stop coming up with new words and phrases when all we need to address is the effectiveness of management. So stop talking about ERM, IRM, or even objective assurance, and start thinking about how to obtain reasonable assurance that the management of the organization, including how it sets objectives and makes related execution decisions, is effective.

 

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IIROC Releases its annual Enforcement Report for 2018

Earlier this month, the Investment Industry Regulatory Organization of Canada (“IIROC”) published its annual Enforcement Report for 2018 (the “Report”), highlighting its enforcement/discipline activities over the course of 2018.

 

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Anti-money laundering considerations in cannabis finance

While the right financing structure can be a critical advantage to any cannabis-related business, it is also important to remember that there are legal considerations involved, including in respect of anti-money laundering (AML) matters.

 

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Time (again and still) for the IIA Standards to be correct

Internal audit can assist management by facilitating a fraud risk assessment. Management should make the decision both on the level of risk and whether it is acceptable. Internal audit can provide their opinion and advice on both.

 

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Decision-making and the practitioner

McKinsey has shared three articles with insights into effective decision-making.

 

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Top Canadian charity law issues by Mark Blumberg

Here is our list of the Top Canadian Charity Law Issues by Mark Blumberg. Hopefully, it provides a good overview of the most common charity law compliance issues for Canadian registered charities with an emphasis on concerns from the Charities Directorate of CRA.

 

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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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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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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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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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