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Inside Internal Controls

News and discussion on implementing risk management

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Financial Compliance / Planning / Management

TPP-11 reach agreement on “core elements” of a deal

Since the withdrawal of the United States from the Trans-Pacific Partnership within three days of President Trump’s inauguration, which many thought would result in a fatal blow to the deal, negotiators from the remaining TPP-11 have been quietly meeting to revive the agreement.

 

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COSO ERM explains the flaw in risk appetite statements

Devotion to remaining within risk appetite (if you can even express one that will proactively guide decision-makers) is likely to make you risk averse – and focusing on avoiding harm is the path to avoiding success.

 

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Facilitation payments now illegal under Canada’s foreign corruption law

On October 31, 2017, the federal government brought into force a pending amendment to the Corruption of Foreign Public Officials Act likely to have a significant impact on many Canadian firms operating abroad. Starting on October 31, so-called “facilitation payments” – payments to low-level government officials to expedite or secure the performance of an act of a routine nature – will be illegal.

 

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Is it about managing risk?

Managing risk absent the context of your objectives leads you to manage what may be irrelevant and miss what may be crucial.

 

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What a CEO needs to hear to invest more in compliance – strategy

Investment decisions are strategic. They are based on a business case and cost/benefit analysis. Expense decisions are more tactical, and are often associated with things an organization must do to keep running – like meet a regulatory requirement so they can check the box.

 

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Getting risk management right

In this commentary on a recent article by Doug Anderson, an advisor on behalf of the IIA on the COSO ERM update project, examples are provided on getting risk management right.

 

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Should you adopt the updated COSO ERM Framework? My assessment

It has been 13 years since the original COSO ERM Framework and eight years since ISO 31000:2009 was published. The updated COSO ERM Framework was an opportunity for COSO to “leap forward”. But did it?

 

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How well did COSO address comments on the ERM draft?

My impression is that COSO only tinkered with the draft. But, have they done enough to move practices forward, in the right direction? Will this update change the percentage of executives answering the piercing question by Deloitte, “Does risk management support, at a high level, the ability to develop and execute business strategies”, up from 13% close to 80%?

 

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Social impact bonds – investing in communities

Social Impact Bonds (SIBs) are an innovative way for organizations to practice Socially Responsible Investing (SRI). Canada joins other jurisdictions like the United Kingdom, the United States and Australia, in investing in SIBs.

 

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Small business corporate tax rate reduction 2018

The government news release announcing the reduction in the small business corporate income tax rate did not address whether there would be corresponding changes to the dividend gross-up or non-eligible dividend tax credit rate.

 

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How good is your chief risk officer?

A chief risk officer requires certain characteristics to succeed at being the leader of risk management in any organization. This article provides a list of critical attributes for such a leader.

 

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Government of Ontario issues consultation paper on alternative financial services

The Consultation Paper is one of a series of consultation papers issued by the Government of Ontario following the enactment of Bill C-59, which amended the Consumer Protection Act, 2002 and which addressed various items including payday loans and debt collection.

 

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A conversation about risk with a CEO

Leaving the word “risk” out of a risk discussion with an executive can prove to be a positive way forward when asking what can go right for a project rather than what might go wrong.

 

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New proposals on the taxation of private corporations can result in double taxation

This article discusses the new proposals on the taxation of private corporations that will prevent some normal post death tax planning aimed at preventing double taxation of the same economic gain.

 

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Canada Revenue Agency (CRA) updates for charities and other not-for-profits

Canada Revenue Agency recently released the following updates which are of interest to charities and other not-for-profits.

 

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