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Inside Internal Controls

News and discussion on implementing risk management

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Finance and Accounting

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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Deferred no more: Deferred prosecution agreements finally on their way to Canada

The announcement of the proposed Remediation Agreement Regime is a long awaited step towards a more flexible and responsive criminal justice regime for organizations accused of criminal misconduct, and puts Canada on an equal playing field with jurisdictions around the world.

 

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Are you managing risk or are you managing the organization?

Stop managing risk – manage the business. Stop talking about accepting or managing risk and start talking about taking the right risks through informed and intelligent decisions.

 

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Collective agreement, not software, drives employee entitlements

Organizations must carefully and proactively determine user requirements and document them with great specificity when designing or evaluating software options to manage payroll and benefits within their companies.

 

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BCCA rules overdraft fees exceeding $5 constituted “interest” under Criminal Code

Can a financial institution’s “overdraft charges” be considered criminal “interest”? In this case, the judge declared that the overdraft fees constituted “interest” under the Criminal Code, but the credit unions appealed.

 

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European Union proposes whistleblower protections

A recent EU proposal is only the latest in a string of legislative developments in jurisdictions around the world aimed at strengthening whistleblower protections and encouraging whistleblowers to come forward and report wrongdoing.

 

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