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Inside Internal Controls

News and discussion on implementing risk management

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IT, Privacy and Security

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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OECD principles on artificial intelligence released

On May 22, 2019, the Organization for Economic Cooperation and Development (OECD) approved the OECD Recommendation on Artificial Intelligence.

 

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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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Québec Commission d’accès à l’information releases guidance on video surveillance

In February 2019, the Québec Commission d’accès à l’information released an updated guide on video surveillance titled, La Vidéosurveillance: Conseils pratiques à l’intention des organismes publics et des entreprises.

 

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5 key FAQs about Canadian cannabis company “key investor” disclosure requirements

It’s key that all stakeholders clearly understand the Cannabis Regulations’ key investor disclosure obligations to avoid surprises and to ensure compliance. Here are the answers to five key frequently asked questions about cannabis companies’ “key investor” disclosure requirements.

 

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Decision-making and the practitioner

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

 

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New reports on the cost and incidence of cyber breaches

A cyber breach can affect an organization in many ways, from trivial to devastating. There is a range of potential effects, each with its own likelihood.

 

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Canadian government announces new Digital Charter

On May 21, 2019, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced the introduction of Canada’s new Digital Charter. This blog post summarizes the highlights of Minister Bains’ announcement and the principles of the Digital Charter.

 

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How often should you assess risk?

I recently listened to a new video by my friend, Alex Sidorenko. In How often [should] the risk assessments be performed, he makes some solid points, including:

 

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A board that would fail any test of its governance practices

I am planning a meeting with the CRO from a company during which I had planned to share some of the principles of effective risk management, based on what is considered world-class, and the governance of risk management by the board.

 

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Upcoming “blackout period” for CIPO online services

As you may be aware, a number of significant changes to the Canadian Trademarks Act will come into force on June 17, 2019.

 

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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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Selecting a framework for managing risk

arol Williams has a website, ERM Insights, where she writes about risk management (I prefer to talk about the management of risk, rather than risk management, to ensure we are talking about how the organization addresses what might happen, i.e., risk, rather than talking about a function or team).

 

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Pot & privacy: BC Privacy Commissioner issues guidance for protection of personal information in cannabis transactions

The Office of the Information and Privacy Commissioner for British Columbia has released a guidance document to help cannabis retailers and purchasers understand their rights and obligations under the Personal Information Protection Act (British Columbia).

 

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Is internal audit being distracted by consultants bearing sparkling new toys?

In PwC 2019 State of the Internal Audit Profession Study, they are advising internal auditors to adopt approaches and practices with which I disagree.

 

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