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Inside Internal Controls

News and discussion on implementing risk management

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Network, Systems and Data Security

My cyber confession

Should we give up auditing information security and the management of cyber risk? Not at all. But we should do so with eyes wide open. We should recognize the limitations of our knowledge, tools and techniques and the likelihood that hackers have new techniques that are unknown both to auditors and management.

 

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Talking sense about technology risk and cyber

You have to have sponsorship from the CEO and throughout the company to really understand and diagnose IT risks, data security risks and business risks, and then prioritize them.

 

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An idea to help drive effective risk management

We want all decision-makers to consider all the potential consequences of their decision (in fact, all the potential consequences for each option on the table) before making an informed and intelligent judgment. What if the quality of decision-making was a significant factor in assessing performance? Thus affecting compensation and career progression. This idea could help drive effective risk management.

 

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Guidance on recording of customer telephone calls updated

The Office of the Privacy Commissioner of Canada recently updated its information and guidance on recording of customer telephone calls to bring it up to date, make it web-friendly and responsive for user feedback.

 

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The SEC is changing the rules for SOX s302 certifications to include cyber risks

You may know that the SEC just published new guidance on the disclosures they are required to make related to cybersecurity. But did you realize that the SOX s302 certification now has to address whether disclosure controls are adequate in ensuring that the proper disclosures are made?

 

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It’s official: Mandatory data breach notification coming on November 1, 2018

The coming into force of mandatory breach notification and record-keeping requirements on November 1, 2018 should be viewed by organizations as an effort to align Canadian legal and regulatory requirements with those in the United States and Europe (especially with the General Data Protection Regulations – or GDPR – coming into force in May 2018).

 

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The updated ISO risk management standard merits our attention

Neither the ISO nor the COSO updates will, in my opinion, move the understanding and practice of ‘risk management’ to where they need to be. The updates are small steps when leaps were required.

 

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A step-by-step guide to creating a cybersecurity plan

The first step is easily accomplished by reviewing a few definitions. The second step is trickier. The third step may involve a lot of work, but you can start with six straightforward steps.

 

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Federal budget allocates significant funds towards cybersecurity

The Budget’s proposed investment in the area of cyber security is the largest single investment made in this area by the Canadian federal government. It also sends a strong signal that the government is focused on cyber threats that pose a real risk to the Canadian economy and national security.

 

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It’s not about risk management – it’s about the achievement of objectives

I have said many times that it’s not about managing risks: it’s about managing the achievement of objectives. It’s about being successful. Success is measured through the achievement of specified objectives. We improve the likelihood and extent of success if we understand what might happen, both good and bad, as we strive to achieve our […]

 

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Collaboration between the business risk and IT security teams

Take each of your business objectives and plans. Now, figure out what might result from a technology-related failure (noting that ‘technology’ extends beyond the IT function). Then, what are you going to do about it?

 

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Artificial intelligence: The year in review

The regulatory landscape impacting AI continues to evolve both domestically and abroad. As we begin the new year, we pause to reflect on some of 2017’s most notable developments in AI and prepare for new trends to watch out for in 2018.

 

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The worst audit report I have seen

I have seen a few candidates for this title, but one stands out. This is how I described it in my best-selling book, World-Class Internal Audit: Tales from my Journey:

 

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Technology law highlights: 2017 Year in Review

Here, in no particular order, are some of the year’s highlights as chronicled by McCarthy Tétrault’s bloggers:

 

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Canadian Anti-Money Laundering Law: What you need to know about compliance program requirements

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Among other things, it is responsible for the enforcement of Canadian AML Law. In December 2017, FINTRAC released a revised guidance document relating to the compliance program requirements.

 

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