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Inside Internal Controls

News and discussion on implementing risk management

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Systems and Data Management

New record-keeping requirements for Ontario corporations

While the new record-keeping requirements are relatively straightforward for corporations with just a few “ownership interests” in real property, corporations with significant interests, such as those involved in property development, face a much more onerous task. It is therefore recommended that Ontario corporations begin preparing the register as soon as possible to gather the required information and to establish a common practice.

 

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Copyright year in review 2016

This article highlights noteworthy Canadian copyright law decisions and developments from 2016.

 

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Selecting software to help manage user access risk

I believe software is essential in managing user access risk, not only for SOX but also for other business risks. In fact, the potential harm from inappropriate access is typically greater for other business risk (such as the possibility of disruption of activities such as revenue generation or manufacturing, reputation risk, and the protection of valuable intellectual property) than it is for SOX.

 

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Views on the future of risk management

James Lam has an impressive resume: Chief Risk Officer for major financial institutions, author of a respected book on ERM, consultant, and board member. Recently, he wrote a white paper that is available through RIMS or Workiva, Next Frontier: Performance-Based Continuous ERM. I think it is fair to say that James and I agree on many points but disagree on others.

 

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Adequacy of Canadian privacy law

Potential amendments could mean Canadian businesses receiving personal information from Europe will have more exposure to the differences in the data protection laws and enforcement regimes in the EU member states.

 

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CASL and private right of action

Canada has the most onerous anti–spam/anti–malware law (CASL) in the world. In less than a year, July 1, 2017, it is going to become even worse. That’s when the private right of action comes into force.

 

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Cybersecurity best practices for connected cars

Some of the most significant concerns with connected vehicles are cybersecurity and privacy protection. These concerns were the main impetus behind the creation in the US of the Auto Information Sharing and Analysis Centre (ISAC) by a group of US automakers in July of 2014. The group allows its members to share information about threats and vulnerabilities, conduct analysis and develop industry solutions. The Auto ISAC has now released its “Automotive Cybersecurity Best Practices”.

 

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Closing your business for the holidays

The holidays are quickly approaching. However, leading to that point of unwinding can be stressful for many business owners, with the balancing of family demands and workplace year–end pressures. Regardless of such amounting pressures, businesses should not neglect their responsibilities to employees and clients before closing for the holidays.

 

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Risk and strategy entwined

Risk Officers have to consider themselves as business executives first and foremost. While their charter may talk about ‘risk’, their job is to help the board and executive team achieve the corporate objectives. They need to put themselves in the shoes of the CEO and board members. They cannot afford only to concern themselves with reasons not to pursue ventures–implying a desire to stay home and vegetate. Think like a CEO, act like a CEO, and talk like a CEO. Provide leadership with the information, process, systems, and so on to make effective decisions that lead to success.

 

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Explaining risk management in plain English

I have been saying for a while that one of the reasons for the disconnect between senior executives and risk practitioners is the latter’s language.

 

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Canada implements expanded WTO agreement

In December 2015, over 50 WTO members, including Canada, gathered at the Nairobi Ministerial Conference, and agreed to the expansion of the Information Technology Agreement (ITA), a WTO agreement that aims to eliminate tariffs on IT products. The ITA was originally concluded by 29 participants in 1996. It now has over 82 participants, representing around 97 per cent of world trade in IT products.

 

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New tort: Publicity given to private life

The Federal Court of Appeal has provided some guidance on the recently–recognized tort of intrusion upon seclusion and the as–yet–unrecognized tort of publicity given to private life.

 

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A revolution in risk management

Risk management, whether you call it enterprise risk management, strategic risk management, or something else, is about helping an organization achieve its objectives. All the standards, frameworks, and guidelines talk about risk in terms of its ability to affect the achievement of the organization’s objectives. Some things might happen that will help and some that will interfere with our progress.

 

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