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Inside Internal Controls

News and discussion on implementing risk management

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Systems and Data Management

Canadian developments in digital identity

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Digital identity is increasingly becoming a hot topic globally and Canada is no exception. For example, amendments to the Bank Act (and equivalent legislation in respect of federal insurance companies and federal loan and trust companies) have recently been introduced permitting federally regulated financial institutions to provide “identification, authentication or verification services”.

 

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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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Jim Comey and the practitioner’s dilemma

It is often difficult to make the right decision when facing challenges in an organization. Maintaining integrity, standing your ground and doing what you believe to be right and part of your responsibilities can be difficult and can make you question the decisions you make.

 

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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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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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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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Supercash for superclusters: Government of Canada commits $950M in funding to five “superclusters” representing 450 Canadian entities

The ISI was launched on May 24, 2017, as part of the Government of Canada’s multi-year Innovation and Skills Plan in order to spark growth and help Canada realize its potential as a global leader in innovation. This was accomplished by encouraging the development of “superclusters”, which are industry-led, not-for-profit entities that have been formed to represent clusters of businesses, research institutions, and other innovators in regional and industry specific areas.

 

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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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Canadian Competition Bureau releases final fintech report

The Bureau’s final fintech report is intended as guidance for financial services sector regulators and policymakers. The following are the key takeaways, which were covered in more detail when the draft report was issued.

 

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Mitigate the risks associated with IT systems acquisition

Any organization which acquires IT systems must do so carefully. Among other reasons, systems may be costly, they may be critical to business operations, and they may create significant risks (for example a risk of security breaches). The following suggestions will help to mitigate some of the risks associated with IT systems acquisition:

 

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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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