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Inside Internal Controls

News and discussion on implementing risk management

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The accountants’ role in risk management

The International Federation of Accountants (IFAC) has published an interesting and useful piece, Enabling the Accountant’s Role in Effective Enterprise Risk Management.

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A class divided can stand – Supreme Court of Canada holds that businesses cannot piggyback on consumers to escape arbitration agreements

By a 5-4 majority, the Supreme Court of Canada reversed a line of Ontario cases and held that s. 7(5) of province’s Arbitration Act, 1991 does not give courts discretion to decline to enforce arbitration agreements between businesses, even when those businesses are members of a class alongside consumers under the Class Proceedings Act, 1992.

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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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Making buildings more accessible

On May 23, 2019, the Ontario government announced it is investing $1.3 million over two years through a new partnership with the Rick Hansen Foundation to create the Rick Hansen Foundation Accessibility Certification program (RHFAC).

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B.C. benefit corporation update

We previously reported on how British Columbia may become the first jurisdiction in Canada to permit benefit corporations. A private member’s bill (Bill M 216) on benefit corporations was introduced in the 2018 Legislative Session and passed second reading, which is rare for a private member’s bill.

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The effective practitioner in action

Competition law

A risk practitioner can assist in a number of ways, including helping management use comparable methods and tools to assess both upside and downside potential consequences in a way that they can be compared.

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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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New ownership transparency requirements for federal corporations

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As a result of recently passed amendments to the federal Canada Business Corporations Act (CBCA), corporations incorporated under that statute will soon be required to maintain a register of individuals with “significant control” over the corporation (an ISC Register).

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The charities and the Canada Elections Act amendments series

Two major changes to the field of political participation received royal assent on December 13th, 2018: changes to the charities’ political activities rules in the Income Tax Act, and changes to the Canada Elections Act.

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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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Franchise article series: What is a franchise?

In order to determine whether the Franchises Act applies to a particular business model, one must first review the definition of a “franchise” in the Act as well as in relevant court decisions.

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Beyond due diligence: Ongoing third party risk management

There is something in a name. More people in the compliance industry, when referring to third-party due diligence, are labeling it “Third Party Risk Management.” I like it because it is more accurate.

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Bad investing advice and promissory notes: When can you sue and why

Any combination of stressful circumstances, a high degree of trust, inexperience or internet expertise replacing real expert advice might result in a person ignoring a clear warning sign that they are about to enter less than prudent contractual relations or make a poor investing decision.

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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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