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Inside Internal Controls

News and discussion on implementing risk management

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Fintech regulatory developments: 2017 year in review

As predicted in our 2016 year-end report, 2017 proved to be a busy year for Fintech in Canada, with a number of important regulatory developments. With the dawn of 2018, we look back to summarize some of 2017’s most notable Fintech regulatory developments in Canada, as well as developments to watch for in 2018.

 

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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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Competition Bureau releases big data white paper for public comment

The white paper provides useful initial guidance on how the Bureau may apply the existing framework under the Act to various competition considerations related to big data and algorithms that have been examined so far.

 

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Don’t outsmart yourself: AI and compliance

I’m a big fan of artificial intelligence. The older I get, the more I appreciate that real intelligence needs all the help it can get. Corporate ethics and compliance officers, however, need to pause before betting big on AI as a solution to all our needs.

 

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Insights from the I Spy conference on big data and privacy

On Friday February 5, 2016, we attended the I Spy: Opportunities and Challenges Surrounding Privacy and Big Data conference organized by the Osgoode JD/MBA Students’ Association. Speakers from industry, government and private practice explored the challenge organizations face in maximizing insights from big data while maintaining a respect for individual privacy.

 

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Privacy Commissioner examines cyber security

The increasing cyber security threat continues to raise a series of privacy risks for organizations. The Office of the Privacy Commissioner of Canada (OPC) has been regularly focusing on cyber security in letters of findings and guidance and, most recently, in a report, entitled “Privacy and Cyber Security: Emphasizing privacy protection in cyber security activities”.

 

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Help — we’ve been hacked! Cyber risk insurance and related legal issues

A nightmare scenario for any business: you’ve been hacked. The hackers have gained access to countless client records including credit card and other financial data. The expense of dealing with the breach, and the damage to business reputation could be crippling. How best can businesses insure themselves against this and other cyber risks, and what are the legal issues involved?

 

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Getting privacy and IT departments on the same team

Privacy professionals and engineers are often tasked with the same goal: to protect personal information. Given that shared objective, why are there so many difficulties between IT and privacy teams? That was the crux of the conversation Friday at the IAPP Privacy Academy and CSA Congress during the breakout session “Same Planet, Different Worlds: Getting […]

 

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If personal information is like oil, what happens when the supply runs low and how do we keep it flowing?

Personal information greases the wheels of many of the services we take for granted today, to the point that some even call it “the new oil.”

 

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The Privacy Commissioner’s case for reforming PIPEDA

With 10 years of experience as Privacy Commissioner of Canada behind her, and her term reaching its end, Jennifer Stoddart has released a report titled “The Case for Reforming the Personal Information Protection and Electronic Documents Act” which describes how to modernize Canada’s private-sector privacy legislation to ensure it is able to meet the current and future challenges of the digital age and protect Canadians’ right to privacy.

 

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