First Reference company logo

Inside Internal Controls

News and discussion on implementing risk management

machine cogs image

2020

COVID-19 and force majeure: A word of caution

The insurgence of the novel COVID-19 pandemic and its ensuing effect on the domestic and global economies has required companies to consider potential remedies should they, or their counterparties, not be able to perform under contracts. One potential remedy is force majeure.

 

, , , , ,

Risk-based cyber risk reporting

I encourage you to subscribe (free) to McKinsey’s frequent reports. Their latest, Enhanced cyberrisk reporting: Opening doors to risk-based cybersecurity has some good observations. Unfortunately, their ideas for addressing the problem don’t work for me.

 

, , ,

Improving the availability of masks and respirators during COVID-19

On March 24, 2020, Health Canada announced its plan to fast-track the Medical Device Establishment License (“MDEL”) application process for companies that want to manufacture, import, or distribute Class I masks.

 

, , , ,

Additional amendments to Proceeds of Crime (Money Laundering) and Terrorist Financing Act Regulations issued

On February 15, 2020, draft amending regulations (the “Draft Regulations”) were issued, proposing a number of amendments to be made to the prior amendments to the regulations (the “Regulations”) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “PCMLTFA”). The Draft Regulations are open for comment until March 15, 2020 and will come into force on the day they are registered.

 

, ,

Five significant developments following the June 2019 changes to Canadian trademark law

The last 12 months have been an exciting time in Canadian trademark law. In June 2019, the most significant changes in decades were implemented to Canada’s Trademarks Act and Trademarks Regulations.

 

, , , , ,

Impact of COVID-19 on existing credit facilities

Access to existing debt facilities is one of the many potential impacts of the COVID-19 pandemic on the operations and financial health of organizations worldwide. In this article, we identify certain key risks and issues, along with pragmatic and legal steps that organizations can take to address their existing credit relationships and navigate through this difficult period.

 

, , ,

Annual general meetings during the COVID-19 pandemic

Many not-for-profit corporations (NFPs) hold their annual general meetings (AGMs) in the Spring. With a number of provinces issuing directives and advisories relating to the COVID-19 pandemic, including with respect to meeting sizes and venues, a number of NFPs are considering their options with respect to their Spring AGMs.

 

, , , ,

Corona Virus/COVID-19 charity issues – cancelling events, refunds and the possibility of a charitable donation

The COVID-19 crisis is affecting charities in numerous ways. In this short note, we will discuss cancelling events and refunding money or attempting to turn that into a potential charitable donation.

 

, , , , , ,

COVID-19: key issues every organization should consider

Competition law

The COVID-19 pandemic raises critical and unprecedented issues for all organizations. How an enterprise responds to these challenges will influence how it fares through the crisis and its positioning for recovery afterwards. We believe that the issues below warrant special attention by senior management and directors.

 

, , , , , , , , ,

CRA Charities Directorate announces extension of T3010 filing deadlines till December 31, 2020 in response to COVID-19

As part of government actions taken in dealing with the effects of the COVID-19 pandemic, the Charities Directorate is extending the filing deadline to December 31, 2020, for all charities with a Form T3010, Registered Charity Information Return due between March 18, 2020 and December 31, 2020.

 

, , , , ,

Toronto exercises bylaw exemption to permit 24/7 inventory deliveries in response to COVID-19

In an effort to ensure that essential goods remain in stock, and in the wake of successive waves of panic buying that have left many retailers with significantly depleted inventory levels, the City of Toronto has exempted retail businesses from the usual application of its noise bylaws. In doing so, the City paved the way for retailers to accept deliveries 24-hours a day as of Monday, March 16, and continuing until further notice.

 

, , , ,

New ERM Guidance from COSO

Creating and Protecting Value: Understanding and Implementing Enterprise Risk Management is based on COSO’s 2017 update of its 2004 ERM Framework. Their intent is to explain how effective ERM can add value to an organization, and to give some guidance on how to implement or upgrade it.

 

, , ,

COVID-19 Considerations from our bankruptcy & restructuring experts

Because of the speed with which the recent adverse circumstances have developed, businesses that may have otherwise been able to adapt may not have had an opportunity to do any meaningful contingency planning.

 

, , , , , ,

COVID-19 – Managing privacy and cyber issues

Privacy laws require that personal information is at all times protected by appropriate security safeguards, and this requirement will continue to apply in connection with COVID-19 work-from-home arrangements

 

, , , , , ,

Liability for artificial intelligence — Why Canadian businesses should pay attention to recent developments in Europe

Late last year, the European Commission’s Expert Group on Liability and New Technologies – New Technologies Formation (NTF) released a report on Liability for Artificial Intelligence. The report focuses on liability regimes across European Union (EU) member states and offers high-level recommendations on how those liability regimes can be adapted to meet challenges posed by artificial intelligence (AI) and other digital technologies.

 

, , , ,

Previous Posts