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Inside Internal Controls

News and discussion on implementing risk management

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2020

When a debtor puts assets out of reach: Use of fraudulent conveyance proceedings to recover debts

Getting a judgment isn’t the only challenging aspect of a legal dispute; collecting on a judgment can present a whole new set of challenges. Some parties actively make efforts to judgment proof themselves by alienating their assets. While such conduct can be appropriate, in certain circumstances it can trigger the Fraudulent Conveyance Act (the “Act”). The Act serves as a tool to help creditors get to assets that debtors have inappropriately alienated from themselves.

 

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The new Form T3010, Registered Charity Information Return

In November 2019, the Canada Revenue Agency (CRA) revised Form T3010, to reflect recent changes in the law governing political advocacy. All registered charities and Registered National Arts Service Organizations (RNASOs) must complete a Form T3010 each fiscal year.

 

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Directors of not-for-profits and charities – resignation, removal and replacement

An effective board of directors is key to the success of any charity or not-for-profit entity (“NFP”). A frequent concern is what to do about directors who, for whatever reason, are no longer appropriate for the organization.

 

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A risk case study

I returned this week from a vacation in Mexico, including a day at the Copper Canyon. Our tour guide took about 20 of us down the mountain side to see some Tarahumara Indian homes. I decided that I wanted to come back ahead of the group, finding my way back up the path and steps to our hotel at the top. What might happen along the way? In other words, what would a risk manager put on a list or heat map?

 

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Free speech on campus is subject to the Charter — but only in Alberta

On August 2018, Ontario’s Ministry of Training, Colleges and Universities announced that it would “require every publicly-assisted college and university to develop and publicly post its own free speech policy by January 1, 2019 that meets a minimum standard specified by the government”. In December 2019, Alberta’s government followed suit.

 

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Managing risk when the board is over-confident

When we talk about confidence in managing risks, we’re really talking about confidence in the effectiveness of your risk management program — and apparently, we have a systemic disconnect between the board and management about that issue.

 

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Governance considerations for unincorporated associations that will pay off in the long run

It is not unusual for startup organizations to be attracted to the concept of an unincorporated association, since unincorporated associations require little effort to form and are less costly to run than corporations.

 

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Understanding the differences between GDPR, CCPA, and PIPEDA – a guide for Canadian businesses

Gone are days of unregulated and untethered data gathering. With the rolling out of the California Consumer Privacy Act, Canadian businesses are now finding themselves navigating a sea awash with a patchwork of extraterritorial legislation

 

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Why does internal audit need to be agile?

You don’t have to go very far to hear an internal audit leader talk about agile. Richard Chambers, President and CEO of the IIA, shared this:

 

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Barker v. IPC: Weighing the public interest in freedom of information requests

Ontario’s freedom of information laws permit an institution to publicly disclose sensitive personal information if there is a “compelling public interest” that outweighs the individual’s privacy. But is this balancing analysis undertaken for each tidbit of personal information, or is the public interest provision considered with a view to the totality of the records?

 

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Provincial payer quashes attempted drug evergreening strategy

When patents expire on a patented drug product, paving the way for generic competition, the patentee is faced with the challenge of how to replace the revenues that were achieved with the patented product. Ideally, the company’s innovation during the patented product’s life cycle will have led to new products poised to grow as the old patented product’s revenues decline. Often, however, the company’s strategy is to pursue a “product switch,” in which the patented product is replaced with a new product that provides little or no therapeutic improvement but for which no generic competition is imminent.

 

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The missing link in future-casting M&A due diligence

You don’t just marry your spouse; you marry a family. The same holds true in corporate mergers and acquisitions. You don’t just buy a company, you acquire their culture, risk, and future potential of both. And just like in a marriage, some things don’t come to the surface until that third or fourth family reunion.

 

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2020 Accessibility to-do list (Ontario)

As 2020 begins, we are already looking forward to the end of the year and to 2021. There are two key deadlines coming up under the Accessibility for Ontarians with Disabilities Act (“AODA”):

 

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Silos are thriving even in ERM programs

You are the captain of a ship that is sailing from Singapore to Auckland with a cargo that needs to be kept cold and will lose its freshness if you don’t arrive within a few days of your schedule.

 

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Mandatory cybersecurity incident reporting for IIROC investment firms

In November 2019, the Investment Industry Regulatory Organization of Canada released new mandatory reporting requirements for cybersecurity incidents, per IIROC Notice 19-0194. What are the new requirements?

 

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