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Inside Internal Controls

News and discussion on implementing risk management

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Fraud and Corruption

Not-for-profits should leverage information technology, safely

Not-for-profits have numerous opportunities to leverage information technology (IT), from social media to cloud computing and beyond.

 

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Common sense talk about risk heat maps and more

Only when the business impact is understood does it make sense to get into the details of which risks to which information assets should be mitigated and how.

 

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The rising tide of global whistleblower regulations

The whistleblowing landscape has changed substantially over the past few years. High profile cases have spurred new whistleblower protection regulations across the globe.

 

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The board and cyber security

There’s another useful article on Forbes. How to talk to the board about cybersecurity is written by an experienced CIO, John Matthews. Here are some useful excerpts with my highlights:

 

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Listing in the REIN: Cruel and unusual punishment under the Charter?

Does the automatic listing in the Register of enterprises ineligible for public contracts (REIN) constitute cruel and unusual punishment within the meaning of section 12 of the Canadian Charter of Rights and Freedoms?

 

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Court highlights value of first-settling defendant co-operation in “ice breaker” settlements

In a recent decision from the Ontario Superior Court of Justice, Di Filippo and Caron v. Bank of Nova Scotia et al, 2019 ONSC 3282 (Di Filippo), Justice Belobaba approved an “ice breaker” settlement in a price-fixing class action despite the “token” settlement amount — which represented less than 6% of the settlement paid by the same defendants in parallel proceedings in the U.S. — on the basis of the “inestimable value” of the first-settling defendants’ agreement to co-operate with class counsel.

 

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We need to preserve and protect whistleblowing in this time of challenge

Now more than ever, compliance officers, executive teams and boards of directors must think more about how to support an internal reporter, even at the “mechanical” level of protecting their identity.

 

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FSRA targets efficient and streamlined regulation for Ontario credit unions, insurers, pension plans, and mortgage brokers

As previously reported, the Ontario government is moving ahead to support financial regulatory reform including by establishing the Financial Services Regulatory Authority (FSRA), the new Ontario provincial regulator for provincially regulated insurers, credit unions, loan and trust corporations, pension plans, mortgage brokers and certain auto insurance service providers.

 

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An ERM horror story

Does it make sense to aggregate risk levels for a variety of risk sources, including cyber, compliance, credit, liquidity, competitor, and internal control over financial reporting?

 

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FATF issues guidance on virtual assets

FATF issues guidance on virtual assets

 

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Final amending regulations issued under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act

anti-money laundering

On July 10, 2019, final amending regulations were issued amending each of the existing regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

 

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How to assess the effectiveness of risk management

Internal auditors are expected, according to the IIA Standards and some governance codes, to assess the effectiveness of risk management.

 

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M&A disputes: When will a corporation be liable for an officer’s or director’s fraud? Supreme Court provides new guidance

Should a corporation be liable for fraud committed by its director or officer where it may also have benefitted? The Supreme Court of Canada grappled with this question recently in the context of a dispute arising from a fraudulent investment scheme to acquire commercial real estate.

 

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Court has no appetite to pierce corporate veil in restaurant lease decision

Corporate directors and officers may generally only be held personally liable for misconduct on the part of the corporation in limited circumstances where there has been improper or fraudulent conduct.

 

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Blockchain company and CEO to pay over $1M for misleading investors

The OSC has approved a settlement agreement with NextBlock Global Limited and its founder and CEO, Alex Tapscott, in connection with misleading statements made to prospective investors in 2017.

 

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