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Inside Internal Controls

News and discussion on implementing risk management

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Corporate Governance

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.

 

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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.

 

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Boasting about internal audit value

Richard Chambers, President and CEO of the global Institute of Internal Auditors, is a friend whose leadership at the IIA and of internal audit practices I value and respect. Recently, he wrote a blog, One Mistake Internal Audit Cannot Afford to Make in 2020.

 

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Unintended consequences? The Vavilov Standard of Review is applied to commercial arbitrations

For many decades, the standard of review of a commercial arbitration decision on appeal to a court has been reasonableness. There are good policy reasons for this. Making arbitral decisions more difficult to reverse on appeal increases certainty for parties who have contracted for arbitration rather than litigation as their preferred method of dispute resolution. It also enhances the viability of arbitration as an alternative forum to the courts, reducing the burden on overstrained judicial resources.

 

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Let’s meet – just not in person: Taking your annual shareholder meeting online (in a coronavirus world)

Increased concerns regarding the spread of the coronavirus are prompting companies to look at alternatives to their in-person annual meeting of shareholders, including holding the meeting partly or even wholly online with streamed audio and/or video content. This could potentially accelerate a recent trend in Canada towards considering alternatives to the traditional in-person shareholder meeting, […]

 

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Entering the era of operational resilience

Operational resilience is the ability of a business to tolerate shocks and maintain normal operations. Those shocks can be all sorts of things — IT failures, natural disasters, terrorism, cyberattacks — but they’re typically sudden shocks, happening within hours or even minutes, that threaten your company’s ability to provide whatever it is you provide to customers.

 

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Back to basics – Signing your documents correctly

Gowling’s non-contentious engineering and construction experts provide their top ten tips for executing documents.

 

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4 reasons why your organization isn’t seeing internal hotline reports

When it comes to effective internal whistleblower hotlines, silence is never a sign of success. It is usually a sign that the compliance program, and its internal reporting systems, are not resonating with employees and is therefore, not effective. In these cases, we have to ask ourselves why?

 

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Advisory committee on open banking releases report on consumer-directed finance

On January 31, 2020, the Advisory Committee on Open Banking (the “Committee”) issued its first report (the “Report”) in connection with the Department of Finance Canada’s (“Finance Canada”) consultation process on open banking.

 

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Guiding principles of corporate governance

The IIA should be congratulated for its recent publication, prepared in collaboration with the Neel Corporate Governance Center at the University of Tennessee, Knoxville, of Guiding Principles of Corporate Governance.

 

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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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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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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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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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