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Inside Internal Controls

News and discussion on implementing risk management

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Corporate Governance

Allegations and investigations

What we should all note from the news is that a failure to perform an appropriate investigation is a serious source of risk to any organization.

 

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KPMG studies ERM and gets some things right but misses the key point

There’s some good material in KPMG’s Enterprise Risk Management Benchmarking Study, subtitled Evolving to an active, integrated and agile approach amidst change and disruption.

 

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Keeping things in context: B.C. Court of Appeal considers the roles of context and public debate in defamation cases

The B.C. Court of Appeal’s recent decision in Northwest Organics, Limited Partnership v. Fandrich demonstrates the importance of keeping things in context when determining whether an allegedly defamatory statement has a defamatory meaning.

 

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New B.C. Business Corporations Act transparency register requirements: A primer

Beginning on a date to be announced, privately-held B.C. Business Corporations Act (“BCA”) companies ‎will be required to maintain a “transparency register” of “significant individuals”, being individuals who:‎

 

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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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Alberta Court of Appeal confirms super-priority status of restructuring charges

There were conflicting decisions from Nova Scotia (Rosedale) and Alberta (Canada North) on whether it was possible for CCAA and BIA created super-priority claims to rank senior to the Crown’s deemed trust claims under the fiscal statutes.

 

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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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Regulations for cannabis edibles, extracts and topicals to take effect in October 2019

On June 14, 2019, the Government of Canada announced its final amendments to the Cannabis Regulations (the “Regulations”), which set the rules for the production and sale of cannabis edibles, extracts and topicals – the three new classes of cannabis products that will be legal for recreational use in Canada later this year.

 

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TCC ruling on failure to maintain adequate books and records with foreign activity and suspension

This case of Promised Land Ministries v the Queen is vital reading for any Canadian charity conducting foreign activities because of its extensive discussion of books and records and foreign activities.

 

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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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The core principles for effective internal auditing

The IIA has published a new Practice Guide (PG), Demonstrating the Core Principles for the Professional Practice of Internal Auditing.

 

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Efficiencies in merger reviews: Competition Bureau issues draft model timing agreement

On July 16, 2019, the Competition Bureau (Bureau) issued a draft model timing agreement for use in the review of unconsummated mergers where the parties intend to rely on the efficiencies defence under section 96 of Canada’s Competition Act (Act).

 

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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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Cyber and the board

There’s an interesting article in the Harvard Law School Forum on Corporate Governance and Financial Regulation. What the Capital One Hack Means for Boards of Directors has some interesting insights that merit the attention of risk, cyber, audit, and governance practitioners.

 

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FATF issues guidance on virtual assets

FATF issues guidance on virtual assets

 

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