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Inside Internal Controls

News and discussion on implementing risk management

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Accounting Systems and Controls

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.

 

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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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Defamation, the Protection of Public Participation Act and strategic lawsuits against public participation

On March 25, 2019, the Protection of Public Participation Act (the “PPPA”) was assented to bringing into force legislation aimed at combating strategy lawsuits against public participation (SLAPPs).

 

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Which comes first, risk or control?

Can you assess the overall system of internal controls without considering risk management? I don’t think so, and neither does COSO. That is why there is a risk component in their internal control framework.

 

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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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New guidance for risk committees

A new publication by the Risk Coalition (a group of organizations in the UK that includes their Institute of Directors, a couple of risk management associations, and the organizations for internal and external auditors) merits our attention. Raising the Bar: Principles-based guidance for board risk committees and risk functions in the UK Financial Services Sector has some interesting content. For example, it says:

 

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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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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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The essentials of anti-bribery and anti-corruption compliance programs

Organizations at risk of anti-bribery and anti-corruption (ABAC) violations should implement risk-based ABAC compliance programs.

 

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‘Green’ governance: CSA outlines expectations regarding governance disclosure and practices in the cannabis sector

Regulatory and legal risks abound in developing business areas, such as the recently legalized cannabis industry in Canada. One of the key challenges for industry participants that are reporting issuers relates to meeting disclosure obligations.

 

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Insolvency amendments now in force under the BIA and CCAA

Extensive amendments to the Bankruptcy and Insolvency Act and Companies’ Creditors Arrangement Act coming into force on November 1, 2019 through Bill C-97 will have a significant effect on certain aspects of insolvency proceedings commenced after that date.

 

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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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Transfer pricing: What’s new in Canada (Part I)

Since 2012, there have been unprecedented developments in Canada and globally in the area of international tax. The sheer volume and complexity of these developments make it difficult for Canadian corporations to keep up on what changes actually impact transfer pricing.

 

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Ways to maintain proper books and records

A recent Tax Court of Canada (“TCC”) decision, Promised Land Ministries v. The Queen[1], serves as a reminder to charities of the importance of maintaining proper books and records.

 

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