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News and discussion on implementing risk management

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Top 10 most-read Inside Internal Controls posts for 2019

This year on the Inside Internal Controls blog, we’ve been covering some of the hot topics in internal controls, governance, information technology, not-for-profit and business management, among others. The top 10 most-read Inside Internal Controls posts for 2019 include

United States-Mexico-Canada Agreement amendments

On Dec. 10, 2019, Canada, the United States of America, and Mexico agreed to substantial amendments to the United States-Mexico-Canada Agreement (USMCA), the trade agreement that is slated to replace the long-standing North American Free Trade Agreement (NAFTA).

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How effective is risk management today?

If you want to know how effective risk management is, you should ask the customer and not the provider.

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Firepower: Guidance on whether commissions owed to salespersons are held in trust by a business and outside of insolvency

In Firepower Debt GP Inc. v. TheRedPin, Inc., 2019 ONCA 903 (“Firepower”), the Ontario Court of Appeal recently affirmed a decision of Justice Penny that commissions held by an insolvent real estate brokerage but owed to real estate salespersons were not held in trust and were thus subject to the security of the brokerage’s lenders.

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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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International Chamber of Commerce releases 2020 update to its standardized international trade terms

The International Chamber of Commerce (ICC) recently released the 2020 update to its standardized international trade terms (Incoterms 2020). Incoterms 2020 builds on the most recent version of the standardized terms released 10 years ago (Incoterms 2010).

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The unfiltered truth necessary for effective corporate governance

Corporate governance and “long-termism” are key buzzwords in our modern fiduciary lexicon. Between Q1 2018 and Q2 2019, governance deficiencies were responsible for the highest number of enforcement occurrences across major financial services regulators, according to research from global professional services firm Navigant.

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What will 2020 risk & compliance benchmarks look like?

It’s that time of year again when risk and compliance professionals from around the world contribute to an industry-defining resource – the annual Definitive Risk & Compliance Benchmark Report.

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2019 brings guidance on cyber in Canada

This year has seen a number of interesting developments in Canadian cyber security. While the first wave of data breach cases slowly work their way through the court system, guidance for Canadian businesses has come from many other sources, including the federal government and regulators.

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Did risk management fail?

Every so often, something bad happens to an organization and people say that risk management, perhaps governance, failed.

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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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How much does a Canadian patent cost?

Asking how much it costs to get a patent in Canada is a bit like asking how long a piece of string is. The answer, of course, depends on many different factors, but there are a number of general guidelines that can be used to anticipate likely costs that will be incurred over the lifetime of a patent.

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Discharge for annuity buy-outs in Ontario: It’s finally here!

Ontario’s long-awaited changes to provide for statutory discharges on the purchase of buy-out annuities are finally in force. The buy-out annuity is a popular risk management mechanism in many jurisdictions, such as the UK and the U.S.

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Charities in the waiting room

Most organizations that are pursuing charitable status are incorporated. Part of the requirement for achieving such status is that the corporation is organized to pursue charitable purposes. But that by itself is not enough for charitable registration and so prospective charities must apply to the CRA for registration. The question then arises about the tax status of those corporations that are not yet (and may never be) registered charities, and what are their responsibilities?

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Competition Tribunal confirms business justification is the paramount consideration in an abuse of dominance case

Competition law

On October 17, 2019, the Competition Tribunal (Tribunal) rendered its decision in CT-2016-015 Commissioner of Competition v. Vancouver Airport Authority (Decision) [PDF], dismissing the Commissioner of Competition’s (Commissioner) application.

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