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Regulations

Proactive defense for tomorrow’s security demands

May 13, 2019

On May 13, 2019, the National Association of Corporate Directors (NACD) published an article on how the digital age brings many benefits—but opening the door to cyberattacks is not one of them.

According to the Accenture Ninth Annual Cost of Cybercrime Report, in 2018, the average annual cost of cybercrime in the United States was $27.37 million, up more than 25 percent on the year before. Although a relatively modern phenomenon, cybercrime is increasing both in numbers and in scope. The average number of breaches in the United States was 178 in 2018, up 14 percent from the year before, with malware, botnet attacks, and malicious insider incidents all up in 2018. Whatever the industry, these are worrying trends. But aside from the costs needed to resolve cybercrime, there is another far more dangerous consequence—the erosion of trust.

Review the full article on the NACD's website.

IESBA Staff release updated FAQs on Long Association

May 09, 2019

On May 9, 2019, the Staff of the International Ethics Standards Board for Accountants (IESBA) released an updated Q&A publication to support the adoption and implementation of the revised long association provisions "Changes to the Code Addressing Long Association of Personnel with an Audit or Assurance Client".

This publication is a revised version of the Staff Q&A publication published in May 2017. It contains additional frequently asked questions and is aligned to the revised and restructured International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code), issued by the IESBA in April 2018.

Review the press release and FAQ on the IESBA's website.

Register of individuals with significant control

Apr 30, 2019

In April 2019, the Government of Canada announced that as of June 13, 2019, all Canada Business Corporations Act (CBCA) corporations ― except some distributing corporations ― will be required to create and maintain a new type of register. This is in addition to the registers corporations maintain for shareholders and directors.

The objective of the Register of individuals with significant control, or ISC Register, is to provide greater transparency over who owns and controls a corporation, and to help law enforcement agencies expose activities like money laundering and tax evasion.

The announcement covers:

  • Defining 'individual with significant control'
  • What is an ISC Register?
  • What a corporation needs to do
  • Access to the ISC Register
  • Choosing not to create or maintain an ISC Register

Review the announcement on the Government of Canada's website.

The right conversations to have with your CISO

Apr 30, 2019

On April 30, 2019, the National Association of Corporate Directors (NACD) published a blog on why cybersecurity is a relative newcomer to the enterprise risk party. Technology has slowly but surely emerged as a risk imperative across the enterprise.

But the potential business damage from attacks, historically, has fallen more in the “annoying but survivable” category rather than the “existential threat” category, so cybersecurity has often not been a focal point of enterprise risk discussions.

Review the full blog on the NACD's website.

Adopting a smarter cybersecurity strategy

Apr 25, 2019

On April 25, 2019, the National Association of Corporate Directors (NACD) published a blog on enterprise cybersecurity. Cybersecurity was once considered an information technology (IT) function and a challenge for the IT team, but it’s safe to say that most directors of companies understand that much has changed in the past decade.

Today, cybersecurity is a strategic business imperative—boards and senior executives are actively involved in cybersecurity strategy because it has become a closely entwined part of enterprise risk management. Enterprises are increasingly digital, and decisions made at the board and C-suite level will ultimately have tremendous influence over an enterprise’s future business success or failure.

Review the full blog on the NACD's website.

Reimagine risk: Thrive in your evolving ecosystem

Apr 11, 2019

On April 11, 2019, we published an article how an overwhelming majority of executives now acknowledge risk management’s strategic importance. The task now before risk management functions—and CROs—is to rise to the challenge by equipping themselves to provide business-focused insight.

In environments of change, professionals in a range of endeavors often fail to understand risks and their roles in managing them.

In organizations, a lack of awareness of risks, of people’s roles in controlling them, and of ways to use risk data and new technologies and tools increases the challenges of risk management and undermines the achievement of strategic goals. Most organizations understand this: More than 90 percent of the risk managers we surveyed expect risk management to become more important to achieving strategic goals in the next five years.

Since the financial crisis, many organizations have—to varying degrees—upgraded and restructured their risk management functions. Yet much work remains undone. To understand the progress made—and still to be made—Deloitte surveyed 100 executives with the title of chief risk officer (CRO) or equivalent, 100 C-suite executives not primarily responsible for risk, and 300 executives in risk-related functions such as IT and operational risk.

Review the full article on our US firm's website.

Status, fear, and solitude: Men and gender equality at the top

Apr 08, 2019

On April 8, 2019, we published an article that asks why is workplace gender equality still so difficult to achieve? Much of the answer may lie in an unexpected place: how traditional masculinity keeps men tied to the strenuous expectations of many organizational cultures.

Deloitte’s new report “The design of everyday men” investigates men’s experiences with work, family, and masculinity to explore the impact of organizational and cultural expectations on their behavior both within and outside the workplace.

Review the full article on our US firm's website.

IESBA Meeting Highlights March 11-13, 2019

Mar 27, 2019

On March 27, 2019, the International Ethics Standards Board for Accountants (IESBA) released the highlights of its March 11-13, 2019 meeting.

Discussion points included:

  • Rollout of the Revised Restructured Code
  • Alignment of Part 4B with ISAE 3000
  • Technology
  • Role and Mindset
  • Fees
  • Non-assurance Services (NAS)
  • IESBA Working Processes Report-Back
  • e-Code
  • Long Association

Review the highlights and the podcast on the IESBA's website.

Protocol helps facilitate the mainstreaming of measurement and valuation of people and communities

Mar 05, 2019

The Social & Human Capital Coalition (SHCC) launched the Social & Human Capital Protocol. The protocol provides a consistent process to guide businesses as they assess their relationship with social and human capital.

It offers an overarching framework for collaborative action to bring together different approaches for social and human capital measurement and valuation and is designed to be used alongside the Natural Capital Protocol to understand the full spectrum of business interactions with people, society and the environment.

Review the protocol on the SHCC's website.

Practice Aid: helping you navigate International <IR> Framework requirements

Feb 28, 2019

In February 2019, the International Integrated Reporting Council (IIRC) published the IIRC Practice Aid designed to help preparers navigate International <IR> Framework requirements.

Organizations around the world use the International <IR> Framework, with its set of Guiding Principles and Content Elements, to develop an effective integrated report that communicates their value creation story.

The <IR> Framework takes a principles-based approach that ensures it is usable by organizations of any size and in any sector. It also includes a small number of requirements that are to be applied before an integrated report can be said to be in accordance with the <IR> Framework.

This is part of the IIRC's ongoing efforts to support report preparers as they adopt and advance integrated reporting in their organization and to remind report preparers of these requirements.

Review the practice aid on the IIRC's website.

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