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Regulations

Once considered a career killer, CISOs with breach experience now preferred

Jun 24, 2019

On June 24, 2019, the National Association of Corporate Directors (NACD) published an article on how no C-level role has evolved as quickly and radically as the chief information security officer (CISO).

The CISO role first sprang from the ground-breaking “mega breaches” of the early 2000s, when it became apparent that cybersecurity issues could have serious business ramifications. Back then, the role was largely technical in nature (they would put up a technology perimeter to stop breaches from happening) and, really, it was C-level in name only—most CISOs reported to chief information officers and did not have a direct line to the CEO like other C-level executives.

Review the full article on the NACD's website.

IESBA Alert re the June 2019 Launch of its eCode

May 31, 2019

On May 31, 2019, the In­ter­na­tional Ethics Stan­dards Board for Ac­coun­tants (IESBA) re­leased an alert regarding the proposed launch on June 26, 2019 of its eCode—an innovative digital product that offers professional accountants a new way to engage with the International Code of Ethics for Professional Accountants (including International Independence Standards).

The alert also advises that the IESBA will hold a 30-minute webinar on Wednesday, June 12, 2019 at which IESBA Member Brian Friedrich will explain IESBA’s vision for the eCode and provide a quick walkthrough to demonstrate the eCode’s structure, key features and functionalities.

Re­view the press re­lease on the IESBA's web­site.

International community agrees on a road map for resolving the tax challenges arising from digitalization of the economy

May 31, 2019

On May 31, 2019, the Or­gan­i­za­tion for Eco­nomic Co-op­er­a­tion and De­vel­op­ment (OECD) announced that the international community has agreed on a road map for resolving the tax challenges arising from the digitalization of the economy, and committed to continue working toward a consensus-based long-term solution by the end of 2020.

The 129 members of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) adopted a Programme of Work laying out a process for reaching a new global agreement for taxing multinational enterprises. The document, which calls for intensifying international discussions around two main pillars, was approved during the May 28-29, 2019 plenary meeting of the Inclusive Framework. It will be presented by OECD Secretary-General Angel Gurría to G20 Finance Ministers for endorsement during their June 8-9, 2019 ministerial meeting in Fukuoka, Japan.

The Programme of Work will explore the technical issues to be resolved through the two main pillars. The first pillar will explore potential solutions for determining where tax should be paid and on what basis ("nexus"), as well as what portion of profits could or should be taxed in the jurisdictions where clients or users are located ("profit allocation"). The second pillar will explore the design of a system to ensure that multinational enterprises – in the digital economy and beyond – pay a minimum level of tax. This pillar would provide countries with a new tool to protect their tax base from profit shifting to low/no-tax jurisdictions, and is intended to address remaining issues identified by the OECD/G20 BEPS initiative.

Re­view the press re­lease  on the OECD's web­site.

TCFD Implementation Guide

May 23, 2019

In May 2019, the Sustainability Accounting Standards Board (SASB) and the Climate Disclosure Standards Board (CDSB) have jointly released the TCFD Implementation Guide, which offers an effective solution for organizations around the world, in all industries and sectors, drawing on both organizations’ well-established reporting frameworks to provide companies with how-to guidance.

The guide is intended to help companies to more effectively take the TCFD recommendations from principles to practice, to offer greater insight into the material climate-related financial risks and opportunities they face, equipping investors with reliable, comparable, decision-useful information, and enhancing the resilience and stability of global capital markets to drive sustainable, long-term economic development.

Review the guide on the SASB's website.

Nasdaq launches global environmental, social and governance reporting guide for companies

May 15, 2019

On May 15, 2019, the United Nation's Sustainable Stock Exchanges (SSE) launched of its new global ESG reporting guide for public and private companies.

The 2019 ESG Reporting Guide 2.0 includes the latest third-party reporting methodologies widely adopted by the industry, and aims to help companies navigate the evolving standards on ESG data disclosure, regardless of geography or market capitalization.

Review the press release on the SSE's website.

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.

New guidance to implement TCFD Recommendations

May 10, 2019

On May 10, 2019, the United Nations Environment Programme Finance Initiative (UNEP FI) launched comprehensive investor guidance to help assess how climate change and climate action could impact investor portfolios around the world.

These assessments enable investors to be more transparent about their climate-related risks and opportunities in line with the recommendations from the Financial Stability Board’s Task Force on Climate-related Financial Disclosures. They will also help investors contribute to and benefit from the transition to low-carbon and climate-resilient economies.

Review the guide on the UNEP FI'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.

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