Bill 198 and Multilateral Instrument 52-109
Bill 198 is an act put into place by the Ontario Government in Canada providing authority for the Ontario Securities Commission (OSC) over corporate controls. Specifically, the OSC is given power to enact rules requiring audit committees, systems of internal controls, disclosure controls and procedures, CEO’s and CFO’s to provide certifications related to internal controls and to disclosure controls and procedures. But also defining auditing standards for the reporting of internal controls.
Difficulties complying with Bill 198
Bill 198 and (MI) 52-109 (Canadian rule requiring "Certification of Disclosure in Issuers’ Annual and Interim Filings") created standards for all Canadian companies, their boards, management, and public accounting firms. To adequately implement these standards, companies need to have comprehensive records of all forms of disclosure, including those on their corporate web site. Most corporate web sites are not adequately covered by disclosure controls and procedures which can be a potential risk.
Companies need to be able to prove that they adequately followed disclosure controls and procedures. To ensure compliance with Bill 198, identify and manage potential risks in a efficient and effective manner, enterprises often use a spreadsheet solution. BWise offers a integrated Governance, Risk and Compliance software platform, recognized by independent analysts as the overall GRC frontrunner.
Transcontinental chose BWise to assist with Bill 198 compliance
BWise is an integrated GRC suite consisting of different modules for distinct GRC tasks. Transcontinental chose BWise to assist the organization with their Multilateral Instrument 52-109 (Bill 198) compliance and Risk Assessments. Transcontinental was looking for a GRC solution that could not only meet their Bill 198 compliance needs, but also their risk assessments and surveying needs. Transcontinental was only interested in vendors that can provide a multi-language GRC system with a proven track record in integrating several national and international compliance mandates.