1. Compliance 2017 Fall general meeting, 2016
Earleen Moulton
VP Compliance, BridgeForce Financial Group

2. Agenda Audits of advisor practices Elder issues
Prepare for a (cyber) privacy breach
AML changes coming

3. Audits for suitability

4. Monitoring /oversight
Significant controls, manages risk
Screening:
Point in time, assessing suitability to be contracted and risk (to MGA and Carrier)
Monitoring:
On-going suitability, identify patterns to prevent and detect harm to consumers

5. New CLHIA Reference Document
“Insurer Systems for Monitoring Statutory Compliance of Advisors”
Describes procedures for monitoring compliance with statutory licensing requirements
ON Reg. 347, s.12 -

6. Will you be audited? Monitoring done based on risk
Would you be considered a ‘risky’ broker?
Time to get your compliance ‘house’ in order

7. Elder issues

8. Elder issues IFIC launched 2 checklists for senior sales
First in a series of tools that are being developed by IFIC's Vulnerable Investors Task Force
Aimed at helping advisors prepare for the challenges of working with aging investors (potentially vulnerable)
-cognitive decline
-financial exploitation

9. Prepare for a privacy breach

10. Digital Privacy Act (DPA)
1. breach notification requirement - “real risk of significant harm” is the trigger
2. Reports to the Privacy Commissioner
3. Notification of individuals and other organizations
4. Data breach records to be created and maintained

11. New definition of breach:
Unauthorized access to, or collection, use or disclosure of personal information including information that is lost, stolen, disclosed in error or as a result of an operational breakdown that results from a breach of security safeguards or failure to establish those safeguards.

12. Keep focused on AML

13. AML related issues to watch for
FINTRAC exams
NF2F ID requirements changing,
Changes to regulations

14. Questions?