IIROC Identifies Risk Management Issues Among Its Members

The Investment Industry Regulatory Organization of Canada (IIROC) recently released its annual compliance report. The purpose of the report was to assist IIROC's dealer members in "focusing their supervision and risk management efforts", and to identify key areas that IIROC will be focusing on in the coming year. It was interesting to note that most of the compliance deficiencies noted were not industry-specific. Rather, the regulator identified risk management issues and failings that can be, and are, found across industries and in organizations of varying degrees of size and sophistication. The annual compliance report follows on the heels of IIROC's release of its Revised Sanction Guidelines and related Policy Statements, which Lawrence Ritchie, Lia Bruschetta and Henry Ngan wrote about in a recent Osler Update.