IIA Canada VIRTUAL National Conference - September 14 - 16, 2020

Why GRC is Déjà Vu … and Necessary for Emerging Industries Like Cannabis

Day 2 - Concurrent Session 8 - Track 6
16 Sep 2020
15:40 - 16:30
Day 2 - Concurrent Session 8 - Track 6

Why GRC is Déjà Vu … and Necessary for Emerging Industries Like Cannabis

Level: Intermediate

The hottest indsutry to emerge in the last few years is Cannabis.  It has taken the country (and arguably Europe and US) by storm.  With Canadian legalization in 2018, followed by edibles legalization in 2019, we are embarking on rapid expansion and capital deployment.  However, we are now seeing storm clouds and corporate failures.  Capital has fled the industry and the struggles to execute strategically, operationally and financially are very real and visible.  Differentiation through good governance, compliance, risk management and controls is emerging — quickly.

Along with this emergence, internal audit has a major role to play and lots of value to add.

Peter will present an overview of the emergence of the Cannabis industry and the recent euphoria and lows.  He will then tackle some of the root causes behind the compliance, governance and financial missteps in the first 2 years.  Peter will propose an approach, familiar to those with 15 or more years’ of experience, but refreshed to address emerging, high-growth industries and their organizations. He will provide insights as to what, where and how to audit — strategy, operations, finance, culture, HR, technology, JV’s, etc.