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Canadian executives see operational gains from generative AI, but integration lags: RSM Canada Survey 0

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Canadian executives see operational gains from generative AI, but integration lags: RSM Canada Survey

84% of Canadian middle market business leaders surveyed are already seeing positive returns from generative AI integration, though many lack the resources to maximize its potential Toronto, ON (Jul. 23, 2024) – Seventy-four per cent of midsize Canadian organizations are already adopting generative AI into their business operations, according to a new survey from RSM Canada LLP – a leading global provider of assurance, tax and consulting services. However, the survey found that only 49 per cent of these companies have full or partial integration of AI technologies. “Middle market companies are quickly grasping the potential of AI, which is poised to significantly impact how companies handle numerous critical functions in the years ahead,” said Rhys Morgan, RSM Canada consulting leader. “Yet, businesses are also facing the challenges that come with integrating breakthrough technologies into their operations, leading many to face a shortage of experienced staff and a need for external assistance, particularly as AI-driven processes become increasingly vital for growth.” A strong majority (84 per cent) indicated that generative AI has impacted their organization more positively than expected. However, 58 per cent said the technology has also been harder than expected to implement, and 76 per cent said they...

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CarShield to Pay $10M Settlement Over Deceptive Advertising Charges

Article 0 Comments CarShield will pay $10 million to settle charges that its advertisements and telemarketing for its extended auto warranty plans are deceptive and misleading, the Federal Trade Commission said. Many customers found that repair claims were often not covered despite making payments of up to $120 per month, the FTC said. The FTC also alleged that CarShield’s celebrity and consumer endorsers made false statements in its ads. The FTC complaint states that Saint Peters, Missouri-based CarShield advertises and sells vehicle service contracts in a monthly price range of about $80 to $120. Its ads have featured celebrities including sports commentator Chris Brown and actor and rapper Ice-T. The complaint alleges many CarShield ads claim that all repairs or repairs to “covered” systems, such as the engine and transmission, will be covered and they use language that make consumers believe CarShield will pay for all necessary repairs. But the FTC alleged that consumers often didn’t receive the services they thought were covered under their payments, such as using the repair facility of their choice. Many consumers also found that repairs they thought were covered were not. “Instead of delivering the ‘peace of mind’ promised by its advertisements, CarShield left...

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4 Ways to Help Clients With Digital Assets

What You Need to Know Clients need to begin by taking inventory of their digital assets Laws governing such assets vary by jurisdiction. Having a plan in place can make life easier for those left behind. Considering the deepening extent to which we live our lives online, we can no longer exclude digital assets from estate planning. To do so would risk clients losing priceless family photos and videos, financial and tax records, and even money. Our digital footprint has become a significant part of our overall legacy.  As incorporating digital assets has become more common in estate planning, the U.S. Congress in 2014 passed the Uniform Fiduciary Access to Digital Assets Act, which was revised in 2015. The legislation ensures that the “management and disposition of their digital assets” is comparable to plans for tangible property through a will, trust or power of attorney document. 1. Create a Plan. The first step in creating a digital estate plan is to guide clients to take inventory of their digital assets, defined as any material owned by an enterprise or individual including text, graphics, audio, video and animations.  Such an asset is any item that has been formatted into a binary...

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As SEC Onsite Exams Hit Fever Pitch, Here’s What RIAs Need to Know

What You Need to Know The onsite portion of SEC exams are back in full swing, says Amy Lynch. There’s an uptick in such exams overall, the industry expert noted. What’s triggering more exams? An election year urgency by Gary Gensler, the agency chair. Exams by the Securities and Exchange Commission that include an onsite portion “are back in full swing,” according to Amy Lynch, founder of FrontLine Compliance. RIAs should expect the SEC to visit “as it aggressively pursues its goal of conducting more exams,” Lynch said. What’s triggering more exams? “An election year urgency and unprecedented new and proposed rules,” according to Lynch. “Plus, firms not having an SEC exam within the last four years should expect one.” In March, the SEC said that it would start returning to onsite exams. “We have been seeing an uptick in SEC exams overall,” Lynch told ThinkAdvisor on Friday. “All SEC exams now have an onsite component. The only question is when and for how long they are onsite.” SEC Chairman Gary Gensler ”is feeling the pressure now since his term could be ending, which is why recent staff changes were made in the Division of Exams,” Lynch said in an email. “The pressure...

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Hawaii Governor Says a $4B Settlement for 2023 Maui Wildfire Coming Soon

Article 0 Comments The parties involved in Lahaina wildfire lawsuits against the state of Hawaii, Maui County and utilities are close to a global settlement of claims that will be worth a little over $4 billion, Gov. Josh Green told The Associated Press. Green said he’s hoping to finalize the details in coming days, perhaps as soon as Aug. 6, which would be two days before the one-year anniversary of the fire that killed 102 people and wiped out historic Lahaina. “If that could happen, it would be great. I humbly invite all the parties to finalize the agreement,” Green said in an interview at his office. “It appears that we are almost there, and we only have a very tiny holdout remaining.” He said all the plaintiffs and defendants have agreed to the global settlement number but final details are pending. More than 600 lawsuits have been filed over the deaths and destruction caused by the fires. In the spring, a judge appointed mediators and ordered all parties to participate in settlement talks. “Then on July 18, 2024, the Court, along with undoubtedly many others, learned for the first time details of what media reports purported to be a...

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JPMorgan, Citi Predict Two Supersized Fed Cuts This Year

“With the benefit of hindsight, it’s easy to say the Fed should have cut this week,” JPMorgan’s Feroli wrote. “Even if the softening in labor market conditions moderates from here going forward, it would seem the Fed is at least 100 basis points offsides, probably more.” Interest-rate swaps show that traders see a more-than-70% chance of half-point move in September, and are pricing in a total of about 115 basis points of reductions by year-end. In fed funds futures, a wave of buying swept the market Friday, consistent with bank calls for aggressive easing. The price action harkens back to the divide that existed at the start of the year, when forecasts for as many as six quarter point cuts this year mirrored market-implied expectations. Fed policymakers at that point were anticipating easing by 75 basis points, based on their median forecast, which in June changed to 25 basis points. Speaking on Bloomberg Television Friday afternoon, Chicago Fed President Austan Goolsbee said the central bank won’t overreact to any one piece of economic data, echoing comments by Powell on Wednesday. Goldman economists led by Jan Hatzius added a third quarter-point rate cut, in November, to their previous 2024 forecast for September and...

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Texas Assisted Living Facility Sued for Firing Worker With Sleep Disorder

Article 0 Comments VibraLife of Katy, LLC, a rehabilitation and assisted living facility in Katy, Texas, violated federal law when it denied an employee an accommodation for her sleep disorder and then fired her, the U.S. Equal Employment Opportunity Commission (EEOC) charged in a lawsuit. According to the lawsuit, VibraLife hired an employee with a sleep disorder for a night-shift position. The job posting required the selected candidate to work 36 hours per week via three 12-hour shifts. Upon beginning her employment, the employee was notified that she would be required to work a fourth 12-hour shift every other week. The employee promptly requested an accommodation that her schedule be limited to the express terms of the job posting. Shortly after receiving the employee’s request for a reasonable accommodation, the employee was demoted and subsequently terminated. Such alleged conduct violated the Americans with Disabilities Act (ADA), which prohibits disability discrimination and retaliation against an employee with a disability. The EEOC filed suit (EEOC v. VibraLife of Katy, LLC, Civil Action No. 4:24-CV-02861) in U.S. District Court for the Southern District of Texas, Houston Division, after first attempting to reach a pre-litigation settlement via its conciliation process. The EEOC is seeking...

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Exxon Delays Golden Pass LNG to Late 2025 on Contractor Dispute

Article 0 Comments Exxon Mobil Corp. and QatarEnergy delayed the start of a $10 billion natural gas export project in Texas to the end of next year after lead contractor Zachry Holdings Inc. declared bankruptcy. The companies agreed other contractors could finish work on Golden Pass last month, paving the way for a restart after several setbacks this year. The new schedule means the 18 million-metric-ton-a-year facility, one of the country’s biggest, will begin operations about six months later than the previous plan, Exxon Chief Financial Officer Kathy Mikells said during an interview. Read More: LNG Builder Zachry Cuts Thousands of Jobs at Exxon’s Golden Pass Last month a Houston judge cleared a deadlock between the Exxon-QatarEnergy joint venture and Zachry after work at the site came to an impasse as thousands of workers were laid off. Zachry cited cost overruns stemming from the pandemic, along with soil conditions and supply-chain snags. It filed for Chapter 11 bankruptcy in May. “We’re pleased the Golden Pass JV has reached a settlement with Zachary which enables us to continue working toward completion,” Mikells said. The facility will come online in stages and is expected to supply customers in Europe and Asia. Other...

Escalating Data Breach Disruption Pushes Cybersecurity Costs in Canada: IBM 0

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Escalating Data Breach Disruption Pushes Cybersecurity Costs in Canada: IBM

AI Plays Crucial Role in Reducing Impact of Cyber Breaches for Canadian Organizations Canadian organizations pay an average cost of CA$6.32 million per data breach. Financial sector pays $9.28 million on average per breach, the technology sector is paying $7.84 million on average, and the industrial sector pays $7.81 million on average. Organizations with extensive use of security AI and automation report costs of CA$2.84 million less and 54-day shorter breach lifecycles. Markham, ON (July 30, 2024) – IBM is pleased to announce the release of its annual Cost of a Data Breach Report, revealing that Canadian organizations are paying an average cost of CA$6.32 million per data breach in 2024, as breaches grow more disruptive and further expand demands on cyber teams. Financial services and technology companies experienced the costliest breaches, with average costs of CA$9.28 million and CA$7.84 million, respectively. Phishing attacks were the most common type of initial attack vector, representing 14% of incidents and costing an average of CA$6.38 million per breach. The report highlights the importance of Artificial Intelligence (AI) in cybersecurity. The findings show that 61% of Canadian companies are now deploying security AI and automation to prevent and combat breaches, which has led...

KRGinsure Acquires Jones-Dooley Insurance Brokers 0

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KRGinsure Acquires Jones-Dooley Insurance Brokers

RRJ Insurance Group Limited o/a KRGinsure acquires Jones-Dooley Insurance Brokers Ltd. Toronto, ON (Aug. 1, 2024) — KRGinsure is delighted to announce the addition of Jones-Dooley Insurance Brokers Ltd. to the KRGinsure family, effective July 1, 2024. In business since 1985, Jones-Dooley has been a recognized name in Ajax and surrounding communities. Through the years, Marsha’s life’s focus has been on her family and her brokerage. Due to many changes in the insurance industry, the ever-growing need for more complex software applications, technical needs, cyber protection and evolving government regulation, Marsha began exploring the option of combining Jones-Dooley Insurance with a larger insurance broker to provide more stability, access to more markets and professional support for their clients. With that in mind, Marsha chose to merge their brokerage with RRJ Insurance Group Limited operating as KRGinsure. The ownership and management of KRGinsure are very reflective of her beginnings, with shared values of customer service. Marsha wants clients to have the same sense of personal service with real people answering the phone, not a call centre environment. Together, we look forward to delivering the best insurance solutions to our customers and dedication to our communities. Marsha Jones-Dooley, CIP, CAIB, RIB(Ont), EPC,...