Accountability to Parliament of Canada
CCC, as a government owned entity of the Government of Canada, is accountable to numerous stakeholders including its shareholder, the Government of Canada, and its customers, employees and the larger domestic and international community.
The Office of the Auditor General of Canada conducts annual audits of CCC’s financial statements as well as periodic special examinations of the Corporation and its performance. The Office of the Auditor General of Canada provides the Parliament of Canada with independent information, advice, and assurance regarding CCC’s business practices and stewardship of public funds.
CCC conducts its business in a transparent manner by filing a summary of its Corporate Plan and an Annual Report with the Parliament of Canada each year, through the Minister of International Trade.
Further, the Financial Administration Act requires that CCC prepare and make public quarterly financial reports within 60 days after the end of CCC’s fiscal quarter.
Prudent Management of Risk
CCC has established a comprehensive Enterprise Risk Management Program for the management of risks. This Program identifies the strategic, operational and transactional risks facing CCC. It also sets out the processes for their management in the areas of risk identification, assessment, response, control, monitoring, reporting, and communication.
Code of Conduct and Business Ethics
CCC views business ethics as fundamental to successful business practices. Operating ethically means, at a minimum, conducting its affairs in accordance with the letter and spirit of the applicable laws of the countries in which CCC does business and complying with the Canadian Corruption of Foreign Public Officials Act.
In addition, CCC requires its employees to conduct business with honesty, integrity and fairness. CCC’s Code of Conduct and Business Ethics defines the Corporation’s commitment to ethical conduct, the environment and human rights. It also spells out the policies and procedures that govern the behaviour of employees of the Corporation including conflict of interest. All employees sign an annual statement confirming they are in compliance with the requirements set out in this Code.
Integrity Compliance of Our Exporters
CCC is committed to fulfilling its mandate with a high standard of integrity. CCC requires the same level of commitment to integrity from all persons and companies with whom the Corporation conducts business. Canadian exporters complete a Due Diligence Questionnaire that is used as a starting point to assess their business practices in maintaining integrity and responding appropriately if illegal activities are suspected.
Where CCC is aware that the Canadian exporter (or any of its principals or related companies) is under investigation (or has been convicted of, or charged with an offence) under the Corruption of Public Foreign Officials Act, (or any other similar legislation which involves illegal business practices, whether in Canada or elsewhere), CCC is required to complete an Enhanced Managerial Review of the company to determine whether the company has demonstrated that it has taken appropriate measures to prevent further offences from being committed.
All CCC domestic contracts with Canadian exporters include language dealing with corruption and bribery and international sanctions. This language creates affirmative obligations on the Canadian exporter to behave in a manner consistent with the expectations of the Government of Canada.