Press release | Richter to Partner in Innovative Research on Personal Data Security

Montreal, April, 2021 – Richter is proud to announce an exclusive collaboration with Université de Sherbrooke on research centred on personal data security. The goal of the project is to develop an audit model to assess the level of preparedness of a company’s ability to deal with data protection crises and ability to comply with Quebec’s newly passed Law 25 (formerly Bill 64) requirements.

Personal data security is a growing concern for many Canadian business owners and senior executives. This research will help companies gain a deeper understanding of potential crises and ensure adequate management of cyber risks in a world that is increasingly digital. In light of Quebec’s modernizing law on personal data, the initiative also aims to provide companies with tools to assess their compliance with Law 25 (formerly Bill 64) provisions.

“Participating in this research is exciting, both because personal data security is a relatively emerging field in Canada and because it serves a greater purpose of responding to a growing need in our community. At Richter, we are innovators at heart, and assisting business owners and their families in protecting themselves and their businesses is already a big part of what we do. Participating in this research with Université de Sherbrooke will allow us to uncover new solutions that fit the needs of our clients and the business community. We are thrilled to be able to contribute valuable knowledge in response to the growing concerns surrounding personal data protection in Canada,” says Massimo Cecere, Partner at Richter.

“The idea I originally brought up to my thesis director was too vast to fit within the confines of my master’s degree, which is part of the reason why we decided to expand the study. Having Richter’s support will allow us to take the research to the next level: market research, interviews with experts in the field, and more. I hope that our model will allow better decision making and more precise understanding of a company’s readiness level to face a data privacy crisis,” says Faouzi Moueffek, Manager at Richter and candidate for the Master Program in Governance, Audit and Security IT from Université de Sherbrooke.

“Canadian businesses have been severely impacted by various threats and crises related to recent data breaches. We anticipate auditors will implement this Crisis Readiness Framework as part of their assessment of the internal control effectiveness at different organizations. By developing a specific model for auditors, Richter will develop long-term, flexible plans, which will lead to better preparedness in corporate data compliance during these challenging times. This project will reduce the devastating personal and societal losses incurred by data breaches by developing a long-term resilience audit model that will effectively identify and respond to data security risks in a timely manner,” says Dr. Nourhene Ben Youssef, Professor and Director of the Master Program in Governance, Audit and Security IT at Universté de Sherbrooke. Dr. Ben Youssef’s research focuses on understanding the role of accounting in protecting the public interest. Her published body of work examines methods for identifying and mitigating risks related to misleading or inaccurate information reported by publicly held companies.

About Richter

As one of the largest independent advisory firms in Canada, Richter assists entrepreneurs, corporate executives and business families with a proven, holistic approach, centered on client satisfaction. The firm’s 60 partners offer services such as wealth management and family office services; cross-border, Canadian, and U.S. tax; valuation and litigation; transaction advisory; forensic accounting, restructuring and insolvency; cybersecurity and risk management; and audit and assurance. Richter was founded in 1926 and its 500-person team continues to expand with offices in Montreal, Toronto and Chicago.