The New York Stock Exchange halted trading in all securities on Wednesday morning after a “major technical issue”.
Redwood City, CA – As of June 9, 2015 – Ivalua, a leading global spend management solutions provider, announced that Scotiabank, one of Canada’s largest banks and the 9th largest bank in North America by assets and profits, has selected Ivalua to address its need for a centralized procurement process and solution that will empower its global procurement and vendor risk management initiatives.
“Scotiabank needed a comprehensive solution that would allow us to more effectively manage the source-to-pay process, as well as improve enterprise visibility into supplier performance and risk. After reviewing all of the top players on the market, Ivalua’s integrated solution and experience in the financial services industry made it the clear choice for us,” said John Moran, Senior Vice President of Finance at Scotiabank. “We’re very excited to start working with Ivalua and we look forward to a long-term, successful relationship.”
Prior to signing with Ivalua, Scotiabank’s strategic and transactional procurement processes were managed through multiple systems resulting in efficiency challenges with limited visibility across source-to-pay processes. In addition, emerging compliance standards in the financial services industry increased the need for a more effective procurement and supplier management platform.
Scotiabank will use Ivalua globally to automate and support the following processes:
• All elements of Scotiabank’s Source-to-Pay Process
• Spend Analysis
• Services Procurement
• Expense Management
• Vendor Risk Management
• Procurement Portfolio Management
“Ivalua has a long tradition of working with leading financial services companies, and we are honored and excited to be working with such a large player in the industry like Scotiabank,” said Dan Amzallag, CEO of Ivalua. “In today’s market you need to move beyond slogans to deliver real, measurable value to large, discerning buyers, and when companies like Scotiabank look deeply at the various technologies on the market they tend to find their way to Ivalua.”
Ivalua is a global provider of spend management solutions and a leader in Gartner’s 2015 Strategic Sourcing Magic Quadrant. Ivalua’s cloud-based software is used by procurement and finance organizations in large, global companies, and every day more than 500,000 users and millions of suppliers from over 70 countries log into the Ivalua platform.
Ivalua offers a single platform solution with highly configurable functionality across all major procurement and finance processes, including performance and risk tracking, sourcing, contracts, procure to pay, invoice automation and analytics. The breadth and flexibility of Ivalua’s offering accelerates user adoption, spend category coverage and bottom-line savings.
Scotiabank is Canada’s most international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. The bank is dedicated to helping its 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking. With a team of more than 86,000 employees and assets of $852 billion (as at January 31, 2015), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS).
Article by Gabriel Granatstein
A few people have recently learned that publicly embarassing yourself outside of work can have a serious impact at work. A Hydro One employee was swiftly terminated following offensive statements made to a news reporter. A TC Transcontinental employee was suspended with pay pending an investigation following the public heckling of a female comedian. Does an employer have the right to investigate your off-duty conduct? Where is the line between your private and work life?
As non-unionized employers don’t need “cause” to terminate an employee, much of the case law has come from unionized workplaces. Arbitrators have held that in order for an employer to terminate an employee for off-duty conduct, there should be a connection between the conduct and the workplace. In order to establish this connection, decision makers have applied the “Millhaven Factors” which were outlined in the seminal case of Re Millhaven Fibres Ltd. & Oil, Chemical and Atomic Workers I.U. Loc. 9-670,  O.L.A.A. No. 4. The five factors are:
- The conduct of the employee harms the company’s reputation or product;
- The employee’s behaviour renders the employee unable to perform his duties satisfactorily;
- The employee’s behaviour leads to refusal, reluctance or inability of the other employees to work with him;
- The employee has been guilty of a serious breach of the Criminal Code and thus rendering his conduct injurious to the general reputation of the company and its employees;
- Creates difficulty for the company to properly carry out “its function of efficiently managing its works and efficiently directing its working forces.”
These factors have been applied in recent arbitral decisions to determine whether an employer was justified in imposing discipline on an employee for off-duty conduct.
Although only proving one of these factors is required to for an employer to justify termination, arbitrators have emphasized that there can be a high threshold to meet. The interests of the employee in the autonomy of their private affairs must be balanced with the employers desire to protect their reputation and fellow workers. Arbitrators require a thorough investigation to be completed by the employer to substantiate claims under any of these factors.
In the Twitter age, an employee’s off-duty conduct is more likely to be broadcasted, and the continued rise of social media makes it easier for an employee to be connected to their workplace. Recent events serve as a cautionary tale for employees that clocking out from the office doesn’t necessarily disconnect them from certain employment obligations.
This article was written with the assistance of Nicole Buchanan, summer student.
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Excerpted article written by David Israelson | Globe and Mail
As our oil industry copes with slumping prices and the manufacturing sector still struggles, Canadians may be failing to notice one of the most promising global export stories – the huge growth potential in selling services.
“We really think it’s an area that’s poorly understood,” says Danielle Goldfarb, associate director of the Global Commerce Centre at the Conference Board of Canada.
“There’s very little discussion of the fact that Canada sells a lot of services into global markets. There’s often an image of burger-flipping jobs, but the services we’re selling are really associated with high wages – financial services, insurance, computer services and engineering and technology, where Canada is a world leader.”
The idea of selling services is straightforward. It can be either a sale of expertise or advice, such as legal counsel or business expertise, or a service combined with an initial sale of goods.
In the latter case, the growth comes from the potential long-term relationship that can develop.
For example, it is one thing if a company such as Bombardier Inc. sells its new C Series jets to foreign airlines, which the company seeks to do at the key Paris Air Show starting June 15. Equally, or perhaps even more, important are the long-term service and maintenance contracts that come with sales of sophisticated equipment such as jets.
The same type of added value applies to knowledge exports such as information technology and financial-service management, Ms. Goldfarb says.
“When you look at our exports over the past decade, three of the top five categories are in commercial services.” These are: finance and insurance, management service and computer and information services. “They’re growing much more rapidly than our exports of our products,” she says.
READ MORE HERE: Why just sell a jet when you can also sell service contracts?