COMPLETE COMPLIANCE & ETHICS MANUAL EXAM
QUESTIONS WITH COMPLETE SOLUTIONS GUARANTEED
PASS
Name the seven essential elements of compliance. - ANSWER -
>1. Written policies and procedures
2. Designated compliance officer and compliance committee
3. Effective training and education
4. Effective lines of communication
5. Internal monitoring and auditing
6. Enforcement and discipline
7. Corrective actions to detected problems
What are the two types of compliance policies and procedures
that should be developed by every organization? - ANSWER - >-
Structural (framework)
-Substantive (define applicable regulations)
Who do most compliance officers report to? - ANSWER -
>Board
How many minimal hours of compliance education should be
required for all employees? - ANSWER - >Minimum of one hour
What two things must be documented and reported? -
ANSWER - >Auditing and monitoring activities
, What are the typical five disciplinary action steps? - ANSWER -
>1. Verbal warning
2. Written warning
3. Suspension
4. Fine
5. Termination
The government encourages _______ of suspected fraud. -
ANSWER - >reporting
What are six ways to save on future costs of compliance? -
ANSWER - >1. Embed quality into existing processes
2. Centralize common processes and controls
3. Focus on corporate culture
4. Improve information system processes
5. Emphasize training
6. Monitor marketing and compensation.
Before you launch your compliance program company-wide,
what is one of the most important foundation stones you need
to have in place? - ANSWER - >Established code of conduct.
All compliance department staff should have job _____. -
ANSWER - >Job descriptions in place.
Name the four main objectives of the baseline audit (risk
assessment.) - ANSWER - >1. Outlines current operational
standards
2. Identifies real and potential weaknesses
QUESTIONS WITH COMPLETE SOLUTIONS GUARANTEED
PASS
Name the seven essential elements of compliance. - ANSWER -
>1. Written policies and procedures
2. Designated compliance officer and compliance committee
3. Effective training and education
4. Effective lines of communication
5. Internal monitoring and auditing
6. Enforcement and discipline
7. Corrective actions to detected problems
What are the two types of compliance policies and procedures
that should be developed by every organization? - ANSWER - >-
Structural (framework)
-Substantive (define applicable regulations)
Who do most compliance officers report to? - ANSWER -
>Board
How many minimal hours of compliance education should be
required for all employees? - ANSWER - >Minimum of one hour
What two things must be documented and reported? -
ANSWER - >Auditing and monitoring activities
, What are the typical five disciplinary action steps? - ANSWER -
>1. Verbal warning
2. Written warning
3. Suspension
4. Fine
5. Termination
The government encourages _______ of suspected fraud. -
ANSWER - >reporting
What are six ways to save on future costs of compliance? -
ANSWER - >1. Embed quality into existing processes
2. Centralize common processes and controls
3. Focus on corporate culture
4. Improve information system processes
5. Emphasize training
6. Monitor marketing and compensation.
Before you launch your compliance program company-wide,
what is one of the most important foundation stones you need
to have in place? - ANSWER - >Established code of conduct.
All compliance department staff should have job _____. -
ANSWER - >Job descriptions in place.
Name the four main objectives of the baseline audit (risk
assessment.) - ANSWER - >1. Outlines current operational
standards
2. Identifies real and potential weaknesses
