FREE CCO Regulatory Compliance Questions and Answers
What is the primary responsibility of a Chief Compliance Officer (CCO)?
The CCO is primarily responsible for overseeing and managing regulatory compliance within the organization.
What is the role of a compliance officer in relation to regulatory changes?
The compliance officer ensures that the organization stays updated and complies with new regulatory changes.
What is the purpose of the Sarbanes-Oxley Act (SOX)?
SOX was enacted to protect investors by enhancing the accuracy and reliability of corporate disclosures.
Which component is essential for monitoring compliance within an organization?
A robust internal audit program is essential for monitoring and ensuring compliance within an organization.
What is the primary purpose of the General Data Protection Regulation (GDPR)?
GDPR aims to protect the personal data and privacy of individuals within the EU.
Which regulation requires financial institutions to develop and implement a written information security plan?
GLBA requires financial institutions to develop and implement a written information security plan.
Which federal agency is primarily responsible for enforcing securities laws in the United States?
The SEC is the federal agency responsible for enforcing securities laws and regulating the securities industry.
Which action demonstrates a commitment to a culture of compliance within an organization?
A commitment to a culture of compliance includes transparent communication and support for compliance initiatives, encouraging employees to uphold and participate in compliance efforts.
How often should an organization's compliance policies and procedures be reviewed?
Compliance policies and procedures should be reviewed regularly, typically annually, or when regulations change.
What is the role of a whistleblower in the context of regulatory compliance?
A whistleblower reports misconduct or regulatory violations within the organization.
Which of the following is a key element of an effective compliance program?
Ongoing training and education for employees are essential for an effective compliance program.