CAPM Regulatory Compliance 4 — Questions and Answers
Question 1: A project deliverable fails an independent compliance inspection. What document should be updated to reflect the findings?
- Project charter
- Issue log (Correct answer)
- Stakeholder register
- Benefits realization plan
Correct answer: Issue log
Compliance inspection failures are issues that must be tracked in the issue log until resolved.
Question 2: When a project operates across multiple countries, which factor adds the MOST complexity to regulatory compliance?
- Language barriers between team members
- Different regulatory frameworks in each country (Correct answer)
- Time zone differences
- Currency exchange rates
Correct answer: Different regulatory frameworks in each country
Different countries have different laws and regulatory bodies, requiring the project to comply with multiple, sometimes conflicting, regulatory frameworks.
Question 3: Which term describes work added to a project specifically to satisfy regulatory requirements that was not part of the original scope?
- Gold plating
- Scope creep
- Compliance scope addition
- Change request (Correct answer)
Correct answer: Change request
Regulatory requirements that add to project scope must be formally processed as change requests through integrated change control.
Question 4: The project manager notes that industry safety standards have been updated. What is the FIRST step?
- Immediately update all project documentation
- Assess whether the updated standards apply to the current project (Correct answer)
- Notify all team members of the new standards
- Submit a change request to adopt the new standards
Correct answer: Assess whether the updated standards apply to the current project
Before taking action, the project manager must determine whether updated standards apply to the project and what impact they may have.
Question 5: Which element of the project management plan is MOST likely to document procedures for maintaining regulatory compliance?
- Scope management plan
- Quality management plan (Correct answer)
- Schedule management plan
- Communications management plan
Correct answer: Quality management plan
The quality management plan addresses standards, regulations, and procedures needed to ensure the project meets compliance requirements.
Question 6: A project manager on a financial services project must ensure compliance with Sarbanes-Oxley (SOX). SOX primarily governs:
- Environmental reporting
- Corporate financial reporting and internal controls (Correct answer)
- Workplace safety standards
- Consumer data privacy
Correct answer: Corporate financial reporting and internal controls
Sarbanes-Oxley Act (SOX) establishes requirements for corporate financial reporting accuracy and internal controls for publicly traded companies.
Question 7: The CAPM exam expects candidates to know that regulatory requirements should be included in the:
- Project exclusions list
- Project requirements documentation (Correct answer)
- Lessons learned register
- Team charter
Correct answer: Project requirements documentation
Regulatory requirements are a category of project requirements and must be documented in the requirements documentation alongside functional and non-functional requirements.
CAPM Regulatory Compliance 4
A project deliverable fails an independent compliance inspection.
What document should be updated to reflect the findings?