CCB Regulatory Compliance & Risk Management 2

Question 1

Under the Bank Secrecy Act (BSA), what is the threshold amount that triggers a Currency Transaction Report (CTR)?

Accepted Answer

$10,000

Answer

The BSA requires financial institutions to file a CTR for any cash transaction exceeding $10,000 in a single business day.

Question 2

Which risk management framework published by COSO is most widely used for enterprise risk management?

Accepted Answer

COSO ERM 2017

Answer

The COSO Enterprise Risk Management – Integrating with Strategy and Performance (2017) framework is the most widely referenced ERM standard globally.

Question 3

A company discovers that a vendor is processing personal data in a non-compliant manner under GDPR. What is the organization's PRIMARY obligation?

Accepted Answer

Ensure a Data Processing Agreement is in place and remediate non-compliance

Answer

Under GDPR Article 28, controllers must have a Data Processing Agreement with vendors and ensure compliance; termination is a last resort after remediation attempts.

Question 4

What does 'residual risk' refer to in risk management?

Accepted Answer

The risk remaining after controls and mitigation measures are implemented

Answer

Residual risk is the level of risk that remains after an organization has applied its risk controls and mitigation strategies.

Question 5

Which of the following best describes the purpose of a compliance gap analysis?

Accepted Answer

To identify differences between current practices and required regulatory standards

Answer

A gap analysis compares an organization's current compliance posture to regulatory requirements to identify areas needing remediation.

(CCB) Certified Compliance and Business Specialist Practice Test

(CCB) Certified Compliance and Business Specialist Practice Test

CCB Regulatory Compliance & Risk Management 2