Compliance Program Management Flashcards
6 cards from real CCO practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Compliance Program Management flashcards as text
What are the seven elements of an effective compliance program according to the Federal Sentencing Guidelines?
Answer: Standards and procedures, oversight, training, monitoring, reporting, enforcement, and response/prevention
The USSG seven elements are: standards/procedures, high-level oversight, due care in delegation, training/communication, monitoring/auditing, enforcement/discipline, and response/prevention.
What is the difference between a compliance policy and a compliance procedure?
Answer: Policies state the organization's position and requirements; procedures provide step-by-step instructions on how to implement the policy
Policies define the 'what and why' — the organization's rules and obligations — while procedures define the 'how' — the specific steps to implement those rules.
What is a compliance risk assessment?
Answer: A systematic process to identify, prioritize, and address the compliance risks most relevant to the organization
A compliance risk assessment evaluates the organization's exposure to violations across risk areas, prioritizing where to focus compliance resources and controls.
What is the purpose of compliance monitoring?
Answer: To routinely check that controls are in place and functioning as intended, detecting issues before they become violations
Compliance monitoring uses ongoing checks to verify that policies and controls are operating effectively and to detect deviations before they escalate.
What is a compliance audit and how does it differ from monitoring?
Answer: Monitoring is ongoing and control-focused; auditing is periodic, independent, and provides deeper assurance about the adequacy of the overall program
Monitoring is the day-to-day checking of controls, while auditing is a periodic, independent deep-dive that evaluates whether the overall program is designed and operating effectively.
What is the 'compliance universe' in program management?
Answer: The full inventory of laws, regulations, standards, and internal policies that apply to the organization
The compliance universe maps every applicable legal and regulatory requirement, forming the foundation for the risk assessment and program design.