Compliance Program Development & Implementation Flashcards
7 cards from real CCS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Compliance Program Development & Implementation flashcards as text
A compliance program should be reviewed and updated MOST often in response to:
Answer: New or amended laws, regulations, and significant operational changes
Regulatory changes and significant operational shifts directly alter the compliance landscape, requiring prompt program updates to maintain effectiveness.
The concept of 'due diligence' in compliance program development MOST accurately refers to:
Answer: Taking reasonable steps to prevent, detect, and correct compliance violations
Due diligence in compliance means taking reasonable, documented steps proportional to identified risks to prevent and detect violations.
Which board-level body MOST commonly has direct oversight responsibility for the compliance program?
Answer: Audit or risk committee
The audit or risk committee is most frequently tasked with overseeing compliance and ethics program effectiveness on behalf of the full board.
A company implements a third-party risk management (TPRM) process. Which compliance concern drives this MOST directly?
Answer: Preventing third parties from creating compliance violations attributable to the company
Third parties acting on a company's behalf can create regulatory liability for the company, so TPRM identifies and mitigates those compliance risks.
Segregation of duties (SoD) in a compliance context PRIMARILY prevents:
Answer: A single individual from having unchecked control over a transaction or process
SoD splits critical tasks among multiple people so that fraud or error requires collusion, reducing the risk of undetected wrongdoing.
When a new law is enacted, the FIRST action a compliance officer should take is to:
Answer: Assess the law's applicability and impact on current policies and operations
An applicability and impact assessment determines which business areas and existing controls are affected before any corrective action is planned.
The primary distinction between a compliance 'policy' and a compliance 'procedure' is:
Answer: Policies state what must be done; procedures describe how to do it
A policy establishes the requirement or rule (the 'what'), while a procedure provides step-by-step instructions for fulfilling that requirement (the 'how').