CCS Compliance Program Development & Implementation 4

Question 1

A compliance program should be reviewed and updated MOST often in response to:

Accepted Answer

New or amended laws, regulations, and significant operational changes

Answer

Regulatory changes and significant operational shifts directly alter the compliance landscape, requiring prompt program updates to maintain effectiveness.

Question 2

The concept of 'due diligence' in compliance program development MOST accurately refers to:

Accepted Answer

Taking reasonable steps to prevent, detect, and correct compliance violations

Answer

Due diligence in compliance means taking reasonable, documented steps proportional to identified risks to prevent and detect violations.

Question 3

Which board-level body MOST commonly has direct oversight responsibility for the compliance program?

Accepted Answer

Audit or risk committee

Answer

The audit or risk committee is most frequently tasked with overseeing compliance and ethics program effectiveness on behalf of the full board.

Question 4

A company implements a third-party risk management (TPRM) process. Which compliance concern drives this MOST directly?

Accepted Answer

Preventing third parties from creating compliance violations attributable to the company

Answer

Third parties acting on a company's behalf can create regulatory liability for the company, so TPRM identifies and mitigates those compliance risks.

Question 5

Segregation of duties (SoD) in a compliance context PRIMARILY prevents:

Accepted Answer

A single individual from having unchecked control over a transaction or process

Answer

SoD splits critical tasks among multiple people so that fraud or error requires collusion, reducing the risk of undetected wrongdoing.

(CCS) Certified Compliance Specialist Practice Test

(CCS) Certified Compliance Specialist Practice Test

CCS Compliance Program Development & Implementation 4