CCT Regulatory Frameworks & Compliance Standards 5

Question 1

Which scenario best illustrates a conflict of interest that a compliance program should address?

Accepted Answer

A procurement officer approves a contract with a vendor owned by a family member

Answer

A conflict of interest exists when a personal relationship or financial interest could improperly influence a business decision, such as awarding a contract to a relative's company.

Question 2

The NIST Cybersecurity Framework (CSF) organizes cybersecurity activities into which five core functions?

Accepted Answer

Identify, Protect, Detect, Respond, Recover

Answer

The NIST CSF's five core functions are Identify, Protect, Detect, Respond, and Recover, providing a strategic view of cybersecurity risk management.

Question 3

Under the False Claims Act, a qui tam relator (whistleblower) who files a successful lawsuit against a government contractor may receive what percentage of the government's recovery?

Accepted Answer

15-30%

Answer

The False Claims Act allows qui tam relators to receive between 15% and 30% of the government's recovery depending on the circumstances of the case.

Question 4

A financial institution's Customer Identification Program (CIP) under the USA PATRIOT Act must collect which minimum set of information from individual customers?

Accepted Answer

Name, date of birth, address, and identification number

Answer

CIP regulations require collection of name, date of birth, address, and an identification number (such as SSN for U.S. persons) for individual customers.

Question 5

Which principle distinguishes a rules-based compliance approach from a principles-based compliance approach?

Accepted Answer

Rules-based compliance requires adherence to specific detailed requirements while principles-based relies on general standards and judgment

Answer

Rules-based compliance specifies exact requirements to follow, while principles-based compliance sets broad standards and relies on organizations to exercise judgment in meeting them.

(CCT) Certified Compliance Technician Practice Test

(CCT) Certified Compliance Technician Practice Test

CCT Regulatory Frameworks & Compliance Standards 5