CGRC Regulatory Requirements 2

Question 1

Under the Sarbanes-Oxley Act (SOX), which section requires management to assess and report on the effectiveness of internal controls over financial reporting?

Accepted Answer

Section 404

Answer

SOX Section 404 mandates that management assess and report on the effectiveness of internal controls over financial reporting, with external auditor attestation.

Question 2

Which regulation primarily governs the privacy and security of protected health information (PHI) held by covered entities in the United States?

Accepted Answer

HIPAA

Answer

HIPAA (Health Insurance Portability and Accountability Act) establishes national standards for protecting PHI held by covered entities and their business associates.

Question 3

The Gramm-Leach-Bliley Act (GLBA) Safeguards Rule requires financial institutions to implement which type of program?

Accepted Answer

Information security program

Answer

The GLBA Safeguards Rule requires financial institutions to develop, implement, and maintain a comprehensive information security program to protect customer financial data.

Question 4

Under GDPR, what is the maximum timeframe within which a data breach must be reported to the supervisory authority?

Accepted Answer

72 hours

Answer

GDPR Article 33 requires that personal data breaches be reported to the supervisory authority within 72 hours of becoming aware of the breach, where feasible.

Question 5

Which federal law requires U.S. federal agencies to develop, document, and implement agency-wide programs to secure their information systems?

Accepted Answer

FISMA

Answer

The Federal Information Security Management Act (FISMA) requires federal agencies to develop, implement, and maintain information security programs for their systems.

CGRC - Certified Governance Risk and Compliance Practice Test

CGRC - Certified Governance Risk and Compliance Practice Test

CGRC Regulatory Requirements 2