Practice Test Geeks(CRA) Certified Risk Analyst Practice Test
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Regulatory Compliance & Corporate Governance Flashcards

7 cards from real CRA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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  1. The Bank Secrecy Act (BSA) requires financial institutions to file a Suspicious Activity Report (SAR) within how many calendar days of detecting a suspicious transaction?

    Answer: 30 days

    Under BSA regulations, financial institutions must file a SAR within 30 calendar days of the initial detection of the suspicious activity.

  2. Which element of the COSO ERM 2017 framework reflects an organization's alignment of risk appetite with strategy?

    Answer: Strategy and Objective-Setting

    Strategy and Objective-Setting is the COSO ERM component where risk appetite is integrated into the strategic planning process.

  3. Under GDPR, a personal data breach must be reported to the relevant supervisory authority within:

    Answer: 72 hours

    GDPR Article 33 requires notification to the supervisory authority within 72 hours of becoming aware of a personal data breach, where feasible.

  4. A 'tone at the top' in corporate governance primarily refers to:

    Answer: The ethical culture and commitment to compliance demonstrated by senior leadership

    Tone at the top reflects senior leadership's visible commitment to ethical conduct and compliance, which shapes overall organizational culture.

  5. Which regulation requires U.S. broker-dealers and investment advisers to maintain adequate anti-money laundering programs?

    Answer: The USA PATRIOT Act

    The USA PATRIOT Act expanded BSA requirements to broker-dealers and other financial institutions, mandating AML program implementation.

  6. In a risk governance context, 'risk appetite' differs from 'risk tolerance' in that risk appetite is:

    Answer: The board-level statement of how much risk is acceptable in pursuit of objectives

    Risk appetite is a high-level, strategic statement set by the board, while risk tolerance represents the more specific acceptable deviation around objectives.

  7. Which governance document typically outlines the responsibilities, authority, and composition of the board of directors?

    Answer: Board Charter (or Terms of Reference)

    A Board Charter or Terms of Reference specifically defines the board's mandate, committee structure, roles, and operating procedures.