CRA Regulatory Compliance & Corporate Governance 3

Question 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?

Accepted Answer

30 days

Answer

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

Question 2

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

Accepted Answer

Strategy and Objective-Setting

Answer

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

Question 3

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

Accepted Answer

72 hours

Answer

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

Question 4

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

Accepted Answer

The ethical culture and commitment to compliance demonstrated by senior leadership

Answer

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

Question 5

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

Accepted Answer

The USA PATRIOT Act

Answer

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

(CRA) Certified Risk Analyst Practice Test

(CRA) Certified Risk Analyst Practice Test

CRA Regulatory Compliance & Corporate Governance 3