CVA Regulatory Compliance & Audit Standards 3

Question 1

A CVA is reviewing an organization's vendor due diligence process. Which regulatory framework is most directly relevant to third-party risk management for U.S. banks?

Accepted Answer

OCC Bulletin 2013-29 on Third-Party Relationships

Answer

OCC Bulletin 2013-29 provides comprehensive guidance to national banks on managing risks associated with third-party relationships.

Question 2

Which of the following is the primary purpose of the 'reasonable procedures' standard under the FCRA Section 607(b)?

Accepted Answer

To ensure consumer reporting agencies follow maximum possible accuracy in their reports

Answer

FCRA Section 607(b) requires consumer reporting agencies to maintain reasonable procedures to ensure the maximum possible accuracy of the information in consumer reports.

Question 3

In the context of employment verification, E-Verify is operated by which federal agencies?

Accepted Answer

Department of Homeland Security and Social Security Administration

Answer

E-Verify is operated by the Department of Homeland Security (DHS) in partnership with the Social Security Administration (SSA).

Question 4

A CVA conducting an audit of a healthcare organization's credential verification process must ensure compliance with which accrediting body's standards for primary source verification?

Accepted Answer

The Joint Commission (TJC)

Answer

The Joint Commission requires healthcare organizations to conduct primary source verification of practitioner credentials as part of its accreditation standards.

Question 5

When a verification reveals a material discrepancy in an applicant's reported credentials, the CVA's primary obligation is to:

Accepted Answer

Document the finding objectively and report it to the requesting party per established protocols

Answer

A CVA must objectively document discrepancies and report findings to the requesting party following established protocols, without personally confronting applicants or making judgment calls beyond the scope of the verification.

(CVA) Certified Verification Agent Practice Test

(CVA) Certified Verification Agent Practice Test

CVA Regulatory Compliance & Audit Standards 3