Risk & Compliance Flashcards
6 cards from real FAC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Risk & Compliance flashcards as text
What is the primary purpose of risk management in federal contracting?
Answer: Identify, assess, and mitigate risks
Risk management helps identify, assess, and mitigate potential issues that could impact contract performance and compliance.
Which federal regulation governs ethical conduct in procurement?
Answer: Federal Acquisition Regulation (FAR)
The FAR (Federal Acquisition Regulation) includes provisions on ethical standards and compliance for government contracting.
What is a key element of compliance monitoring in federal contracts?
Answer: Regular audits and reporting
Regular audits and reporting ensure that contract terms are followed and regulatory requirements are met.
What is the purpose of a risk assessment in procurement?
Answer: Identify threats and develop mitigation strategies
A risk assessment identifies potential threats to contract success and develops strategies to mitigate them.
Which entity is responsible for enforcing compliance in government contracts?
Answer: Office of Federal Procurement Policy (OFPP)
The Office of Federal Procurement Policy (OFPP) ensures compliance with procurement laws and regulations.
Why is contract compliance critical in federal procurement?
Answer: Prevents fraud and upholds regulations
Ensuring contract compliance prevents fraud, protects taxpayer funds, and upholds regulatory standards.