FAC Risk & Compliance 1

Question 1

What is the primary purpose of risk management in federal contracting?

Accepted Answer

Identify, assess, and mitigate risks

Answer

Risk management helps identify, assess, and mitigate potential issues that could impact contract performance and compliance.

Question 2

Which federal regulation governs ethical conduct in procurement?

Accepted Answer

Federal Acquisition Regulation (FAR)

Answer

The FAR (Federal Acquisition Regulation) includes provisions on ethical standards and compliance for government contracting.

Question 3

What is a key element of compliance monitoring in federal contracts?

Accepted Answer

Regular audits and reporting

Answer

Regular audits and reporting ensure that contract terms are followed and regulatory requirements are met.

Question 4

What is the purpose of a risk assessment in procurement?

Accepted Answer

Identify threats and develop mitigation strategies

Answer

A risk assessment identifies potential threats to contract success and develops strategies to mitigate them.

Question 5

Which entity is responsible for enforcing compliance in government contracts?

Accepted Answer

Office of Federal Procurement Policy (OFPP)

Answer

The Office of Federal Procurement Policy (OFPP) ensures compliance with procurement laws and regulations.

(FAC) Federal Acquisition Certification Practice Test