OM Regulatory Compliance 2

Question 1

Under the Sarbanes-Oxley Act (SOX), which section requires CEOs and CFOs to personally certify the accuracy of financial reports?

Accepted Answer

Section 302

Answer

SOX Section 302 mandates that CEOs and CFOs personally certify the accuracy and completeness of financial reports filed with the SEC.

Question 2

An organization discovers a data breach affecting 600 individuals in California. Under CCPA, what is the maximum civil penalty per intentional violation?

Accepted Answer

$7,500

Answer

The CCPA imposes civil penalties of up to $7,500 per intentional violation and $2,500 per unintentional violation.

Question 3

Which federal agency enforces the Foreign Corrupt Practices Act (FCPA) related to accounting provisions?

Accepted Answer

Securities and Exchange Commission (SEC)

Answer

The SEC enforces the FCPA's accounting and internal controls provisions, while the DOJ handles the anti-bribery provisions.

Question 4

A compliance officer is implementing a risk-based compliance program. Which approach BEST prioritizes regulatory risk management resources?

Accepted Answer

Allocating resources proportionally based on likelihood and impact of violations

Answer

A risk-based compliance program allocates resources proportionally to the likelihood and potential impact of compliance failures, maximizing efficiency.

Question 5

Which of the following is a key requirement of the HIPAA Security Rule for organizations handling electronic Protected Health Information (ePHI)?

Accepted Answer

Implementation of administrative, physical, and technical safeguards

Answer

The HIPAA Security Rule requires covered entities to implement administrative, physical, and technical safeguards to protect ePHI.

(OM) Organizational Management Specialty Certification Practice Test

(OM) Organizational Management Specialty Certification Practice Test

OM Regulatory Compliance 2