RCMS Compliance Program Development & Implementation 4

Question 1

Which standard provides an internationally recognized framework specifically for compliance management systems?

Accepted Answer

ISO 37301 (Compliance Management Systems)

Answer

ISO 37301 is the dedicated international standard for compliance management systems, replacing the earlier ISO 19600 guideline with a certifiable standard.

Question 2

A compliance officer is building a policy review schedule. What is the MOST important trigger for an unscheduled policy review?

Accepted Answer

A significant change in applicable law or regulation

Answer

Regulatory or legal changes that affect the subject matter of a policy require immediate review to ensure continued compliance, regardless of the scheduled review cycle.

Question 3

In designing internal controls for anti-money laundering (AML), which control type addresses risk BEFORE a transaction occurs?

Accepted Answer

Preventive control

Answer

Preventive controls are designed to stop non-compliant activity before it happens, such as customer due diligence checks before account opening.

Question 4

When a compliance program is first being established in a newly regulated industry, which step should come FIRST?

Accepted Answer

Conducting a regulatory inventory and applicability assessment

Answer

Before any other action, the organization must identify which laws and regulations apply to its operations—this regulatory inventory drives all subsequent program design decisions.

Question 5

Which practice helps ensure that compliance policies remain 'living documents' rather than static artifacts?

Accepted Answer

Establishing defined review cycles with assigned owners and version control

Answer

Defined review cycles, clear ownership, and version control create an ongoing governance process that keeps policies current and accountable.

(RCMS) Registered Compliance Management Specialist Certification Practice Test

(RCMS) Registered Compliance Management Specialist Certification Practice Test

RCMS Compliance Program Development & Implementation 4