RCMS Regulatory Frameworks & Standards 5

Question 1

Which international standard provides a framework specifically for anti-bribery management systems?

Accepted Answer

ISO 37001

Answer

ISO 37001 specifies requirements for establishing and maintaining an anti-bribery management system to prevent, detect, and address bribery.

Question 2

Under the SEC's Regulation Fair Disclosure (Reg FD), what must a public company do if it inadvertently discloses material nonpublic information to a select group?

Accepted Answer

Publicly disclose the information promptly

Answer

Reg FD requires that when material nonpublic information is inadvertently disclosed, the company must make public disclosure promptly — as soon as reasonably practicable.

Question 3

A financial institution files a Suspicious Activity Report (SAR) with FinCEN. Under BSA regulations, how long must the institution retain a copy of the SAR?

Accepted Answer

5 years

Answer

BSA regulations require financial institutions to retain SARs and supporting documentation for five years from the date of filing.

Question 4

In the context of the three lines of defense model, which line is responsible for monitoring and testing the effectiveness of risk management controls?

Accepted Answer

Third line (internal audit)

Answer

The third line — internal audit — provides independent assurance by evaluating whether the first and second lines' controls are effective and operating as intended.

Question 5

Which U.S. environmental law establishes the framework for regulating the disposal of solid and hazardous waste?

Accepted Answer

Resource Conservation and Recovery Act (RCRA)

Answer

RCRA provides EPA with authority to control hazardous waste generation, transportation, treatment, storage, and disposal from cradle to grave.

(RCMS) Registered Compliance Management Specialist Certification Practice Test

(RCMS) Registered Compliance Management Specialist Certification Practice Test

RCMS Regulatory Frameworks & Standards 5