Statistics Regulatory Frameworks & Compliance 3

Question 1

The Paperwork Reduction Act requires federal agencies to obtain OMB approval before collecting information from how many or more persons?

Accepted Answer

10

Answer

Under the Paperwork Reduction Act, OMB approval is required for information collections from 10 or more persons.

Question 2

In financial regulation, Value at Risk (VaR) models must comply with which Basel framework requirement regarding backtesting?

Accepted Answer

Models must pass 250 trading days of backtesting with fewer than 5 exceptions at the 99% confidence level

Answer

Basel II/III requires VaR models to be backtested over 250 trading days, with capital multipliers increasing when exceptions exceed 4.

Question 3

Which U.S. law established the requirement for companies to maintain internal controls over financial reporting and have them audited?

Accepted Answer

Sarbanes-Oxley Act

Answer

Section 404 of Sarbanes-Oxley requires management and external auditors to report on the adequacy of internal controls over financial reporting.

Question 4

When a pharmaceutical company submits a New Drug Application, what statistical significance threshold is conventionally required for pivotal trial results?

Accepted Answer

p < 0.05

Answer

FDA guidance and industry convention require p < 0.05 in two adequate and well-controlled clinical trials for NDA approval.

Question 5

The EU's General Data Protection Regulation (GDPR) requires data used for statistical research to be subject to which safeguard?

Accepted Answer

Technical and organizational measures ensuring data minimization

Answer

GDPR Article 89 allows statistical processing with appropriate safeguards including pseudonymization and data minimization.

Statistics Practice Test

Statistics Practice Test

Statistics Regulatory Frameworks & Compliance 3