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Complete Compliance & Ethics Manual Quiz – Questions With Solutions
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Complete Compliance & Ethics Manual Quiz – Questions With Solutions
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Complete Compliance & Ethics Manual Quiz –Questions With Solutions
Name the seven essential elements of compliance. - ✔️ 1. Written policies
and procedures
2. Designated compliance officer and compliance committee
3. Effective training and education
4. Effective lines of communication
5. Internal monitoring and auditing
6. Enforcement and discipline
7. Corrective actions to detected problems
What are the two types of compliance policies and procedures that should be
developed by every organization? - ✔️ -Structural (framework)
-Substantive (define applicable regulations)
Who do most compliance officers report to? - ✔️ Board
How many minimal hours of compliance education should be required for all
employees? - ✔️ Minimum of one hour
What two things must be documented and reported? - ✔️ Auditing and
monitoring activities
What are the typical five disciplinary action steps? - ✔️ 1. Verbal warning
2. Written warning
3. Suspension
4. Fine
5. Termination
The government encourages _______ of suspected fraud. - ✔️ reporting
What are six ways to save on future costs of compliance? - ✔️ 1. Embed
quality into existing processes
2. Centralize common processes and controls
3. Focus on corporate culture
4. Improve information system processes
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