NO.1 In a compliance program, tactical compliance procedures should be
integrated into
business line procedures, such as how to deliver an Adverse
Action Notice when an
application is declined. In this case:
A.
Regulations should be applied consistently to procedures throughout the
bank
B. Revisions to procedures should be based on compliance expertise and
not mere editing
C. Providing solutions to mitigate any identified risk
D.
Assisting business units in developing or revising policies and procedures to
reflect
current regulatory requirements
Answer: A, B
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NO.2
They also embrace the concept of risk-based compliance management. They
expect
compliance management to be tailored to the bank, be it large or
small, offering standard
or specialty financial services, simple or complex
products lines, and adjusted as
appropriate for the customer base as that
issued for the Bank Secrecy Act, also
establishes their expectations that a
bank’s program be risk based. Who are they?
A. Outsourcing firms
B.
Foreign financial service providers
C. Bank regulatory agencies
D. Risk
management organizations
Answer: C
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NO.3 To be effective, compliance risk
management professionals must design a framework to
ensure that bank
management understands the risks and the steps that must be taken to
mitigate
them. The many roles compliance professionals fill incorporate risk
management
aspects including:
A. Coordinating regulatory exams to explain
risks to examiners
B. Overseeing compliance training targeting higher risk
areas
C. Tracking regulatory proposals and final rules to understand new
risks
D. All of these
Answer: D
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NO.4 A compliance professional’s
responsibilities include all of the following EXCEPT:
A. Understanding the
business units operating environment and risk tolerance
B. Performing risk
assessments with the assistance of business units to determine current
risk
levels and risks associated with the bank’s products, lines of business,
customers, and
locations, among other factors
C. Working with business
units to ensure prompt corrective action for any detected errors
D. Assisting
business lines with compliance training for employees, as needed
Answer:
D
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NO.5 should include basic elements designed to
understand and mitigate risk.
It usually includes:
Written
program
Compliance-related policies and procedures
A. Tactical Compliance
procedure
B. Rank solution
C. Compliance program
D. None of
these
Answer: C
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Exam Code:
CRCMExam Name: CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM)
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CRCM Dumps PDF Total Q&A: 463 Questions and Answers
Last Update: 06-29,2015
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