Quiz for Developing a Compliance Management System and Risk Assessment Mitigation
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Question 1 of 10
1. Question
1. Which function or role is responsible for the development and implementation of the Compliance Management System?
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Question 2 of 10
2. Question
2. What are the 3 broad categories of a Compliance Management System according to the Uniform Interagency Consumer Compliance Rating System?
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Question 3 of 10
3. Question
3. What are the four main risk classifications?
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Question 4 of 10
4. Question
4. When controls are applied to inherent risks, what is leftover?
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Question 5 of 10
5. Question
5. How is inherent risk typically rated?
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Question 6 of 10
6. Question
6. What component(s) of the Compliance Management System need to be reviewed and improved after a violation has been discovered?
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Question 7 of 10
7. Question
7. What resources are available to assist a financial institution in implementing or enhancing the Compliance Management System?
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Question 8 of 10
8. Question
8. Which function or role is ultimately accountable for ensuring an effective Compliance Management System is in place?
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Question 9 of 10
9. Question
9. What term means “the process of accepting, avoiding, limiting, and transferring the risks identified during the risk assessment?”
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Question 10 of 10
10. Question
10. How would a financial institution that has critically deficient CMS be rated on the CC Rating System?