COMPLIANCE PROGRAM ADMINISTRATION UPDATED
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. List the steps to advocate for compliance resources
Answer:
1. Conduct Research
2. Provide Data
3. Search for free resources
4. Negotiate
5. Communicate benefits to the organization
6. Develop a resource management plan
Question:
2. When reporting compliance program activity, the compliance professional should do the following:
Answer:
1. Provide regular reports
2. Provide clear and concise explanations
3. Provide an outline of the report to the members
4. Update on any new areas of risk so that the members are not caught off-guard when issues arise
5. Present supporting data
6. Utilize the same reporting process for each presentation
7. Encourage input from members and show respect for their contributions
8. Follow through on any advice or directions for action
Question:
3. What does the compliance oversight committee do?
Answer:
Provides advice and guidance to the compliance officer and should include members of the board. They
are expected to meet every 3 months.
Question:
4. What is the penalty for failure to form a compliance committee?
Answer:
$2,500 per day
Question:
5. List the functions of a compliance committee
, Answer:
1. Analysis of the legal requirements for the industry and areas of increased risk
2. Assessment of existing policies and procedures
3. Development of standards of conduct in collaboration with other departments to ensure compliance
4. Development of internal systems and controls for monitoring and carrying out the organization's policies
and procedures in collaboration with other departments
5. Development of different strategies to promote compliance throughout the organization, including the
development of multiple methods for reporting noncompliance
6. Ensuring prompt reporting of misconduct/violations
Question:
6. In order to collaborate, what must the compliance professional be able to do?
Answer:
The compliance professional must have clear communication and be knowledgeable about the role each
stakeholder plays in compliance and what that person has to offer.
Question:
7. List the 7 fundamental elements of a compliance program
Answer:
1. Written policies and procedures
2. Compliance professional
3. Effective training
4. Effective communication (hotlines, comment boxes open-door policies)
5. Internal monitoring program (audits)
6. Enforcement of standards
7. Prompt response
Question:
8. List some measures to evaluate the effectiveness of compliance programs
Answer:
1. Conducting surveys, interviews, and observations
2. Auditing processes, checking revisions
3. Assessing documentation, including choice of language and grade level
4. Conducting document reviews and audits for compliance
5. Comparing Code of Conduct with mission and vision statement
6. Assessing use of reporting methods, such as a hotline
Question:
9. Define attorney-client privilege
Answer:
Communication between the attorney (or agent) and the client relating to legal advice is privileged but this
does not apply to other types of advice, such as regarding business operation. Note that only the
COMMUNICA- TION for legal advice (not facts) is covered by privilege. Privilege cannot be applied
after the fact.
Question:
10. Define Work-Product Privilege
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. List the steps to advocate for compliance resources
Answer:
1. Conduct Research
2. Provide Data
3. Search for free resources
4. Negotiate
5. Communicate benefits to the organization
6. Develop a resource management plan
Question:
2. When reporting compliance program activity, the compliance professional should do the following:
Answer:
1. Provide regular reports
2. Provide clear and concise explanations
3. Provide an outline of the report to the members
4. Update on any new areas of risk so that the members are not caught off-guard when issues arise
5. Present supporting data
6. Utilize the same reporting process for each presentation
7. Encourage input from members and show respect for their contributions
8. Follow through on any advice or directions for action
Question:
3. What does the compliance oversight committee do?
Answer:
Provides advice and guidance to the compliance officer and should include members of the board. They
are expected to meet every 3 months.
Question:
4. What is the penalty for failure to form a compliance committee?
Answer:
$2,500 per day
Question:
5. List the functions of a compliance committee
, Answer:
1. Analysis of the legal requirements for the industry and areas of increased risk
2. Assessment of existing policies and procedures
3. Development of standards of conduct in collaboration with other departments to ensure compliance
4. Development of internal systems and controls for monitoring and carrying out the organization's policies
and procedures in collaboration with other departments
5. Development of different strategies to promote compliance throughout the organization, including the
development of multiple methods for reporting noncompliance
6. Ensuring prompt reporting of misconduct/violations
Question:
6. In order to collaborate, what must the compliance professional be able to do?
Answer:
The compliance professional must have clear communication and be knowledgeable about the role each
stakeholder plays in compliance and what that person has to offer.
Question:
7. List the 7 fundamental elements of a compliance program
Answer:
1. Written policies and procedures
2. Compliance professional
3. Effective training
4. Effective communication (hotlines, comment boxes open-door policies)
5. Internal monitoring program (audits)
6. Enforcement of standards
7. Prompt response
Question:
8. List some measures to evaluate the effectiveness of compliance programs
Answer:
1. Conducting surveys, interviews, and observations
2. Auditing processes, checking revisions
3. Assessing documentation, including choice of language and grade level
4. Conducting document reviews and audits for compliance
5. Comparing Code of Conduct with mission and vision statement
6. Assessing use of reporting methods, such as a hotline
Question:
9. Define attorney-client privilege
Answer:
Communication between the attorney (or agent) and the client relating to legal advice is privileged but this
does not apply to other types of advice, such as regarding business operation. Note that only the
COMMUNICA- TION for legal advice (not facts) is covered by privilege. Privilege cannot be applied
after the fact.
Question:
10. Define Work-Product Privilege
