CCP Certified Compliance Professional from GAFM
Exam Study Guide and Practice Review
CCP Certified Compliance Professional from GAFM Exam – Study Guide &
Practice Review
Complete Preparation Notes with Practice Questions & Verified Answers
EXAM OVERVIEW
The Certified Compliance Professional (CCP™) certification, offered by the
Global Academy of Finance and Management (GAFM) , is designed to teach
practical understanding of regulatory compliance needs . The program covers eight
major subject areas including understanding the regulatory environment, who is
responsible for compliance, the role of corporate governance and ethics in
compliance programs, and the implementation of compliance programs .
Exam Specifications:
- Format: 200 multiple-choice questions
- Time Limit: 3 hours
- Passing Score: 65%
- Delivery Method: Paper and pencil proctored by trainer on final course day
1
,Eligibility Requirements:
- Accredited or government recognized college education
- 3+ years of relevant experience in the field of specialization
- Agree to the ethics requirements
SECTION 1: COMPLIANCE FRAMEWORKS & REGULATORY
ENVIRONMENT
Question 1
What is the primary purpose of a compliance program?
A) To increase company profits
B) To ensure the organization adheres to applicable laws, regulations, and internal
policies
C) To reduce employee headcount
D) To market products to new customers
Correct Answer: B
Explanation: The primary purpose of a compliance program is to ensure the
organization adheres to applicable laws, regulations, and internal policies .
2
,Compliance is a management function focused on practical understanding of
regulatory compliance needs .
Question 2
Which governance body is typically responsible for overseeing the effectiveness of
a corporation's compliance program?
A) Marketing Committee
B) Audit Committee
C) Procurement Committee
D) Technology Committee
Correct Answer: B
Explanation: The Audit Committee monitors financial reporting, internal controls,
and compliance program effectiveness . This oversight function is a key
component of corporate governance.
Question 3
3
, The "Duty of Care" imposed on directors primarily requires them to:
A) Act with the level of diligence that a reasonably prudent person would exercise
B) Prioritize shareholder profits above all else
C) Avoid any personal liability under any circumstance
D) Ensure all employees receive bonuses annually
Correct Answer: A
Explanation: Duty of Care obligates directors to make informed decisions with
reasonable diligence and prudence . This is a fundamental fiduciary duty.
Question 4
Under the Sarbanes-Oxley Act, what is the primary implication for corporate
accountability?
A) Eliminating all financial reporting requirements
B) Increasing penalties for fraudulent financial activity and requiring CEO/CFO
certification of financial statements
C) Reducing the need for internal audits
D) Allowing companies to self-regulate without oversight
4
Exam Study Guide and Practice Review
CCP Certified Compliance Professional from GAFM Exam – Study Guide &
Practice Review
Complete Preparation Notes with Practice Questions & Verified Answers
EXAM OVERVIEW
The Certified Compliance Professional (CCP™) certification, offered by the
Global Academy of Finance and Management (GAFM) , is designed to teach
practical understanding of regulatory compliance needs . The program covers eight
major subject areas including understanding the regulatory environment, who is
responsible for compliance, the role of corporate governance and ethics in
compliance programs, and the implementation of compliance programs .
Exam Specifications:
- Format: 200 multiple-choice questions
- Time Limit: 3 hours
- Passing Score: 65%
- Delivery Method: Paper and pencil proctored by trainer on final course day
1
,Eligibility Requirements:
- Accredited or government recognized college education
- 3+ years of relevant experience in the field of specialization
- Agree to the ethics requirements
SECTION 1: COMPLIANCE FRAMEWORKS & REGULATORY
ENVIRONMENT
Question 1
What is the primary purpose of a compliance program?
A) To increase company profits
B) To ensure the organization adheres to applicable laws, regulations, and internal
policies
C) To reduce employee headcount
D) To market products to new customers
Correct Answer: B
Explanation: The primary purpose of a compliance program is to ensure the
organization adheres to applicable laws, regulations, and internal policies .
2
,Compliance is a management function focused on practical understanding of
regulatory compliance needs .
Question 2
Which governance body is typically responsible for overseeing the effectiveness of
a corporation's compliance program?
A) Marketing Committee
B) Audit Committee
C) Procurement Committee
D) Technology Committee
Correct Answer: B
Explanation: The Audit Committee monitors financial reporting, internal controls,
and compliance program effectiveness . This oversight function is a key
component of corporate governance.
Question 3
3
, The "Duty of Care" imposed on directors primarily requires them to:
A) Act with the level of diligence that a reasonably prudent person would exercise
B) Prioritize shareholder profits above all else
C) Avoid any personal liability under any circumstance
D) Ensure all employees receive bonuses annually
Correct Answer: A
Explanation: Duty of Care obligates directors to make informed decisions with
reasonable diligence and prudence . This is a fundamental fiduciary duty.
Question 4
Under the Sarbanes-Oxley Act, what is the primary implication for corporate
accountability?
A) Eliminating all financial reporting requirements
B) Increasing penalties for fraudulent financial activity and requiring CEO/CFO
certification of financial statements
C) Reducing the need for internal audits
D) Allowing companies to self-regulate without oversight
4
