100% CORRECT WELL DETAILED ANSWERS|LATEST
Name the seven essential elements of compliance. - ANSWER 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? - ANSWER -Structural (framework)
-Substantive (define applicable regulations)
Who do most compliance officers report to? - ANSWER Board
How many minimal hours of compliance education should be required for all employees? -
ANSWER Minimum of one hour
What two things must be documented and reported? - ANSWER Auditing and
monitoring activities
What are the typical five disciplinary action steps? - ANSWER 1. Verbal warning
2. Written warning
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Name the seven essential elements of compliance. - ANSWER 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? - ANSWER -Structural (framework)
-Substantive (define applicable regulations)
Who do most compliance officers report to? - ANSWER Board
How many minimal hours of compliance education should be required for all employees? -
ANSWER Minimum of one hour
What two things must be documented and reported? - ANSWER Auditing and
monitoring activities
What are the typical five disciplinary action steps? - ANSWER 1. Verbal warning
2. Written warning
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