COMPLETE COMPLIANCE & ETHICS
MANUAL QUIZ 05.26.2024 QUESTIONS
AND ANSWERS WITH SOLUTIONS 2024
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
3. Suspension
4. Fine
5. Termination
MANUAL QUIZ 05.26.2024 QUESTIONS
AND ANSWERS WITH SOLUTIONS 2024
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
3. Suspension
4. Fine
5. Termination
