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Question No 1

They also embrace the concept of risk - based compliance management. They expect compliance management to be tailored to the bank, be it large or small, offering standard or specialty financial services, simple or complex products lines, and adjusted as appropriate for the customer base as that issued for the Bank Secrecy Act, also establishes their expectations that a bank’s program be risk based. Who are they?

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Question No 2

A compliance professional’s responsibilities include all of the following EXCEPT:

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Understanding the business units operating environment and risk tolerance

Performing risk assessments with the assistance of business units to determine current risk levels and risks associated with the bank’s products, lines of business, customers, and locations, among other factors

Working with business units to ensure prompt corrective action for any detected errors

Assisting business lines with compliance training for employees, as needed

Question No 3

______________ should include basic elements designed to understand and mitigate risk. It usually includes: Written program Compliance - related policies and procedures

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Question No 4

In a compliance program, tactical compliance procedures should be integrated into business line procedures, such as how to deliver an Adverse Action Notice when an application is declined. In this case:

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Regulations should be applied consistently to procedures throughout the bank

Revisions to procedures should be based on compliance expertise and not mere editing

Providing solutions to mitigate any identified risk

Assisting business units in developing or revising policies and procedures to reflect current regulatory requirements

Question No 5

Which of the following should be done during research and interpreting regulations Compliance professionals in mitigating compliance risk?

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Track regulatory proposals

Implementing final regulatory rules

Understanding the business units’ operating environment and risk tolerance

Ranking solutions as high, moderate and low risk

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