ABA CRCM Practice Test - Questions Answers, Page 3

To be effective, compliance risk management professionals must design a framework to ensure that bank management understands the risks and the steps that must be taken to mitigate them. The many roles compliance professionals fill incorporate risk management aspects including:

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?

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

______________ should include basic elements designed to understand and mitigate risk. It usually includes:

Written program

Compliance-related policies and procedures

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:

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

The compliance program should address plans to verify adherence to applicable regulations through:

There is no established template for documenting compliance risk. Each institution should develop a risk assessment that fits its risk profile. The components that are commonly used throughout the industry are as follows EXCEPT:

In Compliance regulation and risk assessment key performance indicators usually include: