Corporate Compliance And Risk Management Quiz!

The given statement is true. The mission of the corporate compliance and risk management program is indeed to support a culture of integrity, ethical conduct, and compliance with contractual requirements and laws. Additionally, it aims to manage business risks, ultimately strengthening the commitment to assisting providers in focusing on patient care.

AX has a Corporate Compliance and Risk Management Program because it demonstrates a commitment to integrity and facilitates management reporting to the Board of Directors. This program ensures that the company operates in accordance with legal and ethical standards, reducing the risk of non-compliance and misconduct. It also allows for effective communication and reporting of risks and compliance issues to the Board of Directors, enabling them to make informed decisions and provide appropriate oversight. Therefore, the statement is true.

Employees are required to follow all policies and procedures of the Program, know where to find the most current versions of the Program, and take responsibility for ensuring they are knowledgeable about all Standards and Policies. This includes verbalizing their understanding of the rules of the Program with their manager. They are not required to make edits to the Program via Google Drive or help distribute the Program to other employees.

The given statement is true because it states that a copy of the corporate compliance and risk management program can be found at any time on the Drive. This implies that the program is stored on a digital platform called the Drive, which allows easy access to the program whenever needed.

The Chief Compliance Officer (CCO) is responsible for overseeing and monitoring the implementation of the compliance program. They also serve as the Chair of the Committee, which indicates their leadership role in ensuring compliance. Additionally, the CCO works with the workforce to develop compliance standards and procedures, implement policies approved by the Committee, conduct training and awareness activities, coordinate investigations of complaints and violations, organize auditing and monitoring activities, and manage risks. Therefore, all of the given responsibilities are part of the CCO's role.

Employees or contractors with AX must renew their training during new employee on-boarding and annually thereafter. This means that they need to undergo training when they first join the company, and then continue to update their training on an annual basis. This ensures that employees and contractors stay up to date with any changes or updates in their job responsibilities, industry regulations, or company policies. It also helps to maintain a high level of competence and proficiency in their roles.

The Director of Quality and Training does not count as a member of the corporate compliance and risk management committee because their role is focused on ensuring quality standards and training programs within the organization, rather than specifically addressing compliance and risk management issues. The other three individuals listed (CCO, CEO, and CFO) are more directly involved in overseeing and managing compliance and risk management within the company.

The screening and inquiry process is conducted for individuals who are starting their relationship with AX and also on an ongoing basis. This process aims to determine if the person has been designated as a narcotics trafficker or terrorist, if they have been involved in criminal offenses such as fraud, embezzlement, theft, dishonesty or breach of trust, and if they have been excluded or disbarred by a federal agency. This helps AX ensure that they are not engaging with individuals who pose a risk to the organization or its stakeholders.

A compliance program helps protect the assets of a company by ensuring that employees and contractors adhere to laws, regulations, and internal policies. This helps prevent fraud, theft, and other risks that could result in financial losses. Additionally, a compliance program fosters ethical conduct by promoting a culture of integrity and accountability among employees and contractors. By setting clear expectations and providing training on ethical behavior, the program helps prevent unethical actions and promotes a positive work environment.

The Compliance and Risk Management Team is responsible for ensuring that the organization complies with regulations and manages potential risks. Therefore, individuals who are eligible to be members of this team should have knowledge and expertise in areas such as product, quality, finance, and custodial workforces. These individuals can contribute their specific skills and insights to assess compliance and manage risks effectively in their respective areas of expertise.