Corporate Compliance And Risk Management Quiz!

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Corporate Compliance And Risk Management Quiz! - Quiz


Have you ever heard of corporate compliance and risk management? Compliance with rules and regulations assists organizations when it comes to any risk, and risk management helps to protect organizations from risks that could incite non-compliance, which is a significant risk. Compliance and risk management are closely related. This daring quiz will tell you all about corporate compliance and risk management. So take a risk, and you will pass this quiz with flying colors.


Questions and Answers
  • 1. 

    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. 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    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.

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  • 2. 

    What are employees required to do in regards to the Program?

    • A.

      Verbalize with their manager understanding of the rules of the Program.

    • B.

      Follow all policies and procedures, know where to find most current versions of the Program, and take responsibility for ensuring they are knowledgeable about all Standards and Policies.

    • C.

      Make edits to the Program via Google Drive.

    • D.

      Help distribute the Program to other employees.

    Correct Answer
    B. Follow all policies and procedures, know where to find most current versions of the Program, and take responsibility for ensuring they are knowledgeable about all Standards and Policies.
    Explanation
    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.

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  • 3. 

    Screening and inquiry are made of an employee, contractor, new candidate, or Board member at the beginning of their relationship with AX and on an ongoing basis to determine which of the following:

    • A.

      If they have been designated as a narcotics trafficker or terrorist

    • B.

      If they have been involved in criminal offenses involving fraud, embezzlement, theft, dishonesty or breach of trust

    • C.

      If they have been excluded or disbarred by a federal agency

    • D.

      If they are a good person.

    Correct Answer(s)
    A. If they have been designated as a narcotics trafficker or terrorist
    B. If they have been involved in criminal offenses involving fraud, embezzlement, theft, dishonesty or breach of trust
    C. If they have been excluded or disbarred by a federal agency
    Explanation
    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.

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  • 4. 

    The mission of the corporate compliance and risk management program is to support a culture of integrity, ethical conduct, and a commitment to compliance with all contractual requirements and applicable laws. It is also to manage business risks, all of which will strengthen our commitment to helping providers focus on patient care. 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    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.

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  • 5. 

    Which of the following individuals does NOT count as a member of the corporate compliance and risk management committee?

    • A.

      Chief Compliance Officer (CCO)

    • B.

      Chief Executive Officer (CEO)

    • C.

      Director of Quality and Training

    • D.

      Chief Financial Officer (CFO)

    Correct Answer
    C. Director of Quality and Training
    Explanation
    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.

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  • 6. 

    Which of the following is a responsibility of the Chief Compliance Officer (CCO)?

    • A.

      Overseeing and monitoring the implementation of the Program.

    • B.

      Serving as the Chair of the Committee.

    • C.

      Working with members of the workforce to develop compliance standards and procedures, implement AX Policies approved by the Committee, implement training and awareness activities, coordinate the investigations of complaints and suspected or known compliance violations, and organize auditing and monitoring activities, and identify, prioritize and manage risks.

    • D.

      All of the above.

    Correct Answer
    D. All of the above.
    Explanation
    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.

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  • 7. 

    Who might be eligible to be a member of the Compliance and Risk Management Team? 

    • A.

      Product workforce members

    • B.

      Custodial workforce members

    • C.

      Quality workforce members

    • D.

      Finance workforce members

    Correct Answer(s)
    A. Product workforce members
    C. Quality workforce members
    D. Finance workforce members
    Explanation
    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.

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  • 8. 

    A copy of the corporate compliance and risk management program can be found at any time on the Drive. 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    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.

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  • 9. 

    How often must an employee or contractor with AX renew their training?

    • A.

      Never.

    • B.

      Training only occurs during new employee on-boarding.

    • C.

      During new employee on-boarding and annually thereafter.

    • D.

      Every 6 months.

    Correct Answer
    C. During new employee on-boarding and annually thereafter.
    Explanation
    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.

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  • 10. 

    The benefits of a compliance program include:

    • A.

      Protection of assets of the company

    • B.

      More money for each employee

    • C.

      Fostering of ethical conduct by employees and contractors

    • D.

      Extra venture capital funding

    Correct Answer(s)
    A. Protection of assets of the company
    C. Fostering of ethical conduct by employees and contractors
    Explanation
    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.

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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jun 27, 2016
    Quiz Created by
    Firstsourcetrain
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