In a Compliance Program, Tactical Compliance Procedures Should Be Integrated

question 389

Multiple Choice

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:

• A) Regulations should be applied consistently to procedures throughout the bank
• B) Revisions to procedures should be based on compliance expertise and not mere editing
• C) Providing solutions to mitigate any identified risk
• D) Assisting business units in developing or revising policies and procedures to reflect current regulatory requirements

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Definitions:

Business Ownership

Business Ownership entails the possession, control, and responsibility over a business entity, including rights to its assets and liabilities.

Corporation

A legal entity that is separate and distinct from its owners, offering Limited liability to its shareholders, and having the ability to raise capital through issuing stock.

Non-profit

A non-profit organization is one that operates for a collective, public or social benefit, rather than to make money for its owners or investors.

Sole Proprietorship

A type of business structure owned and run by one individual where there is no legal distinction between the owner and the business.