Compliance

What does compliance mean in the context of a workplace?

• Following company policies, procedures, and regulations

• Conforming to industry standards and best practices

• Ignoring safety protocols

• Acting based on personal preferences

What does 'Communication' in the 3Cs of Compliance refer to?

• Eliminating discrepancies

• Following the rules

• Knowing the rules

• Evidence-based confirmation

How is knowledge dissemination in the bank typically done according to the 'Communication' aspect of Compliance?

• Through audits and compliance tests

• Through evidence-based documentation

• Through circulars, mails, magazines, learning portals, compliance capsule, etc.

• By immediate correction of deviations

What is essential for 'Confirmation' in the 3Cs of Compliance?

• Knowledge dissemination

• Evidence-based documentation like digital evidence

• Immediate correction of deviations

• Audits and compliance tests

Which aspect of the 3Cs of Compliance is associated with Audit and Compliance test checks?

• Communication

• Confirmation

• Correction

• Knowledge dissemination

What is Compliance Risk?

• The risk of operational failures in a bank

• The risk of legal or regulatory sanctions, material financial loss, or loss to reputation a bank may suffer due to failure to comply with laws, regulations, rules, related self-regulatory organization standards and codes of conduct

• The risk associated with the stock market and investments

• The risk of data breaches and cybersecurity threats

What is compliance culture?

• A set of rules imposed by management

• A collection of values, expectations, and practices that guide and inform the actions of all team members

• A legal framework that companies must follow

• A business strategy for improving customer satisfaction

What should not be confused with organizational culture?

• Organizational goals or a mission statement

• Compliance culture

• Employee benefits

• Marketing strategies

In a strong risk culture, what role do employees play?

• They are considered "risk managers"

• They are solely responsible for data analysis

• They provide the vision for the company

• They are in charge of software resources

What does F.T.R stand for in the strategies for creating a Compliance Culture?

• First Time Right

• Final Time Right

• Full Time Right

• Follow Time Right