Microfinance Compliance Management Quiz

What is the main role of the Compliance Unit in Banks?

• To manage customer relations

• To oversee compliance with laws and regulations

• To conduct market research

• To handle financial transactions

What does Compliance Management primarily involve?

• Identifying and assessing risks

• Creating marketing strategies

• Managing customer feedback

• Conducting financial audits

What is Compliance Risk often confused with?

• Liquidity risk

• Credit risk

• Market risk

• Operational risk

Which of the following is a responsibility of the Compliance Unit?

• Advising on relevant laws and standards

• Conducting employee training

• Managing customer accounts

• Developing new financial products

What is the role of the Chief Compliance Officer (CCO)?

• To oversee marketing strategies

• To manage financial transactions

• To lead the Compliance Unit

• To handle customer complaints

What does the Compliance Program aim to mitigate?

• Market risks

• Credit risks

• Business risks

• Operational risks

What is a key component of the Compliance Unit's work plan?

• Market analysis

• Financial forecasting

• Customer satisfaction surveys

• Regular compliance testing

What does the Compliance Committee Charter ensure?

• Effective marketing strategies

• Defined compliance systems

• Customer relationship management

• Financial auditing processes

What is the purpose of the Consumer Protection Compliance Program (CPCP)?

• To promote compliance risk management practices

• To manage financial transactions

• To conduct employee evaluations

• To enhance marketing efforts

What is the first step in effective management of compliance risk?

• Monitoring compliance

• Advising the board of directors

• Conducting audits

• Identifying compliance risks