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8 Cards in this Set
- Front
- Back
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In today’s environment what functions are typically the responsibility of the compliance department? |
Monitoring, assessing, reporting and advising |
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In the past, the focus of the compliance role was primarily on surveillance. Recently, this focus has become accompanied by another function that is equally important. What is this other function? |
Advisory function. |
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A firm’s culture of compliance is largely based on employee’s accordance with: |
The spirit of the law. |
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Which of the following groups of individuals are involved in developing a dealer’s compliance culture? |
The board of directors, senior management, the compliance department and supervisors. |
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How do directors and senior managers establish a “tone from the top” within an organization? |
Stress the importance of the compliance department to the rest of the firm, and demonstrate its support for the department. |
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Identify the correct statement regarding compliance: A. Compliance responsibilities have decreased over time. |
D. Compliance is expected to take a real-time approach to risk management. |
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Who is responsible for ensuring that adequate written policies are developed and implemented? |
UDP..... IIROC rules dictate the appointment of an executive management member as Ultimate Designated Person (UDP). The UDP is responsible for ensuring that adequate written policies and procedures are developed and implemented. |
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Who is responsible for monitoring adherence to firm policies and procedures? |
The CCO, by definition is the head of the compliance department. It is the CCO’s responsibility to monitor adherence to the firm’s policies and procedures to ensure that the compliance function is managed effectively. |
