All Weeks What is Compliance? Coursera Quiz Answers
Compliance isn’t only about preventing problems and ensuring that everyone is abiding by laws, rules, and regulations. It’s also about the positive impact a robust and ethical compliance program can have on a business or organization.
In this course we will discuss why compliance is important – from the needs facing businesses in highly regulated industries to avoiding fines and penalties to preventing reputational and economic nightmares. We’ll examine real-world examples of compliance and governance failures and their impact, and consider strategies for avoiding similar situations in our own organizations.
You’ll be able to think about risk management in new ways and apply strategies to manage it.
What is Compliance? Week 1 Quiz Answers
Quiz 1: Making Rules “Stick”
Q1. How do states help a rule like speed limits stick? Choose all of the strategies that states use to ensure compliance with speed limits. (Hint: There are three strategies).
- Posted speed limit signs
- DUI checkpoints
- Presence of highway patrol
- Toll Stations
- Speed sensors showing your current speed
Q1. Which of the following are true statements about compliance? There may be more than 1 correct answer – select all true statements.
- Compliance relates to a law, rule, regulation, or standard that provides guidance on how, or how not to, behave.
- Compliance is a formal program that identifies applicable rules and provides a strategy for adhering to those rules.
- Compliance is the enforcement of federal laws by the administrative agencies (FAA, FDA, etc.) that are tasked with carrying out those rules and regulations.
Q2. What are some strategies for identifying “what you don’t know” in compliance? (Hint: There are 2 correct answers).
- Engaging with experts
- Obtaining a certification of compliance from an auditing consultant.
- Mock audits conducted by an auditing consultant
- A comprehensive review of the company’s annual report to shareholders
Q3. What changes to the compliance landscape were made in response to the high-profile compliance failures at companies such as Enron? (Hint: There are 3 correct answers).
- Mandatory minimum sentencing guidelines for financial white-collar crimes
- Closing of loopholes in accounting practices
- Strengthened compliance monitoring
- Mandated duties for public companies and accounting firms to prevent accounting fraud
What is Compliance Week 2 Quiz Answers
Quiz 1: Is It a Financial Driver?
Q1. True or False: Creating a culture of high morale that attracts top talent is a financial driver of compliance.
Q2. True or False: A settlement agreement requiring enhanced record-keeping and annual audits completed by an outside auditor is a financial driver of compliance.
Q1. True or False: Directors must always act in the shareholders’ best interest.
Q2. True or False: Both Directors and management are directly responsible for the appointment, compensation and oversight of the work of external auditors.
Q3. True or False: Sarbanes-Oxley was designed to protect investors from fraudulent accounting practices by corporations.
Q1. True or False: Good compliance improves company efficiency.
Q2. True or False: Good compliance improves employee morale.
Q3. True or False: A good compliance program can be a competitive draw.
Q1. Which of the following factors incentivize organizations to comply? (Hint: There are 2 correct answers).
- Avoiding financial penalties and fines
- Avoiding the proliferation of burdensome regulations
- Avoiding reputational harm
- Increased taxes on non-compliant organizations
Q2. Which of the following are considered financial drivers of compliance? (Hint: There are 2 correct answers).
- The threat of reputational harm to the organization
- The threat of monetary penalties for non-compliance
- A settlement agreement that includes recordkeeping and third-party auditing obligations
- A culture that raises employee morale and aids in both recruiting and employee retention
Q3. What new compliance obligations must boards fulfill because of the passage of the Sarbanes-Oxley Act? (Hint: There are 2 correct answers).
- Establish audit committees made up solely of board members independent from management
- Annual reports to shareholders on the effectiveness of an organization’s compliance program
- CEO and CFO certification of certain financial and tax reports
- Establishment of an independent accounting department within the organization to ensure proper financial reporting and auditing
Q4. What are the obligations of the audit committees established by Sarbanes-Oxley? (Hint: There are 2 correct answers).
- Hiring of at least two, separate, independent external auditors to certify each financial disclosure
- Appointment of external auditors to ensure financial statements are presented fairly and accurately
- Background checks of incoming CEOs and CFOs to ensure the integrity of corporate officers
- Directing the compensation and oversight of the work of external auditors
Q5. A strong compliance plan can help: (Hint: There are 2 correct answers).
- Promote a positive corporate culture
- Increase employee satisfaction
- Increase customer satisfaction
- Promote increased revenues
What is Compliance Week 3 Quiz Answers
Quiz 1: Reading Quiz – Assessing Chipotle’s Risk
Q1. Chipotle’s motto is “Food with Integrity.” The article suggests that Chipotle’s use of fresh ingredients from local farms increases its risk of foodborne illnesses.
Which of the following operational changes would most drastically reduce the risk of another food safety failure at Chipotle?
- An outside audit of Chipotle’s current food safety practices, including implementation of any recommendations
- A complete overhaul of the training of local store managers tasked with food safety responsibilities
- The elimination of using organic, locally sourced, GMO-free ingredients
- A public relations campaign to educate consumers on Chipotle’s improved procedures for ensuring food safety
Q1. Which of the following is an example of a financial risk that an airline company must manage?
- A volatile stock price that can affect shareholder confidence as well as executive compensation
- Volatile oil prices which affect the price of jet fuel
- A new “Homeland Security” tax that makes flying more expensive to consumers
- The emergence of electric cars that puts downward pressure on the price of oil
Q2. Which of the following are examples of an operational risk that an airline company must manage? (Hint: There are 2 correct answers).
- Travel booking sites such as Priceline and Expedia are increasing the fees they charge to airlines.
- A dispute with the pilot’s union over pension reform has the union threatening a strike.
- An aging fleet of airplanes is putting an increased burden on maintenance to keep the airplanes in good repair.
- A passenger has a heart attack during a flight, but no doctors or nurses are on board to help.
Q3. Each of the following companies must handle sensitive information about their customers. Which two must have the lowest tolerance for privacy risk? (Hint: There are 2 correct answers).
- A grocery store that keeps track of every purchase made by one of its customers
- A family medicine practice that keeps medical records of its patients
- An internet service provider that keeps records of all of its customers’ internet activity
- A credit reporting agency that keeps records of your financial activities and transactions
Q4. You work for an airline company that has recently come under fire due to a viral video showing flight attendants violently removing a drunk and disorderly passenger from a flight. What is the best way to manage the potential reputational risks associated with such encounters in the future?
- Establish a new policy that flight attendants are to never make physical contact with any passenger, regardless of their behavior.
- “Outsource” flight attendants by hiring a company known for hiring and training the best flight attendants in the industry.
- Publish a “passenger bill of rights” that the company will abide by, establish clear guidelines for when a passenger may be removed by force, and commit itself to monetary penalties for violations.
- Explain in a series of commercials how the drunk passenger in was at fault and existing laws justified his removal.
What is Compliance Week 4 Quiz Answers
Quiz 1: Generalist or Specialist?
Assessing Chipotle’s Risk
Q1. You work in the compliance department of a hospital. For each of the following compliance responsibilities, choose whether a compliance generalist or a compliance specialist would be better suited to respond to the job’s demands.
The creation of a compliance hotline and anti-retaliation policies
Q2. The creation of a best practices manual to be used by hospital staff responsible for disposing of hazardous materials
Q3. The allocation of compliance staff/resources to address the hospital’s privacy policies, security policies, and sanitation policies.
Q4. The procurement of new medical records software to be used throughout the entire hospital by staff and doctors
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