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CRCM Compliance Risk Management Exam with Q and A Mitigation strategies for managing compliance risk ANSWER ✓✓ Predictive and detective automated and manual Inherent Risk ANSWER ✓✓ Risk before controls are applied Residual Risk ANSWER ✓✓ Risk after controls are applied Risk measurement ANSWER ✓✓ Technique for determining whether risks are controlled to a point within management's tolerance for the risk Formalized risk assessments ANSWER ✓✓ Assessment of inherent risk, residual risk, quantity and quality of risk, as well as trends and direction Three lines of defense ANSWER ✓✓ 1st line - Business unit level 2nd line - governance oversight 3rd - internal or External audit Compliance management system ANSWER ✓✓ The banks framework to manage regulatory compliance responsibilities Elements for Mitigating Compliance Risk ANSWER ✓✓ 1. Written Program 2. Research and interpret regulations
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