Certified Regulatory Compliance Manager (CRCM) — Question 1

They also embrace the concept of risk-based compliance management. They expect compliance management to be tailored to the bank, be it large or small, offering standard or specialty financial services, simple or complex products lines, and adjusted as appropriate for the customer base as that issued for the Bank
Secrecy Act, also establishes their expectations that a bank's program be risk based. Who are they?

Answer options

• A. Outsourcing firms
• B. Foreign financial service providers
• C. Bank regulatory agencies
• D. Risk management organizations

Correct answer: C

Explanation

The correct answer is C, as bank regulatory agencies are responsible for ensuring compliance with laws like the Bank Secrecy Act, requiring a risk-based approach. The other options, while involved in the financial sector, do not have the regulatory authority to enforce compliance management standards for banks.