True of False

1. Compliance Risk may result in adverse reputational damage even if a low has not been broken.

2. As long as each business unit has an effective Compliance Risk Management program, it doesn't matter if they are consistent.

3. Compliance staff can report into a line of business/front line unit as long as they are have access to the board.

4. Compliance Policies include firmwide policies as well as more detailed business-specific policies that address compliance risk inherent in a specific business or support activity

5. Internal Audit is responsible for auditing the Compliance function to ensure it is effective and in compliance with applicable guidance

6. Compliance must maintain an inventory of business activities and applicable laws, rules, regulations and guidance

7. Management can rely on Compliance to assess compliance risks

8. Compliance is expected to report to the Board on a routine basis even if compliance matters are already reported by Audit or management

9. The Front Line is accountable for having the right talent and resources to do their job in compliance with applicable laws, rules and regulations. Conversely, as a 2nd line of defense, Compliance is not held to this standard.

10. Although independent, Front line management can weigh in on the pay of a Compliance officer