Compliance Specialist

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Compliance Specialist Interview Questions and Answers

Updated 16 Jul 2024

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Q1. How well can you manage Excel application

Ans.

I am proficient in managing Excel application.

  • I am skilled in using Excel functions such as VLOOKUP, Pivot Tables, and Macros.

  • I can create and modify spreadsheets to meet specific needs.

  • I am able to analyze data and generate reports using Excel.

  • I have experience in data entry and data validation in Excel.

  • I am familiar with Excel shortcuts and can work efficiently with large datasets.

Q2. Difference between ISO 27001 and SOC2 Type 2 audit

Ans.

ISO 27001 focuses on information security management system while SOC2 Type 2 audit focuses on controls related to security, availability, processing integrity, confidentiality, and privacy.

  • ISO 27001 is an international standard that focuses on establishing, implementing, maintaining, and continually improving an information security management system (ISMS).

  • SOC2 Type 2 audit is a report based on the Trust Services Criteria, which focuses on controls related to security, avai...read more

Q3. What are the three steps in Money Laundering

Ans.

The three steps in Money Laundering are placement, layering, and integration.

  • Placement: The initial stage where illegal funds are introduced into the financial system.

  • Layering: The process of moving the funds through a series of complex transactions to obscure the audit trail.

  • Integration: The final stage where the laundered funds are reintroduced into the legitimate economy.

Q4. How the BCMS is implemented

Ans.

BCMS is implemented through a structured approach involving planning, implementation, monitoring, and continual improvement.

  • Develop a BCMS policy outlining objectives and scope

  • Conduct a risk assessment to identify threats and vulnerabilities

  • Implement controls to mitigate risks

  • Train employees on BCMS procedures and protocols

  • Regularly test and evaluate the effectiveness of the BCMS

  • Review and update the BCMS as needed based on changes in the organization or external factors

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Q5. Analyze a SOC2 Report

Ans.

A SOC2 report is an audit report that attests to the controls in place at a service organization relevant to security, availability, processing integrity, confidentiality, and privacy.

  • Review the scope of the report to understand the services covered

  • Examine the auditor's opinion on the effectiveness of controls

  • Look for any exceptions or deficiencies noted in the report

  • Check the date of the report to ensure it is current

  • Assess any remediation plans or follow-up actions recommen...read more

Q6. What is money Laundering

Ans.

Money laundering is the illegal process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source.

  • Money laundering involves three main stages: placement, layering, and integration.

  • Placement is the initial stage where the illegal funds are introduced into the financial system.

  • Layering involves moving the funds around to make it difficult to trace their origin.

  • Integration is the...read more

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