Question

Which of the following activities would heavily rely on involvement of the fiduciary compliance/risk management officer?

a. Report charge-offs in excess of $10,000 to the Trust Policy Committee.
b. Draft Audit Findings.
c. Act as liaison with state and federal regulators. Coordinate examinations and ensure information provided conforms to the limitations imposed by the Right to Financial Privacy Act of 1978.
d. Review admissions and withdrawals from the Collective Investment Funds.

Answer 1

The fiduciary compliance/risk management officer would be heavily involved in acting as a liaison with regulators to ensure adherence to financial privacy laws and other regulatory requirements. Option c. is correct.

Step-by-step explanation:

The activity that would heavily rely on the involvement of the fiduciary compliance/risk management officer is acting as a liaison with state and federal regulators to coordinate examinations and ensure that information provided conforms to the limitations imposed by the Right to Financial Privacy Act of 1978. This role typically includes ensuring that the financial institution adheres to regulatory requirements and mitigates risks related to compliance. The compliance officer must have a clear understanding of legal requirements, including financial privacy, and interact with external agencies to oversee and facilitate compliance across the organization.