{
  "question_text": "An OFR examination produces a finding against Advanced Compliance Technology, Inc.. What four elements must the written Corrective Action Plan include for that finding?",
  "options": [
    "The finding and its root cause; corrective action steps and responsible parties; the target completion date; and evidence of completion",
    "A description of the finding; the department responsible; the estimated remediation cost; and the projected completion date",
    "The finding; compensating controls currently in place; the responsible manager's name; and the OFR's response deadline",
    "A root cause analysis; a list of affected transactions; a corrective timeline; and a certification signed by the owner"
  ],
  "correct_answer": "The finding and its root cause; corrective action steps and responsible parties; the target completion date; and evidence of completion",
  "correct_response": "Correct. Each Corrective Action Plan must include: the finding and its root cause; corrective action steps and responsible parties; the target completion date; and evidence of completion. All four elements are required.",
  "incorrect_response": "The required elements are: the finding and its root cause; corrective action steps and responsible parties; the target completion date; and evidence of completion. Cost estimates, compensating controls, affected transaction lists, and owner certifications are not part of the required plan structure.",
  "unsure_response": null,
  "question_bank": [
    {
      "question_text": "How often must the BSA/AML Compliance Officer report corrective action progress to the owner or principal after an OFR examination?",
      "options": [
        "Quarterly, until all findings are fully resolved and documented",
        "Monthly, until the OFR confirms that all findings are closed",
        "Once, at the conclusion of the remediation period",
        "Annually, as part of the regular compliance program review"
      ],
      "correct_answer": "Quarterly, until all findings are fully resolved and documented",
      "correct_response": "Correct. The BSA/AML Compliance Officer reports corrective action status to the owner or principal quarterly, and this continues until all findings are resolved and remediation is documented.",
      "incorrect_response": "Reporting is quarterly — not monthly, not a single final report, and not deferred to the annual compliance review. Reporting continues until all findings are fully resolved and documented, regardless of how long that takes.",
      "unsure_response": null
    },
    {
      "question_text": "Under Advanced Compliance Technology, Inc.'s examination response process, when is an OFR examination finding considered closed?",
      "options": [
        "When the corrective action is complete and remediation is documented — documented remediation is the only proof a finding is closed",
        "When the BSA/AML Compliance Officer submits a written response to the OFR acknowledging the finding",
        "When the target completion date in the Corrective Action Plan has passed without OFR escalation",
        "When the owner approves the Corrective Action Plan and designates a responsible party"
      ],
      "correct_answer": "When the corrective action is complete and remediation is documented — documented remediation is the only proof a finding is closed",
      "correct_response": "Correct. Documented remediation is the only proof that a finding is closed. Acknowledging the finding, passing the target date without escalation, and owner approval of the plan are not sufficient to close a finding.",
      "incorrect_response": "A finding is closed only when the corrective action is complete and remediation is documented. Documented remediation is the only proof. Acknowledging the finding in writing, passing the target date, or approving the Corrective Action Plan does not constitute closure.",
      "unsure_response": null
    }
  ],
  "enrichment_content": "<p><strong>Key point:</strong> Every OFR examination finding requires a written <strong>Corrective Action Plan</strong> with four required elements:</p><ul><li>The finding and its root cause</li><li>Corrective action steps and responsible parties</li><li>The target completion date</li><li>Evidence of completion</li></ul><p><strong>Documented remediation is the only proof a finding is closed.</strong> The BSA/AML Compliance Officer reports progress to the owner quarterly until all findings are fully resolved and documented.</p>"
}