Problem Statement
Describe how you would manage a relationship with a regulatory body during a regulatory inspection.
Explanation
Managing a regulator relationship during an inspection involves transparency, cooperation and structured communication. Before inspection, prepare documentation, self-assess controls, and brief key stakeholders. During inspection, assign a liaison to the regulator, provide requested information promptly, highlight remediation efforts, and maintain open dialogue. After inspection, review findings, develop an action plan, communicate with senior management, track progress, and ensure publicly required disclosures or filings are completed. Building this relationship proactively helps reduce risk and demonstrate good governance.
Practice Sets
This question appears in the following practice sets:
