Preview Questions General Counsel | Role Specific Skill

Question 1: What is the primary purpose of a "Risk Assessment Matrix" in legal risk management?

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It is used to determine the legal fees associated with potential litigation

It serves as a tool for managing day-to-day operational risks within the company

A Risk Assessment Matrix helps identify and prioritize risks based on their likelihood and potential impact on the business

It provides a detailed list of all past legal cases for historical analysis

Question 2: What does the "Whistleblower Protection" provision in the Sarbanes-Oxley Act (SOX) mandate?

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It mandates that all whistleblower reports be automatically referred to external regulatory bodies

It prohibits retaliation against employees who report fraudulent activities or violations of securities laws

It protects employees from retaliation for reporting any workplace violations, not limited to securities-related issues

It only applies to federal employees working in the financial industry

Question 3: In the case of a corporate governance investigation, what is the General Counsel's responsibility in ensuring an independent investigation?

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The General Counsel should facilitate the investigation, ensure independence from management, and provide legal oversight to protect the company's interests

The General Counsel should conduct the investigation themselves

The General Counsel should delegate all investigation responsibilities to external auditors

The General Counsel's responsibility is limited to legal advice, not oversight

Question 4: What is the role of "Environmental Impact Assessments" (EIA) in regulatory compliance for corporations?

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EIAs are only required for government projects and do not apply to private sector operations

An EIA assesses the potential environmental impact of a proposed project and ensures compliance with environmental regulations before proceeding

EIAs only evaluate environmental risks related to chemical waste and ignore other environmental concerns

EIAs are optional and can be waived for projects that do not involve hazardous materials

Question 5: How does the General Counsel manage disclosure requirements in a company's corporate governance report, especially when dealing with sensitive information?

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The General Counsel ensures that all required disclosures are made in accordance with securities laws, while protecting sensitive information through proper redaction

Disclosure requirements are optional and only necessary for public companies

Sensitive information does not need to be disclosed unless requested by the board

The General Counsel should only disclose financial matters, not governance issues

Question 6: What role does "internal audit" play in ensuring compliance with corporate governance regulations?

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Internal audit is only necessary for publicly traded companies

Internal audit only focuses on financial audits and does not address regulatory issues

Internal audit is concerned solely with operational issues, not compliance

Internal audit reviews and assesses the company's compliance with regulations, controls, and risk management policies