International Business Practices Compliance

What is the primary responsibility of GRC according to the text?

Enforcing the Consequence Management policy
Managing international trade transactions
Overseeing employee training programs
Reviewing and updating the Code of Conduct (correct)

In what instances must all employees of NNPC Limited apply the highest ethical standards?

When dealing with business partners
Only in national business practices
In every instance (correct)
During international trade transactions

Which laws regulate international business practices as mentioned in the text?

Taxation Laws in Australia
Foreign Corrupt Practice Act (FCPA) & Racketeering, Influence and Corrupt Organizations Act (RICO) (correct)
Employment Laws in the UK
Consumer Protection Laws in the USA

What must employees do when the legality or propriety of any prospective transaction is subject to question or doubt?

Seek internal legal advice (D) Signup and view all the answers

Who will address established violations of the Code of Conduct?

Disciplinary Committee and other relevant parties (D) Signup and view all the answers

What should employees do when dealing with export/import rules and regulations?

Keep up to date with applicable rules and regulations (D) Signup and view all the answers

Who is responsible for updating the Code of Conduct?

GRC (C) Signup and view all the answers

When should employees seek internal legal advice?

Whenever the legality or propriety of any prospective transaction is subject to question or doubt (B) Signup and view all the answers

What will happen to any established violations of the Code of Conduct?

They will be forwarded to the Disciplinary Committee and other relevant parties for addressing (C) Signup and view all the answers

What must employees do when their work involves international trade transactions?

Comply with applicable laws and regulations (D) Signup and view all the answers

Who is responsible for reporting and providing advice to the Board and Executive management on the level of compliance with the Code of Conduct?

GRC in collaboration with the Human Resources Department (D) Signup and view all the answers

How can communication of the Code of Conduct be achieved according to the text?

Through training sessions, periodic assessments, posters, meetings, staff induction, vendor briefings, and electronic media (B) Signup and view all the answers

What should be disclosed in the interest declaration form as required in the text?

Any personal, economic, or financial interests (C) Signup and view all the answers

What is a conflict of interest, based on the text?

Any situation where an individual’s personal, financial, or non-financial interests affect his or her duty to act in the best interest of the Company (B) Signup and view all the answers

Who is required to fill out the interest declaration form according to the text?

Only Management Staff (B) Signup and view all the answers

What is a responsibility of GRC according to the text?

Collaborating with the Human Resources Department and reporting to the Board and Executive management on compliance with the Code of Conduct (C) Signup and view all the answers

What is recommended about communication of the Code of Conduct according to the text?

Communication should be done regularly and timely (B) Signup and view all the answers

What should be disclosed in the conflict-of-interest form according to the text?

Any relationships, positions held, or circumstances that could result in conflict of interest (A) Signup and view all the answers

What does SN stand for in the interest declaration form according to the text?

Serial Numbers (D) Signup and view all the answers

What is the purpose of Sample Interest Declaration Forms according to the text?

For all Management Staff (B) Signup and view all the answers

What does NNPC stand for according to the text?

Nigerian National Petroleum Corporation (A) Signup and view all the answers