Review a compact CIRO Director and Executive Exam cheat sheet for governance, dealer business models, securities distribution, ethics, director duties, risk controls, significant risk areas, and UDP oversight traps before Finance Prep practice.
Use this Director and Executive cheat sheet before a governance set. The exam usually rewards the answer that places the issue at the right oversight level and leaves defensible evidence of challenge, escalation, and follow-up.
| Item | Director cue |
|---|---|
| Regulator | CIRO |
| Exam | Director and Executive Exam |
| Format | 75 multiple-choice questions in 150 minutes |
| Main practice behavior | governance oversight, business-risk challenge, ethics, duties, controls, and UDP accountability |
| Finance Prep status | live practice available |
| Area | What to know | Common trap |
|---|---|---|
| Regulatory framework | CIRO context, dealer obligations, registration, governance sources | treating oversight as passive awareness |
| Dealer business model | revenue lines, products, channels, clients, operations, risk profile | approving growth without risk and control readiness |
| Distribution and governance | offering controls, conflicts, due diligence, board reporting, ethics | accepting management assurance without evidence |
| Duties and defences | director duties, liabilities, due diligence, indemnification, documented challenge | relying on hindsight or informal comfort |
| Risk and UDP oversight | significant risk areas, internal controls, senior accountability, escalation | assuming the UDP can delegate accountability away |
After each Director set, classify the miss as business model, governance, ethics, duties, controls, risk, or UDP oversight. If the right answer required evidence or challenge, write what the board or senior executive needed to see before acting.