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CISI-Managing Operational Risk in Financial Institutions
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Question 1 of 10
1. Question
A company will have adequate systems and controls in place and retained to handle its threats to information security. In doing so a organization would consider:
Correct
A firm should have regard to confidentiality, integrity, availability and authentication and non-repudiation and accountability. These are some basic yet extremely significant measures to be kept in view.
Incorrect
A firm should have regard to confidentiality, integrity, availability and authentication and non-repudiation and accountability. These are some basic yet extremely significant measures to be kept in view.
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Question 2 of 10
2. Question
A business should develop and maintain adequate systems and controls to manage its risks to the IT system, taking into account:
Correct
System acquisition, development and maintenance operations are necessary to be taken into consideration as the company establishes and retains appropriate processes and controls to handle the threats to the IT program.
Incorrect
System acquisition, development and maintenance operations are necessary to be taken into consideration as the company establishes and retains appropriate processes and controls to handle the threats to the IT program.
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Question 3 of 10
3. Question
The FCA Chair and Chief Executive’s responsibilities are not exercised by the same individual, and are clearly defined. The Board must periodically review the priorities for both the Chair and the Chief Executive to ensure that there is a clear distinction in their duties.
The Chair’s key responsibilities include:Correct
Maintaining a productive relationship with the FCA’sChief Executive and providing support and challenge (as appropriate) in achieving the objectives ofthe FCA.
Incorrect
Maintaining a productive relationship with the FCA’sChief Executive and providing support and challenge (as appropriate) in achieving the objectives ofthe FCA.
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Question 4 of 10
4. Question
All employees of the FCA-other than the immediate staff of the Board, the Director of Internal Audit and the Secretary of the Group, directly report to the Chief Executive. The Chief Executive’s key duties include:
Correct
Recording relevant, accurate and credible reports to the Board on a daily basis so that the Board may perform its duties effectively.
Incorrect
Recording relevant, accurate and credible reports to the Board on a daily basis so that the Board may perform its duties effectively.
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Question 5 of 10
5. Question
Select the wrong statement regarding Non-Executive Director Position Requirements (NEDs).
Correct
The Board appoints one of the NEDs to be the Senior Independent Director to provide a sounding board for the Chair and to serve as an intermediary for the other directors when necessary.
Incorrect
The Board appoints one of the NEDs to be the Senior Independent Director to provide a sounding board for the Chair and to serve as an intermediary for the other directors when necessary.
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Question 6 of 10
6. Question
Where the chief executive functions are exercisable by him through a committee, the committee can delegate the authority to one or more individuals or committees in a similar manner. Any new delegation must therefore make provision for:
Correct
Decisions to be made at an appropriate level, a clear line of accountability to the Board, any person with authority to take a decision to be entitled instead to refer it to a person or committee which is more senior and appropriate procedures for decision making to be in place.
Incorrect
Decisions to be made at an appropriate level, a clear line of accountability to the Board, any person with authority to take a decision to be entitled instead to refer it to a person or committee which is more senior and appropriate procedures for decision making to be in place.
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Question 7 of 10
7. Question
Track the credibility of the financial statements of the company, including its annual report and all other formal financial results statements, and review and report to the Board on important financial reporting issues and decisions found in such statements in relation to matters reported to it by the National Audit Office (NAO). The committee shall review and question in particular where necessary:
Correct
That the company has followed acceptable accounting principles and rendered reasonable assessments and decisions in the light of NAO’s opinions on the financial statements.
Incorrect
That the company has followed acceptable accounting principles and rendered reasonable assessments and decisions in the light of NAO’s opinions on the financial statements.
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Question 8 of 10
8. Question
Choose the relevant statement about External Risk and Policy Committee Terms of Reference.
Correct
The terms of reference of the Internal Risk and Regulation Committee include supervision to the Regulatory Decisions Committee (RDC).
Incorrect
The terms of reference of the Internal Risk and Regulation Committee include supervision to the Regulatory Decisions Committee (RDC).
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Question 9 of 10
9. Question
Operating processes and systems at separate geographic locations can alter the operational risk profile of a firm (including requiring alternative sites for operational continuity). A firm should understand the impact of any process and system differences at each of its locations, particularly if they are in different countries, considering:
Correct
To what degree are local legal and other conditions that hinder the capacity to meet with UK legal obligations.
Incorrect
To what degree are local legal and other conditions that hinder the capacity to meet with UK legal obligations.
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Question 10 of 10
10. Question
A organization should develop and maintain adequate risk management systems and controls for the anticipated changes, such as by ensuring:
Correct
The adequacy of its organisation and reporting structure for managing the change (including the adequacy of senior management oversight), the adequacy of the management processes and systems for managing the change (including planning, approval, implementation and review processes) and the adequacy of its strategy for communicating changes in systems and controls to its employees.
Incorrect
The adequacy of its organisation and reporting structure for managing the change (including the adequacy of senior management oversight), the adequacy of the management processes and systems for managing the change (including planning, approval, implementation and review processes) and the adequacy of its strategy for communicating changes in systems and controls to its employees.