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CISI-Managing Operational Risk in Financial Institutions
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Question 1 of 10
1. Question
Real and significant implications for companies and individuals that do not conform with the FCA regulations. A wide range of enforcement powers can be used against financial firms and persons who do not reach FCA expectations according to the FCA Regulatory website. These steps include:
Correct
Set up fines on businesses and organisations who breach FCA law or abuse markets and impose sanctions on firms who contravene monopoly laws.
Incorrect
Set up fines on businesses and organisations who breach FCA law or abuse markets and impose sanctions on firms who contravene monopoly laws.
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Question 2 of 10
2. Question
A corporation that is a management company or an electronic system operator in conjunction with lending must have a continuous and efficient enforcement mechanism that operates independently and is liable for the following:
Correct
Monitor and periodically check the adequacy and efficiency of the procedures and processes placed in place and the steps taken to remedy any flaws in the implementation of the commitments of the organization.
Incorrect
Monitor and periodically check the adequacy and efficiency of the procedures and processes placed in place and the steps taken to remedy any flaws in the implementation of the commitments of the organization.
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Question 3 of 10
3. Question
A corporation that is a management company or an operator of an electronic system in relation to lending must insure that the following conditions are met in order to enable the regulatory mechanism to perform its obligations adequately and independently:
Correct
A organization that is a service firm or an operator with an electronic banking program must insure that the compliance position has the capacity, resources, expertise and exposure to any relevant details accessible.
Incorrect
A organization that is a service firm or an operator with an electronic banking program must insure that the compliance position has the capacity, resources, expertise and exposure to any relevant details accessible.
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Question 4 of 10
4. Question
Select the incorrect statement about different forms of fraud as a consequence of operational risks.
Correct
Victim fraud occurs when a bank customer or client is the victim of an intentional fraudulent act. Its not a subsequent consequence of operational risk.
Incorrect
Victim fraud occurs when a bank customer or client is the victim of an intentional fraudulent act. Its not a subsequent consequence of operational risk.
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Question 5 of 10
5. Question
Which of the statements truly describes the correct descriptions of fraud risk as a type of operational risk?
Correct
Fraud risk is a form of organizational risk that presents a danger to the actual or anticipated financial situation and stability resulting from inadequate or unstable internal procedures or systems, human error or corruption or adverse external events.
Incorrect
Fraud risk is a form of organizational risk that presents a danger to the actual or anticipated financial situation and stability resulting from inadequate or unstable internal procedures or systems, human error or corruption or adverse external events.
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Question 6 of 10
6. Question
Preventive tests are designed to deter fraud or rising the probability. Pick out the incorrect one.
Correct
Job breaks, such as mandatory consecutive two-week vacations or rotation of duties is a must. It does not fall into the category of preventive tests that are designed to deter fraud or rising the probability.
Incorrect
Job breaks, such as mandatory consecutive two-week vacations or rotation of duties is a must. It does not fall into the category of preventive tests that are designed to deter fraud or rising the probability.
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Question 7 of 10
7. Question
Pick out the correct statement regarding fraud response, reporting and the sharing of information.
Correct
Banks may provide compliance control systems, law enforcement reports, regulatory alerts and reporting protocols.
Incorrect
Banks may provide compliance control systems, law enforcement reports, regulatory alerts and reporting protocols.
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Question 8 of 10
8. Question
Out of the given options, which of the following alternative does not include descriptions of indicators and research banks that can use to assess and track fraud risk?
Correct
Trend analysis of data such as number and dollar of fraud investigations is vital rather than trend analysis of details such as money launderer numbers and worth.
Incorrect
Trend analysis of data such as number and dollar of fraud investigations is vital rather than trend analysis of details such as money launderer numbers and worth.
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Question 9 of 10
9. Question
Reports and assessments should be structured to assess the efficacy of the internal controls and risk management of fraud at the bank. Commonly, reports and evaluations include:
Correct
Retrospective investigations after fraud is detected usually involve reports and assessments to assess the efficacy of the internal controls and risk management of fraud at the bank.
Incorrect
Retrospective investigations after fraud is detected usually involve reports and assessments to assess the efficacy of the internal controls and risk management of fraud at the bank.
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Question 10 of 10
10. Question
Detective tests are designed to identify crime after it has happened, and to react. Choose what definition is inappropriate / incorrect.
Correct
Monitoring and analysis of Bank Secrecy Act report filings by the bank and its affiliates is done rather than leaking of an overview of the Bank Secrecy Act, the bank and its associates announce filings.
Incorrect
Monitoring and analysis of Bank Secrecy Act report filings by the bank and its affiliates is done rather than leaking of an overview of the Bank Secrecy Act, the bank and its associates announce filings.