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CISI-Managing Operational Risk in Financial Institutions
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Question 1 of 10
1. Question
A firm should ensure that all employees are able to carry out their operational risk management responsibilities and be aware of them, including by establishing and maintaining:
Correct
Specific management manuals and detailed reports of policies and practices that are explicitly articulated to employees and, if possible, available to personnel for analysis. For example, these would include regulations, IT security and health and safety concerns.
Incorrect
Specific management manuals and detailed reports of policies and practices that are explicitly articulated to employees and, if possible, available to personnel for analysis. For example, these would include regulations, IT security and health and safety concerns.
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Question 2 of 10
2. Question
A organization should develop and retain adequate structures and controls for the management of organizational threats that may occur from inadequacies or deficiencies in its processes and procedures (including, if applicable, third party vendors, agents and others ‘ systems and processes). In doing so a company will take into account:
Correct
In doing so, the importance and complexity of the end-to-end business process processes and structures used for products and operations should be taken into account by the client.
Incorrect
In doing so, the importance and complexity of the end-to-end business process processes and structures used for products and operations should be taken into account by the client.
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Question 3 of 10
3. Question
Which of the following options does the organization use to describe or explain terms and conditions for its goods or operations, its business strategy (e.g., by press releases), or its brand?
Correct
A firm may use external documentation (including contracts, transaction statements or advertising brochures) to define or clarify terms and conditions for its products or activities, its business strategy (for example, including through press statements), or its brand.
Incorrect
A firm may use external documentation (including contracts, transaction statements or advertising brochures) to define or clarify terms and conditions for its products or activities, its business strategy (for example, including through press statements), or its brand.
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Question 4 of 10
4. Question
A business should develop and retain adequate structures and controls to handle the threats to the IT infrastructure, taking into account:
Correct
A company should create and maintain appropriate systems and controls to deal with The infrastructure risks, taking into account the degree to which the business plan addresses the technology needs.
Incorrect
A company should create and maintain appropriate systems and controls to deal with The infrastructure risks, taking into account the degree to which the business plan addresses the technology needs.
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Question 5 of 10
5. Question
A company will set up and maintain adequate processes and controls to handle the threats to the protection of information. In doing so an organization will not take into account:
Correct
A organization must develop and maintain appropriate processes and controls to deal with the threats to information security. In doing so an organization is not going to take lies into account, rather honesty is required.
Incorrect
A organization must develop and maintain appropriate processes and controls to deal with the threats to information security. In doing so an organization is not going to take lies into account, rather honesty is required.
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Question 6 of 10
6. Question
During periods of significant change in its organisation, infrastructure and market operating climate, a firm’s sensitivity to operational risk increasing increase. A business will evaluate and track its impact on its risk profile before, during and after planned adjustments, including as regards:
Correct
Before, after and after the planned adjustments, a organization will assess and track the effect on its risk profile, including system or network volatility and insufficient management knowledge related to deployment problems or elevated demand.
Incorrect
Before, after and after the planned adjustments, a organization will assess and track the effect on its risk profile, including system or network volatility and insufficient management knowledge related to deployment problems or elevated demand.
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Question 7 of 10
7. Question
A firm should develop and maintain adequate structures and controls to handle the risks associated with the anticipated adjustments, such as:
Correct
Businesses should develop and retain adequate processes and procedures to resolve the challenges associated with the anticipated adjustments, such as the feasibility of their monitoring plan and the enhancement of training for their staff.
Incorrect
Businesses should develop and retain adequate processes and procedures to resolve the challenges associated with the anticipated adjustments, such as the feasibility of their monitoring plan and the enhancement of training for their staff.
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Question 8 of 10
8. Question
Select the inappropriate statement about the guidance on managing outsourcing arrangements.
Correct
Businesses do not assume that, if a service provider is either a managed entity or an intra-group department, an outsourcing arrangement with that contractor would automatically mean an operational risk mitigation in itself.
Incorrect
Businesses do not assume that, if a service provider is either a managed entity or an intra-group department, an outsourcing arrangement with that contractor would automatically mean an operational risk mitigation in itself.
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Question 9 of 10
9. Question
When developing a system for relationship management, and in negotiating a service level arrangement with the service provider, an organization will consider:
Correct
Identify, as appropriate, qualitative and quantitative success goals for evaluating the adequacy of service provision to both the company and its customers.
Incorrect
Identify, as appropriate, qualitative and quantitative success goals for evaluating the adequacy of service provision to both the company and its customers.
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Question 10 of 10
10. Question
Which of the terms apply to the defaults in either the finance or investment services?
Correct
Credit risk usually refers to the defaults in either financing services or investments. So the right terms from the list of terms given below is credit risk.
Incorrect
Credit risk usually refers to the defaults in either financing services or investments. So the right terms from the list of terms given below is credit risk.