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CISI-Managing Operational Risk in Financial Institutions
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Question 1 of 10
1. Question
The following statements talk about the risk relationships of various banks. pick out an incorrect statement.
Correct
Operational risk derives from internal mechanism failures, while the liquidity risk arises from the failure to turn money into currency.
Incorrect
Operational risk derives from internal mechanism failures, while the liquidity risk arises from the failure to turn money into currency.
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Question 2 of 10
2. Question
A organization that is a credit management company or an electronic system provider must have a permanent and efficient enforcement mechanism that operates independently and has the following responsibilities:
Correct
To monitor and, on a regular basis, to assess the adequacy and effectiveness of the measures and procedures put in place and the actions taken to address any deficiencies in the firm’s compliance with its obligations.
Incorrect
To monitor and, on a regular basis, to assess the adequacy and effectiveness of the measures and procedures put in place and the actions taken to address any deficiencies in the firm’s compliance with its obligations.
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Question 3 of 10
3. Question
A organization will ensure that the policies and procedures provide processes and controls which:
Correct
The company will ensure its policies and practices provide mechanisms and controls that provide for the detection, review, surveillance and evaluation of the possibility of money laundering.
Incorrect
The company will ensure its policies and practices provide mechanisms and controls that provide for the detection, review, surveillance and evaluation of the possibility of money laundering.
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Question 4 of 10
4. Question
A business will recognize a range of factors in defining the money laundering danger and in determining the essence of these programs and controls, excluding:
Correct
The past of its customers ‘ forefathers is not necessary at all to assess the nature of these programs and controls, and to identify the danger of money laundering.
Incorrect
The past of its customers ‘ forefathers is not necessary at all to assess the nature of these programs and controls, and to identify the danger of money laundering.
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Question 5 of 10
5. Question
A corporation which is a management company or an electronic system provider in relation to loans shall ensure that the following conditions are met:
Correct
The mechanism by which the compensation of the appropriate parties involved in the compliance action is determined does not impair their objectivity and is unlikely to weaken their objectivity.
Incorrect
The mechanism by which the compensation of the appropriate parties involved in the compliance action is determined does not impair their objectivity and is unlikely to weaken their objectivity.
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Question 6 of 10
6. Question
Choose an incorrect statement from the given statement regarding compliance.
Correct
A business that is not a conventional brokerage firm or a consulting organization and that carries out a specified investment field with or without retail clients or interested clients may delegate responsibility for the operation of the organization to a manager or a senior manager.
Incorrect
A business that is not a conventional brokerage firm or a consulting organization and that carries out a specified investment field with or without retail clients or interested clients may delegate responsibility for the operation of the organization to a manager or a senior manager.
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Question 7 of 10
7. Question
What term refers to the role of evaluating implementation and efficacy to internal systems and regulations, practices and policies?
Correct
The term ‘ internal audit feature’ refers to the commonly recognized principle of internal audit within a company, that is, the role of evaluating enforcement and the efficiency of internal processes and controls, practices and policies.
Incorrect
The term ‘ internal audit feature’ refers to the commonly recognized principle of internal audit within a company, that is, the role of evaluating enforcement and the efficiency of internal processes and controls, practices and policies.
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Question 8 of 10
8. Question
To avoid money laundering or financial crime, a firm should ensure that the systems and controls include:
Correct
Related reporting to the corporate body and senior executives, including, at least annually, a briefing on the progress and success of those systems and controls by the company’s Money Laundering Officer (MLRO).
Incorrect
Related reporting to the corporate body and senior executives, including, at least annually, a briefing on the progress and success of those systems and controls by the company’s Money Laundering Officer (MLRO).
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Question 9 of 10
9. Question
Speaking about the compliance officer for money laundering, a company (with the exception of a single trader who has no employees) must:
Correct
Ensure that the MLRO has sufficient autonomy and flexibility within the organisation, and that it has access to information and expertise to perform that task.
Incorrect
Ensure that the MLRO has sufficient autonomy and flexibility within the organisation, and that it has access to information and expertise to perform that task.
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Question 10 of 10
10. Question
A business may designate a compliance officer to be responsible for ensuring that the organization fulfills the responsibilities for any enforcement role the company has and for any compliance monitoring that may be undertaken. This law covers:
Correct
A business can appoint a compliance officer to be responsible for ensuring that the organization fulfills the obligations for any enforcement role that the business has and for any compliance monitoring that may be undertaken.
Incorrect
A business can appoint a compliance officer to be responsible for ensuring that the organization fulfills the obligations for any enforcement role that the business has and for any compliance monitoring that may be undertaken.