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CISI – Managing Operational Risk in Financial Institutions
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Question 1 of 10
1. Question
Which of the following are not the main harm threats that Wealth Management and Stockbroking businesses face to their clients or to the markets they work in?
Correct
Improved long term savings rates as a result of order management practices and execution processes that produce the best outcomes and improved savings and investment rates as fraud declines.
Incorrect
Improved long term savings rates as a result of order management practices and execution processes that produce the best outcomes and improved savings and investment rates as fraud declines.
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Question 2 of 10
2. Question
We want businesses to be provided which of the safeguards to stop theft, investment schemes and business abuse?
Correct
We expect firms to have effective day to day execution processes, contingent arrangements for periods of market distress and clear, comprehensive and effective oversight and monitoring arrangements.
Incorrect
We expect firms to have effective day to day execution processes, contingent arrangements for periods of market distress and clear, comprehensive and effective oversight and monitoring arrangements.
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Question 3 of 10
3. Question
According to FCA, point out the wrong moves when following company instructions or transferring them to other companies for implementation to obtain the best possible result for its customers.
Correct
If the corporation has problems with a single broker, it will consider seriously changing brokers, rather than allowing them to continue to cause company losses.
Incorrect
If the corporation has problems with a single broker, it will consider seriously changing brokers, rather than allowing them to continue to cause company losses.
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Question 4 of 10
4. Question
Within non-corporate entities, Which of the following terms should not be changed in the case of associations or single companies traders?
Correct
Partner’s family accounts are not required thus it has no contribution in the case of associations or single companies traders within non-corporate entities.
Incorrect
Partner’s family accounts are not required thus it has no contribution in the case of associations or single companies traders within non-corporate entities.
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Question 5 of 10
5. Question
The foregoing changes refer to the audited savings formula for the measurement of own funds:
Correct
Any unrealized gains or, where appropriate, any unrealized losses on cash flow hedges on financial instruments measured at expense or amortized costs shall be excluded by a corporation and a company shall derecognize all defined benefits in favor of a designated occupational pension scheme.
Incorrect
Any unrealized gains or, where appropriate, any unrealized losses on cash flow hedges on financial instruments measured at expense or amortized costs shall be excluded by a corporation and a company shall derecognize all defined benefits in favor of a designated occupational pension scheme.
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Question 6 of 10
6. Question
Choose the unsuitable Intangible assets from the options given.
Correct
Intangible assets do not include a deferred acquisition cost asset, rather it includes certain investments in the firm’s funds, formation costs in so far as these are counted as investments in the company’s accounts and Goodwill, in so far as it is regarded as a commodity in the company’s accounts.
Incorrect
Intangible assets do not include a deferred acquisition cost asset, rather it includes certain investments in the firm’s funds, formation costs in so far as these are counted as investments in the company’s accounts and Goodwill, in so far as it is regarded as a commodity in the company’s accounts.
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Question 7 of 10
7. Question
Content stocks at lending unions and financial institutions comprise:
Correct
Content stocks at lending unions and financial institutions comprise of the size of the equity capital investment in, and the sum of subordinated loans given to, to the degree that the amount of such securities and subordinated loans approaches 10% of the company’s own assets and where the company owns more than 10 percent of the institution’s equity capital.
Incorrect
Content stocks at lending unions and financial institutions comprise of the size of the equity capital investment in, and the sum of subordinated loans given to, to the degree that the amount of such securities and subordinated loans approaches 10% of the company’s own assets and where the company owns more than 10 percent of the institution’s equity capital.
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Question 8 of 10
8. Question
An excluded CAD company may not include a permanent accumulated preferred share capital in the measurement of own capital funds unless it satisfies the following requirements:
Correct
The contract shall provide an opportunity for the company to defer the payment of a dividend on the share capital, may be returned on behalf of the borrower or with the prior consent of the FCA, the interests of the investor within the company shall be entirely subordinated to those of other non-subordinated creditors and the terms of the contract shall provide for the potential for loss-absorption In capital stocks and dividends overdue.
Incorrect
The contract shall provide an opportunity for the company to defer the payment of a dividend on the share capital, may be returned on behalf of the borrower or with the prior consent of the FCA, the interests of the investor within the company shall be entirely subordinated to those of other non-subordinated creditors and the terms of the contract shall provide for the potential for loss-absorption In capital stocks and dividends overdue.
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Question 9 of 10
9. Question
Non-trading report interim earnings may only be included in the estimate if they have been independently verified by the external auditors of the firm, unless the business is excluded from Part VII of the Companies Act 1985. The outside auditor will usually conduct at least the following for this purpose:
Correct
Check the reporting standards used to calculate interim earnings and ensure that they adhere to those typically practiced by the company when preparing its annual reports and review the company’s overall results and financial position with executives.
Incorrect
Check the reporting standards used to calculate interim earnings and ensure that they adhere to those typically practiced by the company when preparing its annual reports and review the company’s overall results and financial position with executives.
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Question 10 of 10
10. Question
Sort out and choose the illiquid assets from the following options.
Correct
Securities in, or subordinated loans to, banks or financial institutions that may be included in own funds of such institutions.
Incorrect
Securities in, or subordinated loans to, banks or financial institutions that may be included in own funds of such institutions.