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CISI-Managing Operational Risk in Financial Institutions
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Question 1 of 10
1. Question
It includes a lot of taking a quick walk. The same is true of third party risk management. Which of the following choices is inadequate for successful risk management by third parties?
Correct
“Late diligence / selection: proper assessment of the best suit and fair risk benefit for third parties” is insufficient for effective risk management by third parties.
Incorrect
“Late diligence / selection: proper assessment of the best suit and fair risk benefit for third parties” is insufficient for effective risk management by third parties.
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Question 2 of 10
2. Question
Organizations will review the contract with the outsource provider before agreeing to ensure it meets our requirements. A business should:
Correct
Have a clear and documented business case or rationale in support of the decision to use one or more service providers for the delivery of critical or important operational functions or material outsourcing.
Incorrect
Have a clear and documented business case or rationale in support of the decision to use one or more service providers for the delivery of critical or important operational functions or material outsourcing.
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Question 3 of 10
3. Question
Companies maintain full liability under the regulatory framework to discharge all their duties and can not assign responsibility to the service provider. A organization should: At a high level:
Correct
A firm should be clear about the service being provided and where responsibility and accountability between the firm and its service provider(s) begins and ends allocate responsibility for the day-to-day and strategic management of the service provider ensure staff have sufficient skills and resources to oversee and test the outsourced activities; identify, monitor and mitigate against the risks arising; and properly manage an exit or transfer from an existing third-party provider and verify that suitable arrangements for dispute resolution exist.
Incorrect
A firm should be clear about the service being provided and where responsibility and accountability between the firm and its service provider(s) begins and ends allocate responsibility for the day-to-day and strategic management of the service provider ensure staff have sufficient skills and resources to oversee and test the outsourced activities; identify, monitor and mitigate against the risks arising; and properly manage an exit or transfer from an existing third-party provider and verify that suitable arrangements for dispute resolution exist.
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Question 4 of 10
4. Question
Which of the given statements is not FCA’s view of a board’s(board of directors) role?
Correct
Group in charge of setting the plan and keeping management responsible for execution is not the responsibility of board’s(board of directors) in the view of FCA.
Incorrect
Group in charge of setting the plan and keeping management responsible for execution is not the responsibility of board’s(board of directors) in the view of FCA.
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Question 5 of 10
5. Question
The Chief Executive is responsible for executing the Board’s decided plan which he would have played a significant role in formulating. Main competences include:
Correct
Key competences include informing and advising the Chairperson on all matters pertaining to the Board, so that the Chairperson and the Board can conduct their duties properly.
Incorrect
Key competences include informing and advising the Chairperson on all matters pertaining to the Board, so that the Chairperson and the Board can conduct their duties properly.
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Question 6 of 10
6. Question
An issuer must ensure, in an audit committee, that at least the body concerned has to:
Correct
An issuer must ensure, in an audit committee, that at least the body concerned has to monitor the financial reporting process and submit recommendations or proposals to ensure its integrity.
Incorrect
MoAn issuer must ensure, in an audit committee, that at least the body concerned has to monitor the financial reporting process and submit recommendations or proposals to ensure its integrity.
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Question 7 of 10
7. Question
An audit committee has the possible benefits of:
Correct
The audit committee has the potential advantages of increased transparency of financial reports and enhanced public faith in the quality and objectivity of financial statements.
Incorrect
The audit committee has the potential advantages of increased transparency of financial reports and enhanced public faith in the quality and objectivity of financial statements.
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Question 8 of 10
8. Question
The Committee on External Risks and Policy has responsibilities including:
Correct
Request assurances from the Executive that main external risks have been correctly identified, prioritized and mitigated.
Incorrect
Request assurances from the Executive that main external risks have been correctly identified, prioritized and mitigated.
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Question 9 of 10
9. Question
Choose the contradictory statement from the statements below regarding Chief risk officers.
Correct
CRO aims to track, recognize and handle any risk-related incidents on the horizon that could have an negative impact on the capacity of the organization to meet core business objectives.
Incorrect
CRO aims to track, recognize and handle any risk-related incidents on the horizon that could have an negative impact on the capacity of the organization to meet core business objectives.
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Question 10 of 10
10. Question
Depending on the size of the company and the market, the core duties for CROs vary but the most common roles and duties include the following:
Correct
CRO maintains a danger list that represents the fraud schemes found and the laws and regulations in effect.
Incorrect
CRO maintains a danger list that represents the fraud schemes found and the laws and regulations in effect.