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CISI-Managing Operational Risk in Financial Institutions
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Question 1 of 10
1. Question
What are the key responsibilities of Head of operational risk?
Correct
The main duties of the Organizational Risk Officer are to provide a risk-based Enforcement Management Program, including specific supervision advice on conformity with relevant policies and standards.
Incorrect
The main duties of the Organizational Risk Officer are to provide a risk-based Enforcement Management Program, including specific supervision advice on conformity with relevant policies and standards.
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Question 2 of 10
2. Question
Certain skills are required for Head of operational risk. The essentials include:
Correct
Detailed working knowledge of the 3 lines of defence model for risk management, and the ability to adapt this model and apply to a regulator.
Understanding of the political and wider external (including media) environment which the FCA is operating in.Incorrect
Detailed working knowledge of the 3 lines of defence model for risk management, and the ability to adapt this model and apply to a regulator.
Understanding of the political and wider external (including media) environment which the FCA is operating in. -
Question 3 of 10
3. Question
With regard to operational risk, matters that the FCA may like to be informed of include:
Correct
Any significant operational exposures that a firm has identified, the firm’s invocation of a business continuity plan and any other significant change to a firm’s organisation, infrastructure or business operating environment.
Incorrect
Any significant operational exposures that a firm has identified, the firm’s invocation of a business continuity plan and any other significant change to a firm’s organisation, infrastructure or business operating environment.
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Question 4 of 10
4. Question
A organization should develop and maintain adequate systems and controls for the management of operational risks that may arise from inadequacies or deficiencies in its processes and procedures (and, if applicable, third party vendors, agents and others ‘ systems and processes). In doing so a firm will take into account:
Correct
The importance and complexity of the systems and methods utilized in the end-to-end operating cycle for products and activities (such as the degree of program integration).
Incorrect
The importance and complexity of the systems and methods utilized in the end-to-end operating cycle for products and activities (such as the degree of program integration).
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Question 5 of 10
5. Question
Effective governance of the goods will lead to:
Correct
Meet the expectations of one or more identified target markets, distribute to consumers in the target markets across relevant sales networks and achieve acceptable consumer results.
Incorrect
Meet the expectations of one or more identified target markets, distribute to consumers in the target markets across relevant sales networks and achieve acceptable consumer results.
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Question 6 of 10
6. Question
There’s more to corporate governance than just defining and responding to the target market’s financial needs. You have to get proof of:
Correct
Product strategy, development and sign off, Risk assessment and information given to customers, A clear and effective distribution strategy, Periodic reviews of the product, target market and distribution channel, Effective management at committees and boards.
Incorrect
Product strategy, development and sign off, Risk assessment and information given to customers, A clear and effective distribution strategy, Periodic reviews of the product, target market and distribution channel, Effective management at committees and boards.
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Question 7 of 10
7. Question
To ensure that you fulfill the standards of the FCA about product governance, you’ll want to do as follows:
Correct
Develop a process for evidencing investor outcomes in decision making by specifically tasking senior committee and board members with safeguarding the interests of investors.
Incorrect
Develop a process for evidencing investor outcomes in decision making by specifically tasking senior committee and board members with safeguarding the interests of investors.
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Question 8 of 10
8. Question
When considering whether to make provisional or permanent rules on product interference in response to an established problem with a product, the following considerations may be taken into account:
Correct
The possible degree to which individual clients suffer harm. Issues that may inflict substantial harm to particular products are most likely to demand intervention by the supplier.
Incorrect
The possible degree to which individual clients suffer harm. Issues that may inflict substantial harm to particular products are most likely to demand intervention by the supplier.
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Question 9 of 10
9. Question
Relevant competition-related requirements for the FCA are likely to include in the sense of provisional or permanent guidelines on product intervention:
Correct
Where the regulations under review have a fair scope to promote effective competition in the interests of customers, for example by resolving customer practices that hinder their ability to benefit from competition, by providing information asymmetries or by correcting misaligned incentives.
Incorrect
Where the regulations under review have a fair scope to promote effective competition in the interests of customers, for example by resolving customer practices that hinder their ability to benefit from competition, by providing information asymmetries or by correcting misaligned incentives.
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Question 10 of 10
10. Question
A manufacturer must make the financial instrument available to any distributor:
Correct
All appropriate information on the financial instrument, all appropriate information on the product approval process, the identified target market of the financial instrument, including information about the target market assessment undertaken and information about the appropriate channels for distribution of the financial instrument.
Incorrect
All appropriate information on the financial instrument, all appropriate information on the product approval process, the identified target market of the financial instrument, including information about the target market assessment undertaken and information about the appropriate channels for distribution of the financial instrument.