APRP Questions And Verified Solutions
Risk Management and Business Continuity - Preventive Control: Techniques to prevent adverse events. - Incident Response Plan: Defined actions and communication when threats are identified. - Control Self-Assessment: Internal assessment of risk management effe...
- Preventive Control: Techniques to prevent adverse events.
- Incident Response Plan: Defined actions and communication when threats are identified.
- Control Self-Assessment: Internal assessment of risk management effectiveness.
- Business Continuity Strategy: Strategies to maintain critical business functions during disruptions.
- Business Impact Analysis (BIA): Analysis of potential impacts of uncontrolled events.
- Enterprise Risk Management: Comprehensive planning to minimize organizational risk.
- Risk Management: Process to identify, control, and mitigate impacts of uncertain events.
Risk Assessment and Measurement
- Risk Evaluation: Comparison of risk analysis results to determine acceptability.
- Risk Measurement: Evaluation of likelihood and potential impacts of adverse events.
- Vulnerability Assessment: Examination of systems to identify security deficiencies.
Testing and Drills
- Function Drill/Parallel Test: Mobilization of personnel to practice recovery according to a BCP.
- Tabletop Exercise/Structured Walk-Through Test: Familiarization with the BCP through discussions.
- Walk-Through Drill/Simulation Test: Application of event scenarios to the BCP.
- Test Plan: Document outlining the scope and methods for testing.
Security Controls
- Technical Controls: Mechanisms to prevent and detect unauthorized activities.
- User Access Controls: Regulation of access to computing resources.
- Layered Security: Multiple controls at different transaction points.
Banking and Payments
, - Payroll Card Account: Account for electronic wage transfers.
- Credit Card: Card for purchases utilizing a line of credit.
- Prepaid/Stored Value Card: Card with assigned value, some reloadable.
- ECI - Electronically Created Item: Digital check without paper form.
- RDFI - Receiving Depository Financial Institution: Bank receiving ACH entries.
- ODFI - Originating Depository Financial Institution: Bank initiating ACH entries.
- Exposure Limits: Mitigation of credit risk as per ACH Rules.
- Debit Card: Card for purchases via electronic fund transfer.
- Cardholder: Individual/entity holding a credit or debit account.
Compliance and Regulations
- Title 31 of the CFR Part 370: Regulatory guidelines for handling payments via ACH.
- Unfair, Deceptive or Abusive Acts or Practices (UDAAP): Consumer protection laws for financial
products.
API - Application Program Interface ✔️A set of specifications, standards or conventions that enable
computer programs to exchange information.
Business Continuity Test/Disaster Recovery Exercise ✔️A test of an institution's disaster recovery plan
or BCP.
Transaction Testing ✔️A testing activity designed to validate the continuity of business transactions
and the replication of associated data.
Third-Party Service Provider ✔️A third-party that processes ACH files and/or entries on behalf of
financial institutions and/or Originators.
Third Party Sender ✔️A third-party that provides ACH services to the Originator, and, in that capacity,
acts as an intermediary between the Originator and ODFI.
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