CRCM Exam Compliance Risk Management Questions And Answers Rated A+
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Course
CRCM
Institution
CRCM
CRCM Exam Compliance Risk Management Questions And Answers Rated A+
Mitigation strategies for managing compliance risk ANS Predictive and detective automated and manual
Inherent Risk ANS Risk before controls are applied
Residual Risk ANS Risk after controls are applied
Risk measurement...
CRCM Exam Compliance Risk Management Questions And
Answers Rated A+
Mitigation strategies for managing compliance risk ANS Predictive and detective automated and manual
Inherent Risk ANS Risk before controls are applied
Residual Risk ANS Risk after controls are applied
Risk measurement ANS Technique for determining whether risks are controlled to a point within
management's tolerance for the risk
Formalized risk assessments ANS Assessment of inherent risk, residual risk, quantity and quality of risk, as
well as trends and direction
Three lines of defense ANS 1st line - Business unit level
2nd line - governance oversight
3rd - internal or External audit
Compliance management system ANS The banks framework to manage regulatory compliance
responsibilities
Elements for Mitigating Compliance Risk ANS 1. Written Program
2. Research and interpret regulations
3. Testing the program and performance
4. Coordination of Regulatory Exams
5. Leadership of Compliance training programs
6. Advising internal partners
Written Compliance Program ANS A comprehensive document summarizing key components of the CMS
including roles & responsibilities and compliance related P & P
, Change Management Process ANS Process to:
1. Research regulatory questions
2. Rank solutions as low, moderate or high
3. Track regulatory proposals
4. Implement final regulatory rules
Risk Assessment components ANS 1. Identify risks
2. Measure risk of non-compliance through inherent and residual risks
3. Document controls
4. Monitor risks to ensure appropriate management
5. Report risks
6. Independently evaluate risks
Key Risk Indicators ANS Changes to:
1. Products and services
2. Systems and automation status
3. P & P
4. Transaction volume & size
5. Personnel issues
6. Management experience
7. Dependences on other departments
8. Size & complexity of the bank's operations
9. Locations of branches & affiliates
Key performance indicators ANS 1. Fines & penalties
2. Customer complaints
3. Regulatory criticism from regulator or internal or external auditors
4. Contracts & service level agreement violations
Risk ranking ANS 1. Establish the exposure and likelihood of each identified compliance risk at the
inherent and residual levels
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