Visa and MasterCard have teamed up to develop payment card Industry ( PCI) Data Security standards to govern the safekeeping of account information. Which of the following is NOT out of the major goals of PCI standards?
A. Build and maintain secure network
B. Protect Card holder Data
C. Maintain vulnerability management program and regularly monitor and test networks
D. Annual review of an information security policy
Electronic financial services audits should focus on whether there are adequate internal controls in place to protect customer transactions information, and assets. Some key steps in clued all of the following EXCEPT:
A. Determine whether disaster contingency plans for the failure of internet transactions orcommunication are adequate, regularly updated
B. Determine whether disaster contingency plans for the failure of internet transactions orcommunication are adequate, regularly tested, and regularly updated
C. Determine whether an access is controlled by a firewall
D. Stress test analyzing changes in market and credit conditions are appropriate. The marketassumptions are reasonable
Which of the following does NOT come under the consideration of systematic or interconnection risk?
A. Risk management systems that include limits or controls on interconnection risk to which the entity is willing to expose itself.
B. Provisions for monitoring systematic risk effectively
C. Contingency plans setting forth actions to be taken when system-wise market disruptionsoccur
D. Due diligence of enforcement activities
Basic control/s to consider when auditing derivates strategies is/are:
A. "Created" Reports
B. Risk or position limits
C. Highly volatile markets or illiquid markets
D. Board-approved guidelines
The entity has comprehensive, written credit risk management policies and procedures for derivative activities. This addresses to:
A. Counterparty Risk
B. Market risk
C. Market liquidity Risk
D. Legal Risk
In option- type securities contracts the option's price is called:
A. Mark up
B. Premium
C. Return value
D. Both AandB
Derivatives can be:
A. Exchange traded securities
B. Exchange traded options
C. Over-the-counter traded securities
D. Either A or C
The interagency statement calls for these disclosures to be provided EXCEPT:
A. Orally during any sales presentation
B. Orally when investment advice concerning the non deposit investment products is provided
C. In advertisement and other promotional materials as specified in the interagency statement
D. None of these
Derivates can be effective low cost tools for managing expose experience losses due to:
A. Interest rate change
B. Master agreements
C. Commodity price change
D. All of these
Under the interagency statement when a bank recommends or sells non-deposit investment product it should inform the customer that the product is:
A. Having high interest rate
B. Not insured by FDIC
C. Not a deposit or other obligation of, or guaranteed by the depository institution
D. Only BandC
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