ADVANCED CAMS - RISK MANAGEMENT EXAM WITH
ALL CORRECT & 100% VERIFIED ANSWERS|ALREADY
GRADED A+
When did the Federal research issue "FRB SR08-8" ✔Correct Answer-October 16, 2008
What does the FRBSR08-8 Compliance Risk Management and Oversight at Large Banking
Organization with Complex Compliance Profiles" clarify? ✔Correct Answer--Organizations that
should implement a firm wide approach to compliance risk management oversight
-Independence of compliance staff
-Compliance monitoring and testing
-Responsibilities of boards and directors and senior management regarding compliance risk
management and oversight
When did FinCEN publish "Advisory to U.S. Financial Institutions on Promoting a Culture of
Compliance? ✔Correct Answer-August 2014
Per the "Advisory to U.S. Financial Institution on Promoting a Culture of Compliance", how can a FI
strengthen this BSA/AML compliance culture? ✔Correct Answer-- The leadership actively supports
and understand compliance efforts
-Efforts to manage and mitigate BSA/AML/CTF deficiencies and risks are not compromised by
revenue interests
-Relevant information from various departments within the organization is shared with compliance
staff to further BSA/AML efforts
- The institution provides adequate personnel and technological resources for its compliance
function.
- The compliance program is effective by ensuring that it is tested by an independent and competent
party
- The leadership and staff understand the purpose of its BSA/AML efforts and how it's reporting is
used.
Define a risk governance framework? ✔Correct Answer-Outlines how a financial institution intends
to manage risk, including all parties involved.
What should the risk governance framework cover at a minimum? ✔Correct Answer-Risk relevant
to the financial institution including those related to credit, interest, price, operational, liquidity,
strategic, repetutational and compliance.
Per the OCC Guidelines, a covered bank should what? ✔Correct Answer-Establish and adhere to a
formal, written risk governance framework that is designed by independent risk management and
approved by the board of directors or the board's risk committee.
How often should independent risk management review and update the risk governance framework?
✔Correct Answer-At least annually, and as often as needed to address improvements in industry risk
management practices and changes in the covered bank's risk profile caused by emerging risks, its
strategic plans, or other internal and external factors.
ALL CORRECT & 100% VERIFIED ANSWERS|ALREADY
GRADED A+
When did the Federal research issue "FRB SR08-8" ✔Correct Answer-October 16, 2008
What does the FRBSR08-8 Compliance Risk Management and Oversight at Large Banking
Organization with Complex Compliance Profiles" clarify? ✔Correct Answer--Organizations that
should implement a firm wide approach to compliance risk management oversight
-Independence of compliance staff
-Compliance monitoring and testing
-Responsibilities of boards and directors and senior management regarding compliance risk
management and oversight
When did FinCEN publish "Advisory to U.S. Financial Institutions on Promoting a Culture of
Compliance? ✔Correct Answer-August 2014
Per the "Advisory to U.S. Financial Institution on Promoting a Culture of Compliance", how can a FI
strengthen this BSA/AML compliance culture? ✔Correct Answer-- The leadership actively supports
and understand compliance efforts
-Efforts to manage and mitigate BSA/AML/CTF deficiencies and risks are not compromised by
revenue interests
-Relevant information from various departments within the organization is shared with compliance
staff to further BSA/AML efforts
- The institution provides adequate personnel and technological resources for its compliance
function.
- The compliance program is effective by ensuring that it is tested by an independent and competent
party
- The leadership and staff understand the purpose of its BSA/AML efforts and how it's reporting is
used.
Define a risk governance framework? ✔Correct Answer-Outlines how a financial institution intends
to manage risk, including all parties involved.
What should the risk governance framework cover at a minimum? ✔Correct Answer-Risk relevant
to the financial institution including those related to credit, interest, price, operational, liquidity,
strategic, repetutational and compliance.
Per the OCC Guidelines, a covered bank should what? ✔Correct Answer-Establish and adhere to a
formal, written risk governance framework that is designed by independent risk management and
approved by the board of directors or the board's risk committee.
How often should independent risk management review and update the risk governance framework?
✔Correct Answer-At least annually, and as often as needed to address improvements in industry risk
management practices and changes in the covered bank's risk profile caused by emerging risks, its
strategic plans, or other internal and external factors.
