APRP Exam Review Sample
Test Comprehensive Questions
with Verified Answers Graded
A+
A check is not considered a negotiable instrument under Regulation CC if it... - Answer: Is not
printed with MICR Ink
FedWire Funds are final and irrevocable upon completion of processing by the... - Answer:
Federal Reserve Banks
A security procedure is not considered commercially reasonable for a wire transfer if... - Answer:
The security procedure is only compared to a signature
Real-time Payments (RTP) allows a financial institution to limit its exposure risk by... - Answer:
Utilizing prefunding
The duration of exposure risk for a financial institution when originating ACH debit entries is -
Answer: the period from when entries are released to the ACH Operator, through the time
entries can no longer be returned by the RDFI
Establishes net debit caps on the amount of Reserve Bank daylight credit that a depository
institution may use during a single day or over a 2 week reserve maintenance period. - Answer:
Payment System Risk Policy
, Requires a paying bank return a check such that it is received by the BOFD by 2:00pm local time
on the 2nd business day following the date of presentment? - Answer: Reg CC expeditious
return
Enterprise Risk Management is (COSO) - Answer: The culture, capabilities, and practices that
organizations integrate within their strategy to manage risk and preserve and realize value
an effective BSA/AML/OFAC compliance program consists of... - Answer: Board approved written
policies, procedures and processes to prevent money laundering and terrorist financing
The amount of risk, on a broad level, an entity is willing to accept in the pursuit of value -
Answer: Risk appetite
UCC: BOFD is liable for a warranty breach claim for forged/missing endorsement for how long? -
Answer: 3 years from cash letter date
FFIEC: First step in business continuity process - Answer: Development of a Business Impact
Analysis
Scope of required Physical and Information Security Procedures depends on... - Answer: Size
and complexity of the institutions IT operations and the variety of functions performed by IT
operations.
IT and Security Policy should address... - Answer: Key areas such as personnel, capital
investment, physical and logical security, change management, strategic planning, business
continuity
Technology Standards - Answer: Internally developed to establish measurable controls and
requirements to achieve policy objectives.
Test Comprehensive Questions
with Verified Answers Graded
A+
A check is not considered a negotiable instrument under Regulation CC if it... - Answer: Is not
printed with MICR Ink
FedWire Funds are final and irrevocable upon completion of processing by the... - Answer:
Federal Reserve Banks
A security procedure is not considered commercially reasonable for a wire transfer if... - Answer:
The security procedure is only compared to a signature
Real-time Payments (RTP) allows a financial institution to limit its exposure risk by... - Answer:
Utilizing prefunding
The duration of exposure risk for a financial institution when originating ACH debit entries is -
Answer: the period from when entries are released to the ACH Operator, through the time
entries can no longer be returned by the RDFI
Establishes net debit caps on the amount of Reserve Bank daylight credit that a depository
institution may use during a single day or over a 2 week reserve maintenance period. - Answer:
Payment System Risk Policy
, Requires a paying bank return a check such that it is received by the BOFD by 2:00pm local time
on the 2nd business day following the date of presentment? - Answer: Reg CC expeditious
return
Enterprise Risk Management is (COSO) - Answer: The culture, capabilities, and practices that
organizations integrate within their strategy to manage risk and preserve and realize value
an effective BSA/AML/OFAC compliance program consists of... - Answer: Board approved written
policies, procedures and processes to prevent money laundering and terrorist financing
The amount of risk, on a broad level, an entity is willing to accept in the pursuit of value -
Answer: Risk appetite
UCC: BOFD is liable for a warranty breach claim for forged/missing endorsement for how long? -
Answer: 3 years from cash letter date
FFIEC: First step in business continuity process - Answer: Development of a Business Impact
Analysis
Scope of required Physical and Information Security Procedures depends on... - Answer: Size
and complexity of the institutions IT operations and the variety of functions performed by IT
operations.
IT and Security Policy should address... - Answer: Key areas such as personnel, capital
investment, physical and logical security, change management, strategic planning, business
continuity
Technology Standards - Answer: Internally developed to establish measurable controls and
requirements to achieve policy objectives.
