Payment Risk Management Controls-
APRP
Risk Mitigation - CORRECT ANSWER-Process of reducing risks through the
introduction of specific controls and risk transfer.
Transaction Testing - CORRECT ANSWER-A testing activity designed to validate the
continuity of business transactions and the replication of associated date.
Test Plan - CORRECT ANSWER-A document based on the institutions test scope and
objectives and includes various test methods.
Business Continuity Test/DisasterRecovery Exercise - CORRECT ANSWER-A test of
an institution's disaster recovery plan or BCP.
Preventive Controls - CORRECT ANSWER-A mitigating technique designed to prevent
an event from occurring.
Name the 5 steps in the vendor management lifecycle according to the FFIEC. -
CORRECT ANSWER-1.Planning
2.Due Diligence in vendor selection
3.Contract Negotiation
4.Ongoing Monitoring
5.Termination
Name the FTC'S "4 Ps" for evaluating whether a representation, omission, act or
practice is likely to mislead. - CORRECT ANSWER-1.Prominent-will the consumer
notice the information?
2.Presented-is the format easy-to-understand?
3.Placement-is the information located where a consumer would expect to look?
4.Proximity-is the information close to the claim in qualifies?
Business Continuity Plan(BCP) - CORRECT ANSWER-A comprehensive written plan to
maintain or resume business in the event of a disruption.
Business Impact Analysis (BIA) - CORRECT ANSWER-Process of identifying the
potential impact of uncontrolled, non-specific events on an institution's business
process.
Business Continuity Strategy - CORRECT ANSWER-Comprehensive strategies to
recover, resume and maintain all critical business functions
APRP
Risk Mitigation - CORRECT ANSWER-Process of reducing risks through the
introduction of specific controls and risk transfer.
Transaction Testing - CORRECT ANSWER-A testing activity designed to validate the
continuity of business transactions and the replication of associated date.
Test Plan - CORRECT ANSWER-A document based on the institutions test scope and
objectives and includes various test methods.
Business Continuity Test/DisasterRecovery Exercise - CORRECT ANSWER-A test of
an institution's disaster recovery plan or BCP.
Preventive Controls - CORRECT ANSWER-A mitigating technique designed to prevent
an event from occurring.
Name the 5 steps in the vendor management lifecycle according to the FFIEC. -
CORRECT ANSWER-1.Planning
2.Due Diligence in vendor selection
3.Contract Negotiation
4.Ongoing Monitoring
5.Termination
Name the FTC'S "4 Ps" for evaluating whether a representation, omission, act or
practice is likely to mislead. - CORRECT ANSWER-1.Prominent-will the consumer
notice the information?
2.Presented-is the format easy-to-understand?
3.Placement-is the information located where a consumer would expect to look?
4.Proximity-is the information close to the claim in qualifies?
Business Continuity Plan(BCP) - CORRECT ANSWER-A comprehensive written plan to
maintain or resume business in the event of a disruption.
Business Impact Analysis (BIA) - CORRECT ANSWER-Process of identifying the
potential impact of uncontrolled, non-specific events on an institution's business
process.
Business Continuity Strategy - CORRECT ANSWER-Comprehensive strategies to
recover, resume and maintain all critical business functions
