APRP EXAM 2025 QUESTIONS AND
CORRECT ANSWERS.
1. Systemic Risk - correct answer - Risk that the inability or unwillingness of
one funds transfer system participant to settle its commitments will cause
other participants to be unable to settle their commitments.
2. Counterparty Risk - correct answer - Risk to each party of a contract that
the counterparty will not live up to its contractual obiligations.
3. Risk Acceptance with Treatment - correct answer - Risks that are
monitored and reviewed to ensure they remain within the risk appetite.
4. Originator - correct answer - Sender of the payment order in a funds or
securities transfer.
5. Authentication Factor - correct answer - Something a person is, something a
person knows or something a person has.
6. Risk Assessment - correct answer - Step in the BCP process that evaluates
business processes and BIA assumptions using various threat scenarios.
,7. Business Impact Analysis - correct answer - Step in the BCP process
that indentifies the potential impact of uncontrolled, non-specific events
on an institution's business processes.
8. Vulnerability Analysis - correct answer - Systematic examination of an
informantion system or product to determine the adquacy of security
measures and identify security deficiencies.
9. Device Identification - correct answer - Technique used to establish a
"fingerprint identity" of a user's computer or other web access device.
10. Federal Reserve Bank Operating Circular 5 (OC 5) - correct answer -
Terms under which an institution may access certain services and
applications provided by a Federal Reserve Bank and under which an
institution may send or receive data from a Federal Reserve Bank by means
of an electronic connection.
11. Full-Interruption/Full-Scale Test - correct answer - Testing method
involves a simulated real-life emergency and all or portions of the business
continuity plan (BCP) are implemented by processing data/transactions
using back-up media at the recovery site.
12. ACH Operator - correct answer - The central clearing facility for ACH
transactions.
, 13. Acquirer (Processor, Merchant Bank or Merchant Processor)
- correct answer - The financial instituion that contracts with a merchant to
initiate payment requests to a card association or company in the context of
credit an debit card payments.
14. Bank of First Deposit (Payee's Depository Financial Institution) -
correct answer - The first bank to which a check is deposited or transferred.
15. Payor (Check Writer, Maker, or Drawer) - correct answer - The party
obligated to pay on a check.
16. Payee - correct answer - The party to whom a check is made payable.
17. Commercial wholeale credits, including wire transfers and CCD/CTX
credits - correct answer - Transactions governed by UCC 4A.
18. Physical access control and Logical access control - correct answer -
Two main types of access control.
19. Pay Later - correct answer - Type of retail processing where a card
CORRECT ANSWERS.
1. Systemic Risk - correct answer - Risk that the inability or unwillingness of
one funds transfer system participant to settle its commitments will cause
other participants to be unable to settle their commitments.
2. Counterparty Risk - correct answer - Risk to each party of a contract that
the counterparty will not live up to its contractual obiligations.
3. Risk Acceptance with Treatment - correct answer - Risks that are
monitored and reviewed to ensure they remain within the risk appetite.
4. Originator - correct answer - Sender of the payment order in a funds or
securities transfer.
5. Authentication Factor - correct answer - Something a person is, something a
person knows or something a person has.
6. Risk Assessment - correct answer - Step in the BCP process that evaluates
business processes and BIA assumptions using various threat scenarios.
,7. Business Impact Analysis - correct answer - Step in the BCP process
that indentifies the potential impact of uncontrolled, non-specific events
on an institution's business processes.
8. Vulnerability Analysis - correct answer - Systematic examination of an
informantion system or product to determine the adquacy of security
measures and identify security deficiencies.
9. Device Identification - correct answer - Technique used to establish a
"fingerprint identity" of a user's computer or other web access device.
10. Federal Reserve Bank Operating Circular 5 (OC 5) - correct answer -
Terms under which an institution may access certain services and
applications provided by a Federal Reserve Bank and under which an
institution may send or receive data from a Federal Reserve Bank by means
of an electronic connection.
11. Full-Interruption/Full-Scale Test - correct answer - Testing method
involves a simulated real-life emergency and all or portions of the business
continuity plan (BCP) are implemented by processing data/transactions
using back-up media at the recovery site.
12. ACH Operator - correct answer - The central clearing facility for ACH
transactions.
, 13. Acquirer (Processor, Merchant Bank or Merchant Processor)
- correct answer - The financial instituion that contracts with a merchant to
initiate payment requests to a card association or company in the context of
credit an debit card payments.
14. Bank of First Deposit (Payee's Depository Financial Institution) -
correct answer - The first bank to which a check is deposited or transferred.
15. Payor (Check Writer, Maker, or Drawer) - correct answer - The party
obligated to pay on a check.
16. Payee - correct answer - The party to whom a check is made payable.
17. Commercial wholeale credits, including wire transfers and CCD/CTX
credits - correct answer - Transactions governed by UCC 4A.
18. Physical access control and Logical access control - correct answer -
Two main types of access control.
19. Pay Later - correct answer - Type of retail processing where a card
