AAP Prep- Risk
Quiz by Jennifer Miller
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43 questions
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- Q1Helps mitigate and manage credit risk. An ODFI can put these is place for all their originators before they transmit ACH entries.Exposure Limits30s
- Q2Occurs when a party to a transaction cannot provide the necessary fund, as contract, in order for settlement to occurCredit Risk30s
- Q3Occurs when a transaction is altered or delayed due to an unintentional errorOperational Risk30s
- Q4Hardware or software failureOperational Risk30s
- Q5Risk that a payment transaction will be initiated or altered in an attempt to misdirect or misappropriate funds.Fraud Risk30s
- Q6The risk that the failure of one financial institution can bring down other institutions as wellSystemic Risk30s
- Q7Defined as the risk of legal sanctions, material financial loss, or loss to reputation the Bank may suffer as a result of its failure to comply with laws, its own regulations, code of conduct, and standards of best/good practice.Compliance Risk30s
- Q8Risk that occurs when an account holder's confidence in a financial institution is diminished.Reputation Risk30s
- Q9The risk of adverse publicity, possibly resulting in litigation, loss of business from an incident, event or problemReputation Risk30s
- Q10Risk that occurs when fraudulent or illegal payment transactions move from one payments channel to another (e.g. check payments to ACH)Cross-Channel Risk30s
- Q11Risk presented when processors, sending or receiving points, or other parties performing a function of ACH processing on behalf of a participant.Third-Party Risk30s
- Q12Risk that occurs when an ODFI permits an Originator or Third-Party to use its routing number to send files directly to the ACH Operator.Direct Access Risk30s
- Q13Occurs when the rate of unauthorized returns rises above a reasonable ratio, with potential loss to the ODFIHigh return rate risk30s
- Q143%Administrative return rate level30s
- Q1515% (excluding RCK's)Overall return rate level30s