Compliance Risk Management Flashcards

1
Q

Mitigation Strategies

A

1) Controls (predictive and detective, automated and manual)
2) Policies and Procedures
3) Training

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2
Q

Risk Assessment

A

1) Inherent Risk
2) Residual Risk
3) Quantity and quality of risk
4) Trends and direction

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3
Q

Inherent Risk

A

Risk present before controls are applied

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4
Q

Residual Risk

A

Risk present after controls are applied

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5
Q

Compliance Management System

A

The bank’s ability to oversee and control it’s compliance risk

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