Compliance Risk Management Flashcards
1
Q
Mitigation Strategies
A
1) Controls (predictive and detective, automated and manual)
2) Policies and Procedures
3) Training
2
Q
Risk Assessment
A
1) Inherent Risk
2) Residual Risk
3) Quantity and quality of risk
4) Trends and direction
3
Q
Inherent Risk
A
Risk present before controls are applied
4
Q
Residual Risk
A
Risk present after controls are applied
5
Q
Compliance Management System
A
The bank’s ability to oversee and control it’s compliance risk