Exam (elaborations)
APRP Chp 4 Payments Risk Management Controls (22-)(graded A+)
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APRP Chp 4 Payments Risk Management Controls (22-)(graded A+)
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APRP Chp 4: PaymentsRisk Management
Controls (22%)(graded
A+)
5 key components of Internal Control Programs -
answer *Control Environments
*Risk Assessments
*Control Activities
*Information and Communication
*Monitoring
Control Activities - answer The policies and
procedures institutions establish to manage risks
and ensure predefined control objectives are met.
Monitoring - answer May consist of periodic
control reviews specifically designed to ensure the
sufficiency of key program components such as risk
assessments, control activities and reporting
mechanisms.
, e-Banking Internal controls - answer *Segregation
of Duties
*Dual Controls
*Reconcilements
*Suspicious Activity
*Similar Website names
*Error Check: field corrections/click confirmations
*Alternate channel confirmations:phone,mail/email
Sarbanes-Oxley Act - answer Helps protect
investors from fraudulent financial reporting by
corporations (financial reporting and statement
transparency and accuracy)
Who should assign responsibility for the internal
audit function to a member of management (or
internal audit manager) and ensure written
guidelines for conducting IT audits have been
adopted? - answer The Board of Directors
Who serves as an organization's third line of
defense, optimally positioned for providing reliable
& objective assurance to the board of directors and
senior mgmt. regarding governance, risk &
control? - answer Internal Auditors
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