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Acams Advanced-CAMS-Audit Exam - Topic 4 Question 6 Discussion

During the auditing process the auditor finds that the entity never updates the customers risk assessment. Which remediation actions should the auditor suggest? (Select Two.)
A) Compliance regularly updates the lists of high- and medium-risk countries to ensure updated customer risk profiles. and E) The business updates the customer risk profiles periodically in accordance with the customer risk level. A: Regularly updating lists of high- and medium-risk countries ensures that customer risk profiles align with the most current geopolitical and economic risks. E: Periodic updates to customer risk profiles, based on their assigned risk level, are critical for maintaining an accurate and dynamic risk assessment system.
B) Audit designates an audit manager to review customer profiles annually.
C) Delete non-active customer profiles to reduce the workload of ongoing surveillance.
D) Management engages an independent third party to update all the customer risk profiles.

Acams Advanced-CAMS-Audit Exam - Topic 4 Question 6 Discussion

Actual exam question for Acams's Advanced-CAMS-Audit exam
Question #: 6
Topic #: 4
[All Advanced-CAMS-Audit Questions]

During the auditing process the auditor finds that the entity never updates the customers risk assessment. Which remediation actions should the auditor suggest? (Select Two.)

Show Suggested Answer Hide Answer
Suggested Answer: A, E

by Ashton at Jan 15, 2025, 04:32 AM

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Justine
7 months ago
Totally agree with E! Can't believe they weren't doing this already.
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Dahlia
7 months ago
Wait, deleting non-active profiles? That sounds risky!
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Derick
7 months ago
E is the way to go! Regular updates are key for accurate assessments.
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Matthew
7 months ago
I think B makes sense too, but how often is "annually" enough?
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Brent
7 months ago
A is definitely a must! Keeping up with high-risk countries is crucial.
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Myrtie
8 months ago
I’m a bit confused about whether we should focus on internal updates or bringing in external help. I think A and D could both be valid, but I lean towards A for sure.
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Casey
8 months ago
I feel like we practiced a similar question where updating risk profiles was emphasized. A and E seem to fit that scenario well.
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Malcom
8 months ago
I'm not entirely sure about the best options here. I think E makes sense, but I also recall something about having an independent review, which might be D?
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Lottie
8 months ago
I remember we discussed the importance of regularly updating risk assessments in class. Option A seems like a solid choice since it aligns with compliance requirements.
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Kirk
8 months ago
Okay, I think I've got a handle on this. Regularly updating the lists of high- and medium-risk countries, as well as having the business update customer risk profiles periodically, seem like the two most appropriate remediation actions. I'll select those.
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Theodora
8 months ago
Hmm, I'm a bit unsure about this one. Updating risk profiles and having an audit manager review them annually both seem like reasonable approaches, but I'm not sure if those are the best options. I'll need to think this through carefully.
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Elfrieda
8 months ago
This seems like a straightforward question about remediation actions for an entity that doesn't update customer risk assessments. I'll need to carefully review the options and select the two that best address the issue.
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Mammie
1 year ago
A and E for sure. It's like my grandma always said, 'An up-to-date risk profile is worth two in the bush!'
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Roosevelt
1 year ago
Hmm, I'm not sure about D. Paying an independent third party to do all the work? Seems like a waste of money, the business should be able to handle that themselves.
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Stanford
1 year ago
C: Deleting non-active customer profiles can help reduce the workload of ongoing surveillance and focus resources on active customers.
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Gianna
1 year ago
B: Assigning an audit manager to review customer profiles annually can help ensure that the updates are done consistently and thoroughly.
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Trina
1 year ago
E: Periodic updates to customer risk profiles, based on their assigned risk level, are critical for maintaining an accurate and dynamic risk assessment system.
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Marvel
1 year ago
A: Regularly updating lists of high- and medium-risk countries ensures that customer risk profiles align with the most current geopolitical and economic risks.
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Isidra
1 year ago
Wait, what? I'm pretty sure your grandma never said that. But the point still stands - keep those profiles fresh!
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Emerson
1 year ago
E: Periodic updates to customer risk profiles, based on their assigned risk level, are critical for maintaining an accurate and dynamic risk assessment system.
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Fabiola
1 year ago
A: Regularly updating lists of high- and medium-risk countries ensures that customer risk profiles align with the most current geopolitical and economic risks.
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Erin
1 year ago
A and E seem like the most logical choices. Keeping those customer risk profiles up-to-date is crucial for any effective audit process.
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Sherman
1 year ago
E: Periodic updates to customer risk profiles, based on their assigned risk level, are critical for maintaining an accurate and dynamic risk assessment system.
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Aliza
1 year ago
A: Regularly updating lists of high- and medium-risk countries ensures that customer risk profiles align with the most current geopolitical and economic risks.
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Quentin
1 year ago
I also think periodic updates based on customer risk level are crucial for maintaining an accurate risk assessment system.
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Hubert
1 year ago
I agree with that. It's important to align customer risk profiles with current geopolitical and economic risks.
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Quentin
1 year ago
I think we should suggest compliance to regularly update the lists of high- and medium-risk countries.
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