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American Bankers Association Exam CRCM Topic 1 Question 103 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 103
Topic #: 1
[All CRCM Questions]

Banks must establish and maintain effective risk management and control processes over its DCCs and DSAs, including:

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Suggested Answer: B

by Dierdre at Nov 13, 2024, 09:24 AM

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Kasandra
27 days ago
D is the right answer, no doubt. Though I'm sure some banks would prefer to just bury the disclosures in the fine print and hope no one reads them.
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Cristal
28 days ago
Option D is definitely the way to go. You wouldn't want to end up like the bank that forgot to get the customer's signature and ended up in a regulatory nightmare.
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Kenny
2 days ago
C) Assessment of the adequacy of its internal controls and risk mitigation activities
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Catarina
19 days ago
A) Appropriate recognition and financial reporting of income, expenses, assets, and liabilities
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Fannie
29 days ago
Haha, the bank must get the customer's written permission before tricking them into a contract? Sounds like common sense to me.
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Jacquline
1 months ago
I agree, D is the correct answer. Banks need to prioritize customer protection and transparency when offering these products.
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Shalon
29 days ago
User 1: I agree, D is the correct answer.
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King
1 months ago
Option D seems the most comprehensive and addresses the key aspects of risk management and control processes that banks need to have in place. Obtaining the customer's written consent and acknowledgement of disclosures is crucial.
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Tora
2 months ago
I believe option D is also essential to ensure customers are fully informed before entering into contracts.
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Cheryl
2 months ago
I agree with you, Lucille. Option C is crucial for managing risks effectively.
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Lucille
2 months ago
I think option C is important for ensuring internal controls are adequate.
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