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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
2 months 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
2 months 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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Jaclyn
1 months ago
D) Before entering into a contract, the bank must obtain the customer's written affirmative election to enter into the contract and written acknowledgement of the receipt of the disclosures
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Kenny
2 months ago
C) Assessment of the adequacy of its internal controls and risk mitigation activities
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Catarina
2 months ago
A) Appropriate recognition and financial reporting of income, expenses, assets, and liabilities
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Fannie
2 months 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
3 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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Vincent
26 days ago
User 4: It's important for banks to have proper risk management processes in place.
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Trinidad
27 days ago
User 3: Absolutely, transparency is key in financial services.
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Ricki
1 months ago
User 2: Yes, customer consent is crucial before entering into a contract.
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Shalon
2 months ago
User 1: I agree, D is the correct answer.
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King
3 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
3 months ago
I believe option D is also essential to ensure customers are fully informed before entering into contracts.
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Cheryl
3 months ago
I agree with you, Lucille. Option C is crucial for managing risks effectively.
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Lucille
4 months ago
I think option C is important for ensuring internal controls are adequate.
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