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American Bankers Association CRCM Exam - Topic 10 Question 35 Discussion

A recent audit revealed that the bank's personal trust division was failing to determine whether securities being accepted from new trust customers have been reported as lost or stolen. To address the root cause of this problem, what should the compliance officer do FIRST?
D) Review the policies and procedures for accepting securities in new personal trust relationships to ensure securities verification
A) Inquire with the SIC about all securities noted in the audit
B) Contact the bank's primary regulator to determine the best course of action
C) Retrain all personal trust administrators on the lost and stolen securities requirements

American Bankers Association CRCM Exam - Topic 10 Question 35 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 35
Topic #: 10
[All CRCM Questions]

A recent audit revealed that the bank's personal trust division was failing to determine whether securities being accepted from new trust customers have been reported as lost or stolen. To address the root cause of this problem, what should the compliance officer do FIRST?

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Suggested Answer: D

by Luisa at May 04, 2022, 12:27 AM

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Pete
8 months ago
Definitely need to involve the regulator, that's a big deal!
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Elza
9 months ago
Wait, how did they not check for lost or stolen securities before?
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Chandra
9 months ago
Reviewing policies first seems more effective to me.
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Rikki
9 months ago
I think retraining is a good start, but is it enough?
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Bernardine
9 months ago
Sounds like a major oversight! They need to fix this ASAP.
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Marlon
9 months ago
Wait, I'm a bit confused. Shouldn't we also enable Session Services? I'm not sure if that's required for the PSN to accept authentication requests.
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Jesusa
9 months ago
I've got this! The IE2000 and IE3000 series switches are Cisco's go-to products for roadside deployments. They're ruggedized and designed for harsh environments.
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Dick
9 months ago
This one seems pretty straightforward. I'm thinking resource exhaustion is the way to go here.
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Kimberlie
9 months ago
Hmm, the issue seems to be that the directory number is forwarding to voicemail, but users are still hearing the opening greeting. I think the solution might be to modify the Call Forward All setting.
upvoted 0 times
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Valene
10 months ago
I remember something about process adapters in relation to analytics. Could that be a possibility, or am I mixing it up with something else?
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Kattie
10 months ago
This question seems straightforward. I think I'll go with option C - SIAM provides a single point of control for the integrated delivery of services.
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