CAMS Advanced CAMS Risk Management Exam Practice Questions Set One

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Topics Covered

Knowledge and Skills in International Financial Crime Management

  1. International Policies and Procedures

    • 1.1 International Guidelines: Understanding global policies and procedures relevant to financial crime.
  2. Governing Documents and Compliance

    • 1.2 Regulatory Documents: Knowledge of governing documents and their alignment with international laws and regulations.
  3. Data Standards and Legislation

    • 1.3 Data Standards: Awareness of international standards for data sharing, protection, and privacy, and relevant jurisdictional legislation.
  4. Financial Crime Regulations

    • 1.4 Regulatory Frameworks: Knowledge of key national and international financial crime regulations, including their extraterritorial application.
  5. Risk Management Components

    • 1.5 Risk Management: Understanding risk management components, including risk-based approaches, risk appetite, control effectiveness, and residual risk.
  6. Impact of Risk Appetite

    • 1.6 Risk Appetite Influence: Understanding how risk appetite influences client and product portfolios and associated risk mitigation strategies.
  7. Effects of Risk Assessments

    • 1.7 Risk Assessment Impact: Knowing how risk assessment outcomes shape the management of financial crime programs, including transaction monitoring.
  8. Jurisdictional Regulation Impact

    • 1.8 Regulatory Impact: Understanding how jurisdiction-specific regulations (e.g., FinCEN, EU) affect institutional risk.
  9. Jurisdictional Risk Assessments

    • 1.9 Risk Assessment Integration: Knowledge of how jurisdictional risk assessments influence enterprise-wide risk evaluations.
  10. Risk Management Strategies

    • 1.10 Risk Strategies: Understanding various risk management strategies, including acceptance, avoidance, treatment, and control.
  11. Model Validation and Data Management

    • 1.11 Model Validation: Knowledge of model validation requirements, implementation, and data management.
  12. Issue Management and Incident Process

    • 1.12 Issue Management: Understanding issue management, including logs, databases, and the incident management process.
  13. Effective Program Management Feedback

    • 1.13 Feedback Loop: Elements of an effective feedback loop in program management.
  14. Compliance Culture

    • 1.14 Compliance Culture: Recognizing the importance of a company’s culture of compliance, including ethical codes and leadership tone.

Financial Crime Risk Assessment and Management

  1. Common Risk Areas

    • 2.1 Risk Areas: Understanding typical risk areas in financial crime.
  2. Financial Crime Methodologies

    • 2.2 Crime Relationships: Knowledge of how financial crime methodologies and typologies affect the risk assessment process.
  3. Risk Across Compliance Programs

    • 2.3 Program Risk: Understanding how risk varies among different compliance programs (e.g., anti-bribery, sanctions, fraud, AML).
  4. Bribery and Corruption Concepts

    • 2.4 Bribery Concepts: Key concepts in bribery and corruption, including active and passive bribery and facilitation payments.
  5. Inherent Risk Indicators

    • 2.5 Risk Indicators: Identifying inherent risk indicators related to clients, products, services, delivery channels, and geographies.
  6. Terrorist Financing Trends

    • 2.6 Terrorist Financing: Basic concepts and trends in terrorist financing, including funding methods, risks, and red flags.
  7. Layered Risk Assessment

    • 2.7 Layered Risk: Assessing multiple risks associated with a single account or transaction.
  8. Beneficial Ownership Structures

    • 2.8 Ownership Structures: Understanding different beneficial ownership structures, including control via ownership, control without ownership, and hybrid control.
  9. Emerging Risks

    • 2.9 Emerging Risks: Identifying and understanding emerging risks such as FinTech, cyber threats, and cryptocurrency.
  10. Information Sharing

    • 2.10 Sharing Opportunities: Utilizing information sharing opportunities (e.g., 314(b), financial crime working groups) to identify emerging risks and trends.
  11. Customer Risk Scoring

    • 2.11 Risk Scoring: Understanding how customer risk scores are calculated.
  12. Risks of Enforcement Actions

    • 2.12 Enforcement Risks: Assessing risks associated with punitive actions and enforcement measures.
  13. Impact of Regulatory Reviews

    • 2.13 Regulatory Impact: Evaluating how regulatory and independent reviews (e.g., AML exams, control assessments, audit reports) affect risk assessments.
  14. Mergers and Acquisitions

    • 2.14 M&A Impact: Understanding how mergers and acquisitions impact financial crime compliance programs, including relevant data points, metrics, program information, and due diligence before, during, and after the transaction.

Internal Controls and Risk Management

  1. Internal Controls

    • 3.1 Control Types: Understanding different internal controls (e.g., group-wide, local, process-embedded, manual) based on risk assessments.
  2. Impact of Financial Crimes

    • 3.2 Risk Framework Impact: Assessing how financial crimes affect the overall risk framework.
  3. Preventative Internal Controls

    • 3.3 Control Application: Using preventative internal controls to manage financial crime risk, including risks associated with customers, products, and jurisdictions.
  4. Emerging Technologies

    • 3.4 Tech Applications: Applying emerging technologies (e.g., AI, machine learning, robotics) to monitor, control, and mitigate financial crime risks.
  5. Effectiveness Measurement

    • 3.5 Due Diligence Evaluation: Measuring the effectiveness of KYC, customer due diligence (CDD), and enhanced due diligence (EDD) processes.
  6. Media Screening Impact

    • 3.6 Screening Influence: Understanding how media screenings affect risk ratings and determining when to conduct ongoing due diligence and monitoring.
  7. Complex Product Controls

    • 3.7 Product Controls: Implementing controls for complex products such as payment intermediaries, correspondent banking, private banking, and mobile banking.
  8. Transaction Documentation

    • 3.8 High-Risk Products: Documenting legitimate transactions related to high-risk products.
  9. Risk Assessment Integration

    • 3.9 Tool Integration: Incorporating risk assessments into transaction monitoring tools.
  10. Metrics Drivers

    • 3.10 Metric Drivers: Understanding what influences relevant metrics (e.g., KPIs, KRIs) and how these metrics relate to risk management and reporting.
  11. Data Integrity Evaluation

    • 3.11 Data Integrity: Evaluating the integrity of relevant data, including sources and completeness, and interpreting data for risk management.
  12. Analytics Integration

    • 3.12 Analytical Methods: Incorporating analytics into risk management processes.

Training Evaluation and Communication

  1. Training Effectiveness

    • 4.1 Evaluation and Communication: Assessing the effectiveness of training programs and how to effectively communicate training outcomes.
  2. Regulatory Influence

    • 4.2 Assurance and Regulatory Impact: Understanding how regulatory exams and testing programs influence training requirements and drive changes to training programs.
  3. Communication Techniques

    • 4.3 Stakeholder Communication: Employing effective communication techniques tailored for company leadership and other stakeholders.

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