ACAMS
CAMS · Question #114
A compliance officer identifies a potentially significant risk in a popular financial product. Further investigation reveals there is no mitigating control. Which course of action should the…
The correct answer is D. Implement a temporary mitigation that enables effective management of the risk until a. As there's NO mitigating control, the temporary control system must be developed and implemented until the permanent mitigating control is developed and implemented.
AML/CFT Compliance Programs
Question
A compliance officer identifies a potentially significant risk in a popular financial product. Further investigation reveals there is no mitigating control. Which course of action should the compliance officer take?
Options
- ALaunch a long-term project to remediate the control deficiency
- BNote the risk and address it during the next round of policy and procedure review
- CImmediately cease providing the product and only offer it after effective permanent mitigation is
- DImplement a temporary mitigation that enables effective management of the risk until a
How the community answered
(45 responses)- A2% (1)
- B4% (2)
- C9% (4)
- D84% (38)
Explanation
As there's NO mitigating control, the temporary control system must be developed and implemented until the permanent mitigating control is developed and implemented.
Topics
#risk management#control deficiency#temporary mitigation#compliance program
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