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APRP STUDY SHEET 2026 ACCURATE
SOLUTION COLLECTION
โ Policy. Answer: Defines the course of action adopted for the sake of expediency and facilitation of objectives. โ Shareholders. Answer: Group of individuals that may elect directors of an organization, including CEO and CFO, and benefit through dividends nor share buybacks. โ Senior Management Team(Executive Management, Management Team). Answer: Group of individuals at the highest-level of management of an organization who have the day to day tasks of managing the organization. โ CEO (Chief Executive Officer). Answer: The highest-ranking executive in an organization responsible for making major corporate decisions, managing overall operations and resources, and acting as a main point of communication with the Board.
โ Board of Directors. Answer: A group of individuals that are elected as, or elected to act as, representatives of the stockholders to establish corporate management-related policies. โ risk assignment. Answer: Form of risk sharing that allocates risk equitably. โ Risk Sharing. Answer: Form of risk treatment involving an agreed-upon distribution of risk with other parties. โ Risk Avoidance. Answer: Informed decision to withdraw from or not become involved with an activity to avoid exposure to unwanted or unacceptable risks. โ Risk Acceptance with treatment. Answer: Risks that are monitored and reviewed to ensure they remain within the risk appetite. โ Risk Acceptance without treatment.
โ Risk Mitigation. Answer: Process of reducing risks through the introduction of specific controls and risk transfer. โ Transaction Testing. Answer: A testing activity designed to validate the continuity of business transactions and the replication of associated date. โ Test Plan. Answer: A document based on the institutions test scope and objectives and includes various test methods. โ Business Continuity Test/DisasterRecovery Exercise. Answer: A test of an institution's disaster recovery plan or BCP. โ Preventive Controls. Answer: A mitigating technique designed to prevent an event from occurring. โ Name the 5 steps in the vendor management lifecycle according to the FFIEC.. Answer: 1.Planning 2.Due Diligence in vendor selection
3.Contract Negotiation 4.Ongoing Monitoring 5.Termination โ Name the FTC'S "4 Ps" for evaluating whether a representation, omission, act or practice is likely to mislead.. Answer: 1.Prominent-will the consumer notice the information? 2.Presented-is the format easy-to-understand? 3.Placement-is the information located where a consumer would expect to look? 4.Proximity-is the information close to the claim in qualifies? โ Anomalous Activity. Answer: Activity that is inconsistent with or deviating from what is usual, normal or expected. โ Unfair, Deceptive or Abusive Acts or Practices(UDAAP). Answer: Law to protect consumers purchasing financial products and services requiring that consumers have access to information that lets them choose the option they believe is best for their situation. โ Technical Controls.
โ Exposure Limits. Answer: A method used to mitigate credit risk, also required by the ACH Rules. โ Incident Response Plan. Answer: A plan that defines the action steps, involved resources and communication strategy upon identification of a threat or potential threat event, such as a breach in security protocol, power or telecommunication outage, severe weather or workplace violence. โ Control Self-Assessment (CSA). Answer: A technique used to internally assess the effectiveness of risk management and control processes. โ Risk Assessment. Answer: Step in the BCP process that evaluates business processes and BIA assumptions using various threat scenarios. โ Business Impact Analysis. Answer: Step in the BCP process that identifies the potential impact of uncontrolled, non-specific events on an institutions business processes. โ Tabletop Exercise/Structured Walk-Through test.
Answer: Testing method ensures critical personnel from all areas are familiar with the business continuity plan(BCP) and may be used as an effective training tool. โ Walk-Through Drill/Simulation Test. Answer: Testing method used to apply a specific event scenario to the business continuity plan. โ Functional Drill/Parallel Test. Answer: Testing method involves actual mobilization of personnel to other sites attempting to establish communications and perform actual recovery processing as outlined in the business continuity plan. โ Full-interruption/Full-Scale Test. Answer: Testing method involves a simulated real-life emergency and all or portions of Business continuity plan are implemented by processing data/transactions using back-up media at the recovery site. โ Name of 4 steps included in business continuity plan.. Answer: 1. Business Impact Analysis 2.Risk Assessment 3.Risk Management
โ Title 31 of the Code of Federal Regulation (CFR) Part 203. Answer: Provides rules for financial institutions that use EFT to process federal tax payments through EFTPS. โ Title 31 of the Code of Federal Regulation (CFR) Part 370. Answer: Governs the handling of payments for the Bureau of Public Debt through the ACH Network โ Regulation D. Answer: Establishes reserve requirements and identifies non- transaction accounts. โ The Electronic Funds Transfer (EFT) Mandate. Answer: Provided for within the Debt Collection Improvement Act of 1996 requiring that virtually all non-tax related payments made by the federal government be made via electronic funds transfer.
