APRP Operational Risk Management

Question 1

Which of the following best defines operational risk in the context of payment processing?

Accepted Answer

Risk of loss from inadequate internal processes, people, systems, or external events

Answer

Operational risk in payments is the risk of loss resulting from inadequate or failed internal processes, people, and systems, or from external events.

Question 2

A payment processor experiences repeated transaction failures due to an undocumented manual workaround used by staff. Which operational risk category does this represent?

Accepted Answer

Process failure

Answer

Undocumented manual workarounds represent a process failure risk, as the lack of formal procedures creates inconsistency and potential for error.

Question 3

What is the primary purpose of a Business Continuity Plan (BCP) for a payment organization?

Accepted Answer

To ensure critical payment operations can continue during and after a disruptive event

Answer

A BCP ensures that critical payment operations can be maintained or quickly restored during and after a disruptive event such as a system failure or natural disaster.

Question 4

Which metric is used to describe the maximum acceptable amount of time a payment system can be offline before causing serious business impact?

Accepted Answer

Recovery Time Objective (RTO)

Answer

Recovery Time Objective (RTO) defines the maximum acceptable downtime before resuming normal operations after a disruption.

Question 5

An APRP candidate is reviewing a risk register for a card payment network. What is the purpose of documenting residual risk?

Accepted Answer

To show the risk remaining after controls have been applied

Answer

Residual risk is the level of risk that remains after existing controls and mitigations have been applied to the inherent risk.

APRP - Accredited Payments Risk Professional Practice Test

APRP - Accredited Payments Risk Professional Practice Test

APRP Operational Risk Management