1. A
The APRP certification validates expertise in identifying, assessing, and mitigating risks across payment systems.
2. B
The Originating Depository Financial Institution (ODFI) is responsible for originating entries into the ACH network.
3. A
A payments risk assessment identifies and mitigates threats across payment channels, ensuring safe operations.
4. B
Regulation CC governs funds availability and check collection in the U.S.
5. B
Credit risk is most impacted by settlement timing and counterparty exposure.
6. B
Dual controls reduce fraud by requiring two people to perform key payment steps.
7. B
Operational risk arises from failed processes, systems, or human error.
8. B
FinCEN oversees compliance with the Bank Secrecy Act (BSA).
9. A
A risk appetite statement documents tolerance levels for different payment-related risks.
10. C
Wire transfers (Fedwire) settle individually in real time, reducing settlement risk.
11. A
Stress testing evaluates resilience under extreme but plausible scenarios.
12. A
Escalation processes for significant incidents are critical in a governance framework.
13. A
A processor data breach is a third-party service provider risk.
14. B
Network operating rules outline settlement arrangements between participants.
15. C
Wire transfers provide immediate and final settlement compared to other instruments.
16. A
Velocity checks track frequency of transactions to detect unusual patterns.
17. B
KYC verifies identity to prevent money laundering and illicit activity.
18. A
Job rotation and segregation of duties mitigate insider fraud.
19. B
A Payment System Risk Policy defines how risks in payment activities will be managed.
20. B
Ambiguous contract terms with payment processors create legal risk.
21. A
Multi-factor authentication is the strongest control against account takeover fraud.
22. B
ACH Operators process and distribute ACH files between financial institutions.
23. A
Settlement risk occurs when a counterparty fails to complete a payment after funds are sent.
24. A
A business continuity plan ensures critical operations continue during disruptions.
25. B
Risk appetite is the maximum loss a firm is willing to bear.
26. A
The risk management committee ensures compliance with policies and limits.
27. C
Cybersecurity risk arises from unauthorized access to customer accounts.
28. A
Regulation E protects consumers from unauthorized electronic funds transfers.
29. A
Exception processing addresses transactions that deviate from standard workflows.
30. A
Staff training and phishing simulations reduce phishing-related fraud.
31. A
Liquidity management ensures enough funds are available for settlement obligations.
32. A
Vendor due diligence reviews assess financial and operational stability of providers.
33. A
Reputational risk comes from damage to an institution’s public image.
34. A
The first step in risk management is establishing governance and assigning roles.
35. B
Remote online card-not-present transactions carry higher fraud risk due to anonymity.
Prepare for the APRP - Accredited Payments Risk Professional exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.