Swift Risk Assessment & Management 4

Question 1

In the context of SWIFT security, what is Relationship Management Application (RMA) used for?

Accepted Answer

Controlling which institutions can exchange messages with each other

Answer

RMA is a bilateral authorization mechanism that requires both counterparties to explicitly authorize message exchange, preventing unsolicited message flows.

Question 2

Which regulatory framework specifically introduced requirements for banks to identify and assess de-risking impacts caused by withdrawing correspondent banking relationships?

Accepted Answer

FATF Guidance on Correspondent Banking

Answer

FATF's guidance on correspondent banking explicitly addresses de-risking, urging banks to manage risk proportionately rather than wholesale exit relationships.

Question 3

A bank's SWIFT back-office system is compromised via a malicious PDF attachment. Under CSP, which mandatory control should have mitigated this attack?

Accepted Answer

Internet isolation of the SWIFT infrastructure

Answer

Mandatory Control 1.1 requires SWIFT-related infrastructure to be segregated from the internet and general IT environment to limit malware infection pathways.

Question 4

What does a SWIFT Business Continuity (BC) plan specifically need to address for messaging infrastructure?

Accepted Answer

Redundant SWIFT connectivity and failover procedures for service restoration

Answer

BC plans must ensure redundant SWIFT connections and documented failover so payment flows can resume quickly after an outage.

Question 5

A correspondent bank notices that an MT 910 confirmation was received but the corresponding MT 103 was never sent by their institution. What risk event does this most likely indicate?

Accepted Answer

Potential fraud — an unauthorized payment may have been sent in their name

Answer

An unexpected MT 910 confirmation with no matching outgoing MT 103 is a red flag indicating an unauthorized payment may have been executed using the institution's credentials.

Swift Practice Test

Swift Practice Test

Swift Risk Assessment & Management 4