Preview Questions Documentation Specialist | Role Specific Skill

Question 1: What data entry best practice ensures that financial documents comply with audit requirements in BFSI?

Which action should you take?

Choose only one option

Ensure that data entry follows a defined and consistent process

Use only automated tools for entry without auditing processes

Rely on ad-hoc data entry methods to speed up the process

Collect data in one central location without categorization

Question 2: What is a crucial aspect of ensuring compliance with MiFID II (Markets in Financial Instruments Directive)?

Which action should you take?

Choose only one option

Keeping accurate, timely records of all client interactions and transactions

Ensuring only high-value transactions are recorded

Relying on verbal communication records to maintain compliance

Keeping records of client communications for no more than 1 year

Question 3: When entering transactional data into a financial system, which method ensures real-time data accuracy and avoids inconsistencies across platforms?

Which action should you take?

Choose only one option

Enter data independently into multiple platforms without validation

Allow data entry only at the end of the month for batch processing

Use real-time validation and synchronization between systems

Rely on paper documentation for transactional data

Question 4: How would you handle document versioning in a system that needs to track changes made to financial contracts over time in a BFSI organization?

Which action should you take?

Choose only one option

Rely on backup copies to restore previous versions

Implement an automated version control system within the DMS

Store versions with distinct version numbers and timestamps

Use a document approval process to manually track changes

Question 5: When filing sensitive financial documents in the BFSI industry, what is the best practice to ensure compliance with data privacy regulations?

Which action should you take?

Choose only one option

Encrypt documents before filing

File all documents publicly accessible for transparency

File documents without encryption but restrict access

Only store documents in physical formats

Question 6: How can a financial institution best ensure compliance with the Dodd-Frank Act's documentation and reporting requirements?

Which action should you take?

Choose only one option

Allow manual review of documents by staff members

Share sensitive financial documents via email without encryption

Implement automated workflows for document submission and auditing

Store documents without proper classification or tagging