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: Under FATCA (Foreign Account Tax Compliance Act), which of the following is a requirement for financial institutions?

Which action should you take?

Choose only one option

Identifying and reporting U.S. account holders and foreign assets

Keeping records of non-U.S. residents only

Only reporting financial activities of U.S. citizens

Ensuring that all non-U.S. citizens are excluded from reporting

Question 3: Which document retrieval strategy is best suited for ensuring compliance with regulatory requirements in BFSI?

Which action should you take?

Choose only one option

Scanning and storing documents in PDF format

Storing physical copies in locked cabinets

Using indexed database searches

Relying on manual document review

Question 4: What is a critical step in managing customer data when integrating multiple financial databases?

Which action should you take?

Choose only one option

Allowing each database to maintain its original format

Merging databases without checking for inconsistencies

Standardizing data formats and ensuring consistent data fields

Storing data in separate silos without integration

Question 5: What is the primary purpose of the Basel III regulations in the context of record-keeping in BFSI institutions?

Which action should you take?

Choose only one option

To increase capital reserves

To limit the scope of data storage

To standardize loan rates

To ensure liquidity requirements are met

Question 6: Which of the following practices should be implemented to maintain data integrity while performing bulk data entry in BFSI?

Which action should you take?

Choose only one option

Not backing up data until after the entry is completed

Allowing users to modify entries without restrictions

Using manual verification after every 100 entries

Using batch processing with error-checking algorithms