Question

When determining the quality of risk management, the OCC recommends that internal controls should be in place and functioning for all of the following EXCEPT:

a. pre-acceptance reviews.
b. use of account checklists.
c. use of bank deposit products.
d. internal reporting of the number of Retirement Plan Loans on the Department.

Answer 1

The Office of the Comptroller of the Currency does not recommend the 'use of bank deposit products' as an internal control measure for assessing risk management. The option (C) is correct.

Step-by-step explanation:

When determining the quality of risk management, the Office of the Comptroller of the Currency (OCC) recommends internal controls should be in place and functioning. However, one item that is NOT recommended as an internal control measure for assessing the quality of risk management is the use of bank deposit products.

The other options given, such as pre-acceptance reviews, use of account checklists, and internal reporting of the number of Retirement Plan Loans in the Department, are indeed recommended practices for proper internal controls and risk management. Therefore, option (C) is correct.