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      Question

      When a Bank fails to comply with regulatory

      requirements, it is known as _______
      A Legal risk Correct Answer Incorrect Answer
      B Compliance risk Correct Answer Incorrect Answer
      C Transaction risk Correct Answer Incorrect Answer
      D Operational risk Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      Compliance risk  is an organization's potential exposure to legal penalties, monetary fines, reputation damages and material loss, caused by a failure to act in accordance with government laws, industry regulations, or prescribed best practices . When a Bank fails to comply with regulatory requirements, it may face Compliance Risk. Compliance Risk is also known as Integrity Risk.

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