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      Question

      An effective system of internal control for interest

      rate risk includes: A.    strong control environment B.    An adequate process for identifying and evaluating risk C.   The establishment of control activities such as policies procedures and methodologies D.   Continuous change in policies and procedures
      A A and B Correct Answer Incorrect Answer
      B A and C Correct Answer Incorrect Answer
      C A, B and C Correct Answer Incorrect Answer
      D A, B, and D Correct Answer Incorrect Answer
      E All of the above Correct Answer Incorrect Answer

      Solution

      An effective system of internal control for interest rate risk includes: A.    strong control environment B.    An adequate process for identifying and evaluating risk C.   The establishment of control activities such as policies procedures and methodologies D.   Continual review of adherence to established policies and procedures Policies can be reviewed on regular intervals but cannot be changing all the time.

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