Akylade Certified Cyber Resilience Fundamentals ACCRF · Free Practice Question Medium
Question 13
A financial services company is integrating new FinTech applications that require compliance with both local and international financial regulations. How should the company tailor its target profile to ensure both effective integration and regulatory compliance?
- A Focus solely on scaling up IT infrastructure to support increased transaction volumes and increased security
- B Implement a universal financial regulatory standard that applies to the laws and regulations in all markets
- C Enhance specific controls for data privacy, transaction security, and cross-border financial transactions
- D Reduce the range of financial services offered to simplify compliance
Reveal correct answer
Correct answer: C
Explanation
Tailoring the target profile to enhance controls around data privacy, secure transaction processing, and compliance with cross-border financial regulations ensures that new FinTech applications meet all necessary regulatory requirements effectively. Reducing service offerings might simplify compliance but doesn't leverage the potential of FinTech applications to enhance and expand financial services in compliance with regulations. Scaling up IT infrastructure is important for performance but doesn’t directly address compliance with specific financial regulations. While a universal standard might provide baseline compliance, it may not adequately address specific local and international regulations that vary significantly. For support or reporting issues, include Question ID: 662300cdc7ca975a319bdfa6 in your ticket. Thank you.Discussion
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