Empower Retirement Associate Specialist Interview Questions and Answers

Inherent risk is the risk level before any actions are taken to mitigate it, while residual risk is the risk level after mitigation efforts.

• Inherent risk is the risk level that exists before any actions are taken to mitigate it

• Residual risk is the risk level that remains after mitigation efforts have been implemented

• Inherent risk is inherent to the activity or situation, while residual risk is what is left over after c...read more

RCA stands for Root Cause Analysis, a method used to identify the underlying cause of a problem or issue.

• RCA involves investigating and analyzing the factors that contributed to a specific outcome or event.

• It helps in determining what went wrong, why it happened, and how to prevent it from happening again.

• Common techniques used in RCA include 5 Whys, Fishbone Diagram, and Fault Tree Analysis.

• Example: If a product fails...read more

Transaction monitoring is the process of reviewing and analyzing transactions to detect suspicious activity or compliance violations.

• Monitoring financial transactions for signs of money laundering or fraud

• Identifying unusual patterns or behaviors in transactions

• Ensuring compliance with regulations and policies

• Using software tools to automate the monitoring process

• Taking action on flagged transactions, such as investiga

SAR stands for Suspicious Activity Report. Outgoing wires refer to electronic transfers of funds from one account to another.

• SAR is a report filed by financial institutions to report suspicious activities that may indicate money laundering or other illegal activities.

• Outgoing wires are electronic transfers of funds initiated by a customer to send money to another account.

• Financial institutions monitor outgoing wires to...read more

Boolean searches use operators like AND, OR, NOT to refine search results.

• Boolean searches are used to combine keywords and phrases to narrow down search results.

• Operators like AND, OR, NOT are used to refine search results.

• AND is used to search for results that include both keywords or phrases.

• OR is used to search for results that include either keyword or phrase.

• NOT is used to exclude results that include a specific ...read more