
Ethics and Risks in FinTech
Quiz
•
Instructional Technology
•
University
•
Practice Problem
•
Easy
Amit Dua
Used 2+ times
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20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is data privacy and why is it important in FinTech?
Data privacy is only about encryption methods.
Data privacy only concerns large corporations.
Data privacy is the protection of personal information, and it is important in FinTech to prevent data breaches, ensure compliance, and maintain customer trust.
Data privacy is irrelevant in FinTech transactions.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can FinTech companies ensure the ethical use of AI?
Rely solely on user feedback for AI improvements.
Implement transparent algorithms and conduct regular audits for bias.
Adopt a secretive approach to algorithm development.
Use AI without any oversight or regulations.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the main ethical dilemmas faced by FinTech startups?
Customer loyalty programs
Data privacy, security, regulatory compliance, transparency, discrimination, algorithmic ethics, financial exclusion.
High interest rates
Investment strategies
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the principles of Enterprise Risk Management (ERM).
Monitoring is not necessary in ERM.
ERM focuses solely on financial risks.
Risk avoidance is the only strategy in ERM.
The principles of Enterprise Risk Management (ERM) include risk identification, assessment, response, monitoring, and integration into organizational processes.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What types of risks are specific to FinTech operations?
Supply chain risks
Investment risks
Cybersecurity risks, regulatory compliance risks, operational risks, data privacy risks, market volatility risks.
Customer service risks
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can a FinTech startup evaluate its risk management strategies?
Ignore regulatory guidelines
Conduct risk assessments, analyze data, implement stress testing, review compliance, and benchmark against industry standards.
Focus solely on marketing strategies
Increase customer acquisition without risk analysis
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are common cyber security threats faced by FinTech companies?
Phishing attacks, data breaches, ransomware, insider threats, denial-of-service attacks.
Malware attacks on physical devices
Social media hacking
Email marketing scams
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