ISA Course 3.0 Training Overview
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Questions and Answers

What is one benefit of using Artificial Intelligence in banking apps for credit scoring?

  • More accurate assessment of potential borrowers (correct)
  • Slower assessment of potential borrowers
  • Less accurate assessment of potential borrowers
  • Higher cost for assessing potential borrowers

    • How does AI credit scoring differ from traditional credit scoring systems?

  • AI uses more complex rules (correct)
  • AI is more expensive to implement
  • AI uses simpler rules
  • AI is less data-driven

    • In what way is AI disrupting financial institutions in personal finance applications?

  • By collecting irrelevant data
  • By providing financial advice and collecting personal data (correct)
  • By increasing financial risks for users
  • By offering outdated financial advice

    • What is the main purpose of JPMorgan Chase's Contract Intelligence (COiN) platform?

    <p>To leverage Natural Language Processing for extracting data from legal documents</p> Signup and view all the answers

    How does Wells Fargo use AI in customer communication?

    <p>Through an AI-driven chatbot on Facebook Messenger</p> Signup and view all the answers

    What aspect of the banking industry does IBM Watson contribute to?

    <p>Home buying process</p> Signup and view all the answers

    What is the main goal of blockchain interoperability?

    <p>To improve information sharing across diverse blockchain networks</p> Signup and view all the answers

    Why is processing power and time a challenge in blockchain ecosystems?

    <p>Because encryption algorithms need to run at varying speeds</p> Signup and view all the answers

    How does blockchain handle storage in a decentralized manner?

    <p>By storing ledgers on nodes themselves, leading to increased size over time</p> Signup and view all the answers

    What is a critical consideration when implementing a blockchain-based solution?

    <p>Having an adequate governance framework and management oversight</p> Signup and view all the answers

    Why do some smart devices face challenges with ledger storage in blockchains?

    <p>Because they have very low storage capacity</p> Signup and view all the answers

    What role does management oversight play in ensuring blockchain technology aligns with strategic objectives?

    <p>It provides assurance that strategic objectives are not affected by blockchain risks</p> Signup and view all the answers

    What does the updated ISA Course 3.0 include?

    <p>E-learning, live case studies, lab manuals, project work, and classroom lectures</p> Signup and view all the answers

    Which new module has been added to the updated ISA Course 3.0?

    <p>Emerging Technology and Audit</p> Signup and view all the answers

    Who are the individuals appreciated for their contributions in the updated course?

    <p>Dr. Onkar Nath, CA Anand Prakash Jangid, Mr. N.D. Kundu</p> Signup and view all the answers

    What is one of the new topics covered in the 'Emerging Technology and Audit' module?

    <p>Assurance in Block chain Ecosystem</p> Signup and view all the answers

    What resources are included in the DVD provided with the updated course?

    <p>E-learning lectures, PPTs, case studies, DEMO CAAT software</p> Signup and view all the answers

    What specific content related to technology has been introduced in the new modules?

    <p>Artificial Intelligence and Internet of Things (IoT)</p> Signup and view all the answers

    What is one of the main limitations of public cloud computing mentioned in the text?

    <p>Loss of organization autonomy</p> Signup and view all the answers

    Which cloud computing model allows end users to access a shared pool of resources on-demand without owning them?

    <p>Infrastructure as a Service (IaaS)</p> Signup and view all the answers

    What does IaaS stand for in the context of cloud computing?

    <p>Infrastructure as a Service</p> Signup and view all the answers

    How does IaaS change the computing infrastructure according to the text?

    <p>It shifts from physical to virtual infrastructure</p> Signup and view all the answers

    Which of the following is an example of Infrastructure as a Service (IaaS) provider mentioned in the text?

    <p>Amazon Web Services (AWS)</p> Signup and view all the answers

    What does Cloud Computing enable end users to access without needing to purchase or own?

    <p>Shared pool of resources</p> Signup and view all the answers

    What is one of the additional areas of review for auditors in cloud computing?

    <p>Reviewing the organization's cloud strategy</p> Signup and view all the answers

    Why is it important for audit teams to be knowledgeable about the differences in cloud computing services?

    <p>To apply the right approach for effective audit coverage</p> Signup and view all the answers

    What should auditors have a clear understanding of in relation to cloud services?

    <p>The technology boundary between organization and cloud</p> Signup and view all the answers

    Which type of audits are performed by Cloud Service Providers?

    <p>Periodical audits related to high-risk issues</p> Signup and view all the answers

    Why should the existing audit risk assessment process be flexible in the context of cloud services?

    <p>To differentiate between ranges of cloud services used</p> Signup and view all the answers

    How does cloud computing impact business IT services according to the text?

    <p>It increases security concerns that need planning</p> Signup and view all the answers

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