ISA Course 3.0 Training Overview

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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By offering outdated financial advice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?

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

How does Wells Fargo use AI in customer communication?

Through an AI-driven chatbot on Facebook Messenger Signup and view all the answers

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

Home buying process Signup and view all the answers

What is the main goal of blockchain interoperability?

To improve information sharing across diverse blockchain networks Signup and view all the answers

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

Because encryption algorithms need to run at varying speeds Signup and view all the answers

How does blockchain handle storage in a decentralized manner?

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

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

Having an adequate governance framework and management oversight Signup and view all the answers

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

Because they have very low storage capacity Signup and view all the answers

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

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

What does the updated ISA Course 3.0 include?

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

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

Emerging Technology and Audit Signup and view all the answers

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

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

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

Assurance in Block chain Ecosystem Signup and view all the answers

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

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

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

Artificial Intelligence and Internet of Things (IoT) Signup and view all the answers

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

Loss of organization autonomy 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?

Infrastructure as a Service (IaaS) Signup and view all the answers

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

Infrastructure as a Service Signup and view all the answers

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

It shifts from physical to virtual infrastructure Signup and view all the answers

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

Amazon Web Services (AWS) Signup and view all the answers

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

Shared pool of resources Signup and view all the answers

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

Reviewing the organization's cloud strategy Signup and view all the answers

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

To apply the right approach for effective audit coverage Signup and view all the answers

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

The technology boundary between organization and cloud Signup and view all the answers

Which type of audits are performed by Cloud Service Providers?

Periodical audits related to high-risk issues Signup and view all the answers

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

To differentiate between ranges of cloud services used Signup and view all the answers

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

It increases security concerns that need planning Signup and view all the answers