Bot Basics
What does the term "bot" stand for?
Robot.
Which type of bot can help automate customer service tasks?
Chatbot.
What does SOX stand for?
Sarbanes-Oxley Act.
What is a common security risk associated with bots?
Unauthorized access or data breaches.
What is a process that was automated this year?
Virtual billing
What type of bot is designed to simulate conversation with human users?
Chatbot
What kind of bot is commonly used to gather and analyze market data?
Data collection bot.
In the context of SOX, what is an IT General Control (ITGC)?
Controls that apply to all systems, components, processes, and data for an organization.
How can you mitigate the risk of a bot malfunctioning?
Implement robust testing and monitoring procedures.
What is the number of a business control replaced by RPA?
US.NVP.08
Name the technology that allows bots to understand and process human language.
Natural Language Processing (NLP)
How do social media bots typically interact with content?
By liking, sharing, commenting, and following other accounts.
How can bots help in ensuring compliance with SOX?
By automating control activities and ensuring consistent application of rules and checks.
What is a risk of using bots for financial transactions?
Processing errors leading to inaccurate financial records.
What is one of the RPA failure management control added in 2023?
US.NVP.09
What is the primary function of a web crawler?
To systematically browse the web and index information for search engines.
Give an example of a bot used in finance.
A bot used for automating financial reporting or transaction processing.
What is one key risk associated with using bots for SOX compliance?
The bot might miss regulatory updates or malfunction, leading to compliance failures.
How can organizations ensure bots remain compliant with regulatory changes?
Regular updates and reviews of bot algorithms and rules.
Which continuous monitoring audit involves a bot?
Identity Verification Compliance
What is machine learning in the context of bots?
A method of data analysis that automates analytical model building, allowing bots to learn and improve from experience.
What is a compliance monitoring bot?
A bot that ensures transactions and processes comply with regulatory requirements, such as SOX.
Describe a method to test the effectiveness of a bot in a SOX control environment.
Reviewing the bot’s logs and outputs, performing audit procedures to verify accuracy and reliability, and ensuring it adheres to control requirements.
What is one method to detect bot fraud in financial systems?
Implementing anomaly detection systems to flag unusual activities.
What is the next big bot coming up?
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