Rules that apply if a person loses ATM or debit card and card used by someone without authorizations of the owner. Concept Introduction: A debit card is a payment card issued by the bank to the cardholder to pay for goods and services and to withdraw cash from ATMs. There is balance in the bank then a person can use a debit card for payment.

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Citibank is a US Bank which lost US$500 million due to human error in August 2020. Read the case noted in the link below, and answer the following questions: https://finopsinfo.com/investors/citis-900m-blunder-casts-light-on-poor-loan-ops/ Develop a risk management programme appropriate for this case (use attached template) Explain how compliance to this risk management programme can prevent the operation risk issue experienced by Citibank. Discuss the importance of an internal risk assessment and auditing process in relation to this case

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Chapter 5.4, Problem 3CC

Summary Introduction

To Explain: Rules that apply if a person loses ATM or debit card and card used by someone without authorizations of the owner.

Concept Introduction: A debit card is a payment card issued by the bank to the cardholder to pay for goods and services and to withdraw cash from ATMs. There is balance in the bank then a person can use a debit card for payment.

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Citibank is a US Bank which lost US$500 million due to human error in August 2020. Read the case noted in the link below, and answer the following questions: https://finopsinfo.com/investors/citis-900m-blunder-casts-light-on-poor-loan-ops/ Develop a risk management programme appropriate for this case (use attached template) Explain how compliance to this risk management programme can prevent the operation risk issue experienced by Citibank. Discuss the importance of an internal risk assessment and auditing process in relation to this case

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