Which of the following scenarios best exemplifies the principle of “segregation of duties” as a preventive control in a BFSI organization?

Question

Answer

A single employee is responsible for both initiating and approving wire transfers.

Answer

Employees are trained annually on fraud risks, but no transaction-level controls exist.

Answer

All wire transfers are automatically approved by the system without human intervention.

Answer

Two different employees are required: one to initiate a wire transfer and another to approve it.

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