Data Reconciliation Across Financial Systems CT-FT Practice Questions (Page 7)

Questions 31–32

1. 31application · medium

   During a reconciliation between a trading system and a settlement system, the tester finds that many records fail to match because the trade date is formatted as DD/MM/YYYY in one system and MM/DD/YYYY in the other. What is the most effective preventive measure to avoid this type of discrepancy in the future?

   • AUse a fuzzy matching algorithm to ignore date differences
   • BManually correct the date formats in each reconciliation run
   • CStandardize the date format across both systems to a single agreed format
   • DIncrease the frequency of reconciliation to catch the issue earlier
   Reveal Solution Discussion Select an answer first
2. 32foundation · easy

   When designing a test case for a reconciliation control, what is a key element to include?

   • AA scenario that tests the network speed between systems.
   • BA scenario that tests the user interface of the reconciliation tool.
   • CA scenario with no discrepancies to ensure the control does not report anything.
   • DA scenario that introduces a known discrepancy to verify the control detects it.
   Reveal Solution Discussion Select an answer first