2016-FRR Exam Dumps | Which one of the four following statements regarding minimum loss data standards is not correct?

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GARP.2016-FRR.v2024-09-09.q145
Question 134

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Question 134/145

Which one of the four following statements regarding minimum loss data standards is not correct?

A. The loss data entry must include the actual loss amount.

B. The loss data program must comprehensively capture all material activities.

C. The loss data entry should only include the date when the event was reported.

D. The loss data entry may include descriptive information about the drivers or causes of the loss event.

Correct Answer: C

* Option A: The loss data entry must include the actual loss amount.
* Correct as it ensures accurate financial impact recording.
* Option B: The loss data program must comprehensively capture all material activities.
* Correct, necessary for a thorough risk management program.
* Option C: The loss data entry should only include the date when the event was reported.
* Incorrect, as it is essential to capture both the event date and the report date to understand the timeline of the incident.
* Option D: The loss data entry may include descriptive information about the drivers or causes of the loss event.
* Correct, as it provides context and insights into the root causes, aiding in risk analysis and prevention.

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