You have two nostro accounts in USD, one account is long USD 5 million and the other is short USD 5 million. What action should be taken to reconcile the accounts?
A. No action is required. The credit interest earned on the credit balance will offset the debit interest incurred on the short balance
B. You should borrow USD 5 million to cover the short balance and leave the long balance as it is
C. You should lend the surplus USD 5 million in order to overdraft charges on the short balance with the interest earned on the loan
D. You should instruct the bank with the long balance to pay USD 5 million to the other bank
The control failings involving Barings and Daiwa highlight the critical importance of what operational risk management practice?
A. the taping of conversations between counterparties
B. model signing-off and implementation controls
C. the separation between front/back office duties
D. the existence of contingency plans
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