Yes. Initially, a Power-On-Self-Test occurs at power-up and the test results are stored in the BIT Status Register.
Additionally, the user can perform an initiated BIT prior to the realtime or runtime application loop to determine the state of the hardware.
A third option is to perform a periodic BIT during normal operation to verify the basic health of the device.
The AltaAPI Users Manual describes these options under the heading Built-In-Test (BIT) Operation.
The AltaAPI software distribution also includes the file ADT_L1_1553_ex_BIT.c and ADT_L1_1553_ex_BIT_memtest.c for 1553 devices, and ADT_L1_A429_ex_BIT.c for ARINC devices.