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PRMIA 8020 Exam Syllabus Topics:
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Topic 7
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PRMIA ORM Certificate - 2023 Update Sample Questions (Q23-Q28):
NEW QUESTION # 23
What are the objectives of conducting an internal loss investigation?
Answer: D
Explanation:
tep 1: Purpose of Internal Loss Investigations
Internal loss investigations analyze past loss events to identify root causes, improve controls, and enhance risk assessments.
Step 2: Why Option A Is Correct
Root Cause Analysis: Identifying why the loss occurred.
Focus on Remediation: Implementing corrective measures to prevent recurrence.
Scenario Analysis Improvement: Using lessons learned to enhance risk scenario modeling.
Step 3: Why the Other Options Are Incorrect
Option B ("Focus on who caused the issue") → Incorrect because loss investigations are about systemic issues, not assigning blame.
Option C ("Ascertain responsibility for the loss event") → Incorrect because the focus is on process improvements, not individual accountability.
Option D ("Determined by HR on a case-by-case basis") → Incorrect because HR does not dictate risk investigations-risk and compliance functions do.
PRMIA Risk Reference Used:
PRMIA Operational Risk Framework - Emphasizes loss investigations for systemic risk management.
Basel III Risk Governance Standards - Defines loss event analysis as a key risk management tool.
NEW QUESTION # 24
What are the roles of business versus risk management in developing and implementing risk assessments?
Answer: C
Explanation:
The Principles for Risk Governance, as established by PRMIA (Professional Risk Managers' International Association), emphasize the Three Lines of Defense (3LoD) Model, which is widely used in risk management and governance frameworks.
Business Line Ownership of Risk (First Line of Defense)
The business units are responsible for identifying, assessing, managing, and monitoring risks within their operations.
Since they generate the risks through their activities, they must own the risk assessment process.
This aligns with PRMIA Governance Principles, which state that risk management should be embedded within business operations to ensure proactive risk identification and control.
Risk Management's Role (Second Line of Defense)
The risk management function is not directly responsible for conducting risk assessments but plays a key role in designing and maintaining the risk assessment framework.
This includes setting standards, methodologies, and tools for assessing risks across business functions.
Risk management provides supervision and oversight, ensuring that risk assessments align with organizational policies and regulatory expectations.
Oversight from Senior Management & the Board (Third Line of Defense)
Internal audit (third line of defense) independently reviews and provides assurance that the risk management framework is effective and that risk assessments are conducted properly.
PRMIA's Risk Governance Standards emphasize that internal audit should evaluate the effectiveness of the risk assessment framework without being involved in its direct execution.
Why Other Answers Are Incorrect
Option
Explanation:
A . Risk management, in its role as second line of defense, performs the risk assessment process from beginning to end. There is no business line involvement.
Incorrect - Risk management facilitates and oversees the risk assessment process, but the business must take ownership of the risks it generates.
C . Business owns the risk assessment process so risk management does not play a role in the process.
Incorrect - While the business owns the process, risk management plays a crucial role in developing the framework, setting policies, and providing oversight.
D . Business management's role in the risk assessment process should be confined to oversight.
Incorrect - Business management is actively responsible for executing risk assessments, not just overseeing them.
PRMIA Reference for Verification
PRMIA Standards for Risk Governance - Establishes the Three Lines of Defense and the separation of responsibilities.
PRMIA Risk Management Framework (RMF) Guidelines - Defines the roles of business and risk management in risk assessment.
PRMIA Enterprise Risk Management Best Practices - Outlines how risk management facilitates risk assessments while the business retains ownership.
This answer is verified according to PRMIA's official risk governance documents and best practices. Would you like additional clarification or supporting documentation references?
NEW QUESTION # 25
Which of the follow is not included in PRMIA's 10 principles of good governance?
Answer: A
Explanation:
PRMIA's 10 Principles of Good Governance
PRMIA outlines 10 key principles that focus on risk governance, accountability, transparency, and risk management effectiveness.
These principles ensure strong risk governance structures for financial institutions.
Why Answer B is Correct
Holding the PRM Designation (Professional Risk Manager certification) is NOT a governance principle.
While PRMIA promotes risk education, governance principles focus on organizational risk structures, not individual certifications.
Why Other Answers Are Incorrect
Option
Explanation:
A . Risk appetite.
Correct - PRMIA governance principles include establishing a clear risk appetite.
C . External validation.
Correct - External audits and validation improve governance and risk transparency.
D . Clear accountability.
Correct - Governance principles emphasize clear accountability at all levels of management.
PRMIA Reference for Verification
PRMIA 10 Principles of Good Governance
Basel Corporate Governance Guidelines for Financial Institutions
NEW QUESTION # 26
Two of the four key resources that are regarded as critical to maintain confidence and calibrate Risk Appetite to are?
Answer: C
Explanation:
Key Resources for Calibrating Risk Appetite
Risk appetite defines how much risk an organization is willing to accept to achieve its objectives.
Two of the most critical resources for maintaining confidence and setting risk appetite are net earnings and capital.
Why Net Earnings and Capital are Critical
Net earnings reflect profitability and financial stability, influencing risk-taking capacity.
Capital ensures that the institution can absorb losses and meet regulatory requirements.
Basel III emphasizes capital adequacy as a core measure of financial resilience.
Why Answer B is Correct
Net earnings support operational stability, while capital determines how much risk an institution can bear.
Both are used to define and calibrate risk appetite levels.
Why Other Answers Are Incorrect
Option
Explanation:
A . Capital expenditure and liquidity.
Incorrect - Capital expenditure is an investment measure, not a direct risk appetite determinant.
C . Strong regulatory assessment and net earnings.
Incorrect - Regulatory assessments are important but do not directly set risk appetite.
D . Quality human resources and reputation.
Incorrect - HR and reputation are important for governance but do not directly influence risk capital and earnings stability.
PRMIA Reference for Verification
PRMIA Risk Appetite Framework
Basel III Capital and Earnings Management Guidelines
NEW QUESTION # 27
The The Task Force on Climate-related Financial Disclosures (TCFD) was founded by which body?
Answer: C
NEW QUESTION # 28
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