DOWNLOAD PRMIA 8020 FEE, 8020 POSITIVE FEEDBACK

Download PRMIA 8020 Fee, 8020 Positive Feedback

Download PRMIA 8020 Fee, 8020 Positive Feedback

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PRMIA ORM Certificate - 2023 Update Sample Questions (Q53-Q58):

NEW QUESTION # 53
Which of the follow does the risk function typically have responsibility for?

  • A. Creating a trial balance, balance sheet statement and cash flow statement.
  • B. Documenting its activities, typically by developing a Risk Management Manual and set of Risk Policies.
  • C. Documenting its activities, typically by operating and then recording the daily operation of controls.
  • D. Putting in place the servers, firewalls and software to ensure cyber security.

Answer: B

Explanation:
Role of the Risk Function
The risk function is responsible for documenting, monitoring, and overseeing risk policies and frameworks.
It ensures the organization maintains structured risk governance, reporting, and compliance.
Key Responsibilities
Developing Risk Management Manuals to define risk appetite, risk frameworks, and risk governance structures.
Creating Risk Policies that align with regulatory standards and internal controls.
Why Answer B is Correct
The risk function primarily develops, implements, and maintains risk management frameworks, which include formal manuals and policies.
Why Other Answers Are Incorrect
Option
Explanation:
A . Documenting its activities, typically by operating and then recording the daily operation of controls.
Incorrect - The first line of defense (business units) handles daily operational controls, not the risk function.
C . Putting in place the servers, firewalls, and software to ensure cybersecurity.
Incorrect - Cybersecurity is an IT responsibility, while the risk function oversees cyber risk frameworks.
D . Creating a trial balance, balance sheet statement, and cash flow statement.
Incorrect - These are financial accounting responsibilities, not risk management duties.
PRMIA Reference for Verification
PRMIA Governance Framework for Risk Management
Basel Risk Management Principles


NEW QUESTION # 54
For the National Australia Bank - FX Options case study, large and unusual transaction activity was a concern for what reason?

  • A. Deep-in-the-money options and other complex structured transactions aided in the smoothing of profits and losses.
  • B. Deep-in-the-money options and other complex structured transactions aided in the smoothing of losses.
  • C. Deep-in-the-money options aided in the smoothing of losses.
  • D. Complex structured transactions aided in the smoothing of losses.

Answer: A

Explanation:
The National Australia Bank (NAB) FX Options Case Study is a well-known example of operational risk, fraud, and governance failure.
What Happened?
Traders engaged in unauthorized foreign exchange (FX) options trading, using deep-in-the-money options and other complex instruments.
They manipulated profits and losses to smooth earnings and mislead risk managers and auditors.
Why Answer C is Correct
The traders smoothed both profits and losses to avoid detection and ensure continued trading bonuses.
This aligns with PRMIA's Operational Risk Management Guidelines, which highlight that hidden trading losses and smoothing techniques increase financial crime risk.
Why Other Answers Are Incorrect
Option
Explanation:
A . Complex structured transactions aided in the smoothing of losses.
Incorrect - Smoothing occurred with both profits and losses, not just losses.
B . Deep-in-the-money options and other complex structured transactions aided in the smoothing of losses.
Incorrect - Profits were also manipulated, making this answer incomplete.
D . Deep-in-the-money options aided in the smoothing of losses.
Incorrect - This focuses only on deep-in-the-money options and ignores other structured transactions involved in the fraud.
PRMIA Reference for Verification
PRMIA Fraud and Risk Management Case Studies
Basel Principles on Market Risk and Internal Control Failures


NEW QUESTION # 55
In relation to the template for writing policy documents, which one of the following pairings of requirements is correct? A well designed policy will include:

  • A. A list of acceptable fonts and margin types.
  • B. To whom and in what form exceptions should be sought and the general exemptions e.g. areas to which the policy does not apply
  • C. To whom the policy applies to and how an additional management report should be allocated to.
  • D. A list of exceptions for the family of board members.

Answer: B

Explanation:
Step 1: Key Elements of a Well-Designed Policy Document
A well-designed policy should include:
Scope - Who the policy applies to.
Exception Handling - How and where exceptions should be requested.
Accountability - Who is responsible for enforcement.
Step 2: Why Option C is Correct
A policy must clearly define exceptions and the process for requesting them.
It should also define areas where the policy does not apply to avoid confusion.
Step 3: Why the Other Options Are Incorrect
Option A ("List of exceptions for board members' families") → Incorrect because policies should apply consistently to all stakeholders.
Option B ("List of acceptable fonts and margin types") → Incorrect because formatting is secondary to content clarity.
Option D ("To whom the policy applies and an additional management report") → Incorrect because policy scope should not include unnecessary reports.
PRMIA Risk Reference Used:
PRMIA Policy Writing Guidelines - Defines policy structure and exception handling.
ISO 19600 Compliance Management Standard - Supports clear, well-documented policies.
Final Conclusion:
A well-designed policy clearly defines exceptions and their handling process, making Option C the correct answer.


NEW QUESTION # 56
Compliance departments traditionally provide policy, oversight, and set the standards for monitoring personal dealing. Which control below would assist in implementing such policies?

  • A. A list of approved suppliers that have been added to the outsourcing policy.
  • B. Outsourcing of the policy writing to an accounting firm at least once every 3 years.
  • C. Watch lists of stocks that are not allowed to be traded for a period of time, for instance, ahead of a securities offering that the firm is managing.
  • D. Outsourcing of the policy writing to an accounting firm at least once every 5 years.

Answer: C

Explanation:
Definition of DORA
The Digital Operational Resilience Act (DORA) is a regulation by the European Union (EU) aimed at strengthening the digital resilience of financial institutions.
It establishes a regulatory framework for managing information and communication technology (ICT) risks in the financial sector.
Key Objectives of DORA
Ensures that financial institutions can withstand, respond to, and recover from cyber threats and ICT-related disruptions.
Introduces standards for risk management, incident reporting, and third-party ICT risk oversight.
Why Other Answers Are Incorrect
Option
Explanation:
A . Domain for Operational Risk Act.
Incorrect - No such regulation exists under this name.
B . Digital Operational Risk Act.
Incorrect - The official name is Digital Operational Resilience Act (DORA).
C . Daily Operational Resilience Act.
Incorrect - DORA is not focused on daily operations but rather long-term digital resilience.
PRMIA Reference for Verification
PRMIA Risk Governance & Digital Resilience Standards
European Commission's Official DORA Regulation


NEW QUESTION # 57
What are some of the deficiencies associated with bottom-up Key Risk Indicators?

  • A. Not reported frequently enough.
  • B. Lack of granularity.
  • C. Mandates from a board that are too restrictive to implement.
  • D. Causal affects that are not adequately understood.

Answer: D

Explanation:
Definition of Bottom-Up Key Risk Indicators (KRIs)
Bottom-up KRIs are generated from operational-level data rather than high-level strategic indicators.
They are useful for monitoring localized risks but may fail to capture broad risk drivers.
Key Deficiencies of Bottom-Up KRIs
Lack of clarity on causal relationships - These indicators may detect risk trends but fail to explain root causes.
Focus on micro-level risks - They may miss systemic or enterprise-wide risk interactions.
Why Answer B is Correct
Bottom-up KRIs may indicate changes in risk levels but lack insight into the underlying causes, leading to reactive rather than proactive risk management.
Why Other Answers Are Incorrect
Option
Explanation:
A . Mandates from a board that are too restrictive to implement.
Incorrect - Board mandates apply to top-down governance, not bottom-up KRIs.
C . Not reported frequently enough.
Incorrect - Reporting frequency is an issue but not the primary deficiency; rather, it's the lack of causal insight.
D . Lack of granularity.
Incorrect - Bottom-up KRIs tend to be highly detailed (granular), making this answer incorrect.
PRMIA Reference for Verification
PRMIA Key Risk Indicator Best Practices
Basel Committee's Risk Measurement and Reporting Framework


NEW QUESTION # 58
......

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