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Valid 8020 Vce Torrent & Leading Offer in Qualification Exams & Effective PRMIA ORM Certificate - 2023 Update

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PRMIA 8020 Exam Syllabus Topics:

Topic
Details

Topic 1

Introduction: This section of the exam measures the skills of Risk Analysts and covers fundamental concepts of risk governance, management, and assessment. It introduces key principles, regulatory frameworks, and industry best practices for identifying and addressing risks. A key skill measured is understanding the foundational principles of risk management.

Topic 2

Risk Modeling: This section of the exam measures the skills of Quantitative Risk Analysts and covers mathematical and statistical techniques used to predict risk scenarios. It explores model development, validation, and application in financial and operational risk management. A key skill measured is applying statistical models for risk prediction.

Topic 3

Risk Governance: This section of the exam measures the skills of Compliance Officers and covers the policies, structures, and processes that define how organizations oversee risk. It explores regulatory compliance, ethical considerations, and corporate governance frameworks to ensure accountability. A key skill measured is applying governance frameworks to organizational risk policies.

Topic 4

Risk Information: This section of the exam measures the skills of Risk Managers and covers the collection, analysis, and communication of risk-related data. It highlights the role of data-driven decision-making in mitigating uncertainties and ensuring compliance. A key skill measured is interpreting risk data for informed decision-making.

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PRMIA ORM Certificate - 2023 Update Sample Questions (Q61-Q66):

NEW QUESTION # 61
Which of the follow does the risk function typically have responsibility for?

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

Answer: C

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 # 62
Which of the Basel Accords, published in 2004, introduced operational risk as a risk subjected to a capital charge?

A. Basel IV
B. Basel II
C. Basel I
D. Basel III

Answer: B

Explanation:
Introduction of Operational Risk in Basel Accords
Basel I (1988) → Focused only on credit risk and market risk; operational risk was not yet included.
Basel II (2004) → Introduced operational risk as a separate category, subject to capital requirements.
Basel III (2010) → Strengthened capital and liquidity requirements but did not introduce operational risk.
Basel IV (2017, still evolving) → Adjusts Basel III reforms but does not introduce operational risk as a new category.
Why Answer B is Correct
Basel II (2004) was the first to introduce operational risk as a risk requiring a capital charge.
Why Other Answers Are Incorrect
Option
Explanation:
A . Basel I
Incorrect - Basel I focused on credit risk and market risk, with no capital requirements for operational risk.
C . Basel III
Incorrect - Basel III strengthened Basel II but did not introduce operational risk.
D . Basel IV
Incorrect - Basel IV refines Basel III but does not introduce operational risk as a new capital charge.
PRMIA Reference for Verification
Basel II (2004) Operational Risk Framework
PRMIA Operational Risk Management Guidelines

NEW QUESTION # 63
What are some of the deficiencies associated with bottom-up Key Risk Indicators?

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

Answer: A

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 # 64
Which of the following principles best applies to a compliance function?

A. The compliance function should be outsourced if there is a risk function.
B. The compliance function should be independent of the business (following a three lines of defense model).
C. The compliance function should report to the business (even when following a three lines of defense model).
D. The risk function should be outsourced if there is a compliance function.

Answer: B

Explanation:
Step 1: Compliance Function and the Three Lines of Defense Model
The Three Lines of Defense (3LoD) model ensures that risk management responsibilities are properly segregated:
First Line: Business units (own and manage risk).
Second Line: Compliance and risk management (independent oversight).
Third Line: Internal audit (provides assurance).
Step 2: Why Compliance Must Be Independent
PRMIA and Basel Compliance Principles state that compliance should not report to business units, as this creates a conflict of interest.
Compliance must be independent to ensure objective oversight of regulatory adherence.
Step 3: Why the Other Options Are Incorrect
Option A ("Report to the business") → Incorrect because compliance must provide independent oversight, not report to business units.
Option C ("Outsource compliance if risk function exists") → Incorrect because compliance and risk functions have distinct roles.
Option D ("Outsource risk if compliance exists") → Incorrect because risk management is a core function, not an outsourcing candidate.
PRMIA Risk Reference Used:
PRMIA Compliance Risk Governance - States compliance must be independent under the Three Lines of Defense model.
Basel Compliance Principles - Recommends separate reporting structures for compliance and business units.
Final Conclusion:
Compliance must be independent from the business to avoid conflicts of interest, making Option B the correct answer.

NEW QUESTION # 65
The DORA act's full name is which of the following?

A. Digital Operational Resilience Act.
B. Domain for Operational Risk Act.
C. Daily Operational Resilience Act.
D. Digital Operational Risk Act.

Answer: A

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 # 66
......

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