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PRMIA 8020 Exam Syllabus Topics:

Topic	Details
Topic 1	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.
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 Management Framework: This section of the exam measures the skills of Risk Managers and covers the development and implementation of structured approaches for risk identification, evaluation, and mitigation. It includes industry-standard frameworks that guide risk strategy and decision-making. A key skill measured is establishing a risk management framework for organizations.

PRMIA ORM Certificate - 2023 Update Sample Questions (Q30-Q35):

NEW QUESTION # 30
For which of the following reasons did the Turnbull Report have a significant impact on risk governance?

A. It was the first report to require a board to take specific account of risks and control systems for risks.
B. It was the first report to list the board as a proposed governance structure.
C. It was a report that led to the establishment of the US Federal Reserve.
D. It defined the concept of risk governance for the insurance industry.

Answer: A

Explanation:
Step 1: What Is the Turnbull Report?
The Turnbull Report (1999) was a UK corporate governance report that set risk management expectations for boards.
It required companies to assess and manage risks effectively as part of corporate governance.
Step 2: Why Option C is Correct
Turnbull was the first report to mandate that boards must consider risk management in corporate governance.
This report established risk assessment as a board-level responsibility.
Step 3: Why the Other Options Are Incorrect
Option A ("Defined risk governance for insurance") → Incorrect because Turnbull applied to all sectors, not just insurance.
Option B ("First report to propose board structure") → Incorrect because corporate boards existed long before Turnbull.
Option D ("Led to the US Federal Reserve") → Incorrect because the Federal Reserve was established in 1913, long before Turnbull.
PRMIA Risk Reference Used:
PRMIA Corporate Governance Guidelines - Highlights Turnbull's role in board-level risk oversight.
UK Corporate Governance Code - Turnbull contributed to defining board risk responsibilities.
Final Conclusion:
The Turnbull Report was the first to require boards to consider risks in corporate governance, making Option C the correct answer.

NEW QUESTION # 31
Ideally, which of the following should be completed as part of the risk assessments of service providers?

A. A review of the pay levels of the staff supporting the service.
B. An assessment of a third party should include its compliance and risk infrastructure, financials, business strategy and operating history.
C. Onsite visits are not advantageous for understanding the third party's risks and control environment.
D. An assessment of a third party should not include its compliance and risk infrastructure, financials, business strategy and operating history.

Answer: B

Explanation:
Third-Party Risk Management (TPRM)
PRMIA highlights the importance of conducting thorough due diligence on third-party vendors and service providers.
This includes evaluating compliance programs, risk management frameworks, financial stability, strategic objectives, and operational history.
Key Areas of Third-Party Risk Assessment
Compliance and Risk Infrastructure → Ensures that the provider meets regulatory and security requirements.
Financial Health → Determines whether the provider has the financial stability to support long-term service delivery.
Business Strategy → Helps assess alignment with the organization's risk appetite and goals.
Operating History → Evaluates experience and reliability in delivering services.
Why Other Answers Are Incorrect
Option
Explanation:
B . An assessment of a third party should not include its compliance and risk infrastructure, financials, business strategy, and operating history.
Incorrect - Ignoring these critical factors increases the risk of working with an unreliable vendor.
C . Onsite visits are not advantageous for understanding the third party's risks and control environment.
Incorrect - Onsite visits are highly valuable as they provide first-hand insights into operational controls. PRMIA encourages risk managers to conduct site visits.
D . A review of the pay levels of the staff supporting the service.
Incorrect - Employee salaries are not a primary risk factor in vendor assessments. The focus should be on the vendor's security, compliance, and operational risks.
PRMIA Reference for Verification
PRMIA Third-Party Risk Management (TPRM) Guidelines - Details best practices for vendor risk assessments.
Basel Principles on Outsourcing and Third-Party Risk - Provides regulatory guidance on evaluating third-party service providers.

NEW QUESTION # 32
The acronym ESG can stand for:

A. Environmental. Social and corporate Governance.
B. Extra Social Governance.
C. Environmental. Strategy, and corporate Governance.
D. Enhanced Social Governance.

Answer: A

Explanation:
Step 1: Definition of ESG
ESG (Environmental, Social, and Corporate Governance) refers to the three core factors used to evaluate a company's sustainability and ethical impact.
ESG is now a key part of risk management, influencing investment decisions, regulatory compliance, and corporate strategy.
Step 2: Breakdown of ESG Components
Environmental (E): Climate change, carbon emissions, resource management.
Social (S): Diversity & inclusion, labor rights, community engagement.
Governance (G): Board structure, executive pay, corporate ethics.
Step 3: Why the Other Options Are Incorrect
Option A ("Environmental, Strategy, and Corporate Governance")
Incorrect because Strategy is not part of ESG.
Option C ("Enhanced Social Governance")
Incorrect because ESG covers more than just social governance.
Option D ("Extra Social Governance")
Incorrect as it does not align with the recognized ESG definition.
PRMIA Risk Reference Used:
PRMIA ESG Risk Management Guidelines - Defines ESG factors as Environmental, Social, and Governance.
PRI (Principles for Responsible Investment) - Aligns ESG with financial risk management.

NEW QUESTION # 33
Risk Sensitive pricing is required for several good reasons. Which one of the following is not relevant to the Management's evaluation of the correct approach to Risk Sensitive pricing?

A. To link personal targets to risk-adjusted return requirements would reinforce the desired risk aware, culture.
B. To ensure the income targets can be met or exceeded.
C. To avoid the build-up of a skewed quality property portfolio.
D. To adequately reward the investors for the capital they gave us to put at risk.

Answer: B

Explanation:
Risk-sensitive pricing ensures that financial institutions and businesses properly account for risk in their pricing strategies to maintain stability and sustainability. PRMIA's Risk Pricing and Capital Adequacy Guidelines define the importance of risk-sensitive pricing in ensuring fair compensation for risk exposure and avoiding risk concentration issues.
Step 1: Why Risk-Sensitive Pricing Is Important
Aligns risk with return: Pricing should be designed to reflect the underlying risk and return trade-off.
Protects investors: Investors expect compensation for capital at risk (Option A is correct).
Reinforces risk-aware culture: PRMIA promotes linking incentives to risk-adjusted returns (Option B is correct).
Prevents adverse selection: Proper risk pricing prevents low-quality assets from accumulating (Option C is correct).
Step 2: Why Option D Is Incorrect
Income targets are business-driven, not risk-driven.
Risk-sensitive pricing aims to balance risk and reward, not just maximize revenue.
PRMIA discourages profit-seeking behavior at the expense of risk considerations.
PRMIA Risk Reference Used:
PRMIA Risk Pricing Guidelines - Defines the principles of risk-sensitive pricing.
PRMIA Risk-Adjusted Return Standards - Stresses linking incentives to risk-aware decisions.
PRMIA Capital Adequacy Framework - Highlights the role of risk-sensitive pricing in portfolio management.
Final Conclusion:
Risk-sensitive pricing is designed to align returns with risk exposure, not simply to meet or exceed income targets, making Option D the correct answer.

NEW QUESTION # 34
Under the previous Basel II approach, which was not an approach for operational risk?

A. Basic Indicator Approach (BIA).
B. Advanced Measurement Approach (AMA).
C. Alternative Measurement Approach (AMA).
D. The Standardized Approach (TSA).

Answer: C

Explanation:
Overview of Basel II Approaches for Operational Risk
Basel II introduced three main approaches to calculating capital requirements for operational risk:
Basic Indicator Approach (BIA)
The Standardized Approach (TSA)
Advanced Measurement Approach (AMA)
Why Answer D is Correct
Alternative Measurement Approach (AMA) is not a recognized Basel II approach.
The correct term under Basel II was Advanced Measurement Approach (AMA).
Why Other Answers Are Incorrect
Option
Explanation:
A . Basic Indicator Approach (BIA).
Correct - A simple approach where capital is set as a fixed percentage of gross income.
B . The Standardized Approach (TSA).
Correct - Categorizes operational risk into business lines, each with assigned risk factors.
C . Advanced Measurement Approach (AMA).
Correct - Uses internal models to calculate capital requirements based on loss data, scenario analysis, and risk controls.
PRMIA Reference for Verification
Basel II Framework for Operational Risk (2004)
PRMIA Risk Management Guidelines

NEW QUESTION # 35
......

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PRMIA 8020 Exams Dumps & 8020 Training Online

Pass Guaranteed 2025 High Hit-Rate PRMIA 8020: ORM Certificate - 2023 Update Exams Dumps

PRMIA 8020 Exam Syllabus Topics:

PRMIA ORM Certificate - 2023 Update Sample Questions (Q30-Q35):

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Ava King Ava King

Biography

PRMIA 8020 Exams Dumps & 8020 Training Online

Pass Guaranteed 2025 High Hit-Rate PRMIA 8020: ORM Certificate - 2023 Update Exams Dumps

PRMIA 8020 Exam Syllabus Topics:

PRMIA ORM Certificate - 2023 Update Sample Questions (Q30-Q35):

BE A HUMANCALCULATOR

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BE A HUMAN
CALCULATOR