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PRMIA 8020 Exam Syllabus Topics:

Topic	Details
Topic 1	Risk Assessment: This section of the exam measures the skills of Financial Risk Analysts and covers methodologies for evaluating risks in different domains, including qualitative and quantitative approaches. It focuses on assessing vulnerabilities, threats, and potential impacts on business operations. A key skill measured is conducting risk impact analysis for financial threats.
Topic 2	Insurance Mitigation: This section of the exam measures the skills of Insurance Risk Managers and covers strategies for transferring risk through insurance and other financial instruments. It focuses on risk transfer mechanisms, policy structuring, and claims management. A key skill measured is assessing risk transfer options through insurance.
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 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 5	Case Studies: This section of the exam measures the skills of Business Risk Consultants and covers real-world applications of risk management concepts. It examines case studies on risk governance, assessment, and mitigation strategies across different industries. A key skill measured is analyzing historical risk events for strategic insights.

PRMIA ORM Certificate - 2023 Update Sample Questions (Q54-Q59):

NEW QUESTION # 54
The The Task Force on Climate-related Financial Disclosures (TCFD) was founded by which body?

A. The Financial Stability Board (FSB).
B. The United Nations (UN).
C. The World Bank (WB).
D. The European Commission (EC).

Answer: A

Explanation:
Step 1: What is the TCFD?
The Task Force on Climate-related Financial Disclosures (TCFD) was established to develop climate-related financial risk disclosure recommendations to help investors, lenders, and regulators make informed decisions.
Step 2: Who Founded the TCFD?
The Financial Stability Board (FSB), an international organization that monitors and makes recommendations about the global financial system, founded the TCFD in 2015.
The FSB recognized climate risk as a financial stability issue and launched the TCFD to standardize reporting.
Step 3: Why the Other Options Are Incorrect
Option A ("World Bank") → Incorrect because the World Bank supports climate initiatives but did not create the TCFD.
Option B ("United Nations") → Incorrect because the UN has climate programs like the UNFCCC, but not the TCFD.
Option D ("European Commission") → Incorrect because the EC develops its own sustainability regulations (e.g., SFDR, CSRD), separate from the TCFD.
PRMIA Risk Reference Used:
PRMIA Climate Risk Guidelines - Cites FSB's role in founding the TCFD.
FSB Official Reports (2015) - Confirms that the FSB established the TCFD.
Final Conclusion:
The FSB founded the TCFD in 2015, making Option C the correct answer.

NEW QUESTION # 55
Which of the following are the most relevant ways a firm can ensure they are in line with consumer protection?

A. Treat customers fairly, place customer interests ahead of its own and keep promises to customers
B. This risk cannot be managed.
C. Add a consumer protection section to all reports.
D. Engage with consumers once there are enough complaints.

Answer: A

Explanation:
Definition of Consumer Protection in Risk Management
Consumer protection ensures ethical business practices, transparency, and regulatory compliance.
It builds trust with customers and reduces legal and reputational risks.
Key Principles of Consumer Protection
Treating customers fairly → Ensures honest and ethical financial services.
Prioritizing customer interests → Prevents conflicts of interest and unfair treatment.
Honoring commitments → Strengthens customer confidence and regulatory trust.
Why Answer C is Correct
Following these principles ensures regulatory compliance, customer satisfaction, and risk mitigation.
Why Other Answers Are Incorrect
Option
Explanation:
A . Engage with consumers once there are enough complaints.
Incorrect - Proactive engagement is essential; waiting for complaints is a reactive and poor risk management approach.
B . Add a consumer protection section to all reports.
Incorrect - Documentation alone does not ensure fair treatment; actions matter more.
D . This risk cannot be managed.
Incorrect - Consumer protection risks can and should be actively managed.
PRMIA Reference for Verification
PRMIA Consumer Protection & Fair Treatment Standards
Financial Conduct Authority (FCA) Consumer Duty Guidelines

NEW QUESTION # 56
Risk Capacity for a bank is defined as the:

A. Ability to suffer an extreme event with an orderly wind up with only shareholders losing money.
B. Amount of risk the regulator sets for the bank.
C. Amount of risk the bank wishes to take.
D. Ability to withstand an extreme event and make a profit.

Answer: A

Explanation:
Step 1: Definition of Risk Capacity
Risk Capacity refers to the maximum level of risk a bank can absorb while still maintaining orderly operations or, in extreme cases, conducting an orderly resolution.
PRMIA and Basel III define risk capacity as a bank's ability to absorb losses in a crisis without systemic consequences.
Step 2: Why Option D Is Correct
The ultimate test of a bank's risk capacity is whether it can survive an extreme shock without harming depositors or financial markets.
Regulators ensure that a bank can be wound up in an orderly manner so that only shareholders lose money, while depositors and creditors remain protected under resolution planning frameworks.
Step 3: Why the Other Options Are Incorrect
Option A ("Amount of risk the bank wishes to take")
Incorrect because this describes Risk Appetite, not Risk Capacity.
Option B ("Amount of risk the regulator sets for the bank")
Incorrect because regulators set capital requirements, but the bank's actual risk capacity is based on its own capital structure and business model.
Option C ("Ability to withstand an extreme event and make a profit")
Incorrect because risk capacity is about survival, not profit-making during extreme events.
PRMIA Risk Reference Used:
Basel III Risk Capacity Standards - Defines the ability to absorb losses during crises.
PRMIA Risk Governance Framework - Describes how banks should manage risk capacity through capital buffers.
Final Conclusion:
Banks must be able to withstand an extreme event and conduct an orderly wind-up if necessary, ensuring that only shareholders bear the loss, making Option D the correct answer.

NEW QUESTION # 57
Under the previous Basel II approach, which was not an approach for operational risk?

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

Answer: A

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 # 58
Which of the below is accurate about a risk assessment workshop?

A. The workshop should be run spontaneously so that proper discussion can take place.
B. Compliance experts should not attend the workshop so that proper discussion can take place.
C. Although workshops will take on their own form; it is best to prepare thoroughly ahead of time.
D. Risk management should not attend the workshop so that proper discussion can take place.

Answer: C

Explanation:
Step 1: What Is a Risk Assessment Workshop?
A risk assessment workshop is a structured session where key stakeholders identify, evaluate, and prioritize risks.
Effective workshops require preparation, clear objectives, and structured discussions to ensure meaningful risk analysis.
Step 2: Why Option B is Correct
PRMIA and best practices recommend thorough preparation, including:
Setting objectives
Defining risk categories
Ensuring participation from risk, compliance, and business units
Providing risk assessment tools/templates
Step 3: Why the Other Options Are Incorrect
Option A ("Run spontaneously") → Incorrect because lack of preparation leads to poor discussions and missed risks.
Option C ("Risk management should not attend") → Incorrect because risk managers provide key expertise to guide discussions.
Option D ("Compliance experts should not attend") → Incorrect because compliance provides regulatory insights essential to risk assessment.
PRMIA Risk Reference Used:
PRMIA Risk Assessment Framework - Recommends structured, well-prepared workshops.
ISO 31000 Risk Management Standard - Supports proactive workshop planning.
Final Conclusion:
Risk assessment workshops should be well-prepared to ensure meaningful discussions and effective risk identification, making Option B the correct answer.

NEW QUESTION # 59
......

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