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PRMIA 8020 Exam Syllabus Topics:

Topic
Details

Topic 1

• 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.

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 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 4

• 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 5

• 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 6

• 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.

 

PRMIA ORM Certificate - 2023 Update Sample Questions (Q35-Q40):

NEW QUESTION # 35
An example of Credit Risk events with an Operational Risk component included?

• A. Rogue Trading.
• B. Ponzi Schemes & Rogue Trading.
• C. Failure in loan approval process leading to erroneously approved loans.
• D. Ponzi Schemes.

Answer: B

Explanation:
Step 1: Understanding Credit Risk with an Operational Risk Component
Credit Risk: Risk of loss due to borrower default.
Operational Risk: Risk of loss due to failed internal processes, fraud, or misconduct.
Step 2: Why Option D is Correct
Ponzi Schemes: Fraudulent investment scams disguise credit risk as legitimate lending but collapse when new funds dry up.
Rogue Trading: Traders take unauthorized risks that can lead to credit defaults or massive financial losses.
Step 3: Why the Other Options Are Incorrect
Option A ("Failure in loan approval process") → This is an Operational Risk issue, but does not always create Credit Risk.
Option B ("Ponzi Schemes") → Partially correct, but does not include Rogue Trading, which is also a credit risk-related operational failure.
Option C ("Rogue Trading") → Partially correct, but does not include Ponzi Schemes, which are another key example.
PRMIA Risk Reference Used:
PRMIA Operational Risk Framework - Highlights fraud-based Credit Risk events.
Basel II/III Operational Risk Guidelines - Discusses trading misconduct and credit risk misrepresentation.
Final Conclusion:
Both Ponzi Schemes and Rogue Trading involve credit risk failures caused by operational misconduct, making Option D the correct answer.

 

NEW QUESTION # 36
For which of the following reasons did the Turnbull Report have a significant impact on risk governance?

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

Answer: C

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 # 37
For the Northern Rock case study, what was the low-probability-high-impact event that was most responsible for the loss event?

• A. Liquidity dried up in the inter-bank and commercial paper markets.
• B. The Bank of England's withdrawal of Deposit Protection.
• C. An exposure to real estate funds, heavily concentrated in Berlin.
• D. The acquisition of Merrill Lynch by Bank of America.

Answer: A

Explanation:
Step 1: Understanding the Northern Rock Case Study
Northern Rock was a UK bank that collapsed in 2007 due to its heavy reliance on short-term wholesale funding rather than customer deposits.
When the 2007 financial crisis hit, the inter-bank lending market and commercial paper market froze, cutting off Northern Rock's access to liquidity.
Step 2: Why Option C Is Correct
Northern Rock depended on short-term borrowing to fund long-term mortgage lending.
When the liquidity crisis hit, it couldn't refinance its debt, leading to a bank run and collapse.
The Bank of England had to intervene, and the UK government nationalized Northern Rock in 2008.
Step 3: Why the Other Options Are Incorrect
Option A ("Acquisition of Merrill Lynch") → Incorrect because this happened in 2008, after Northern Rock's failure.
Option B ("Withdrawal of Deposit Protection") → Incorrect because UK deposit protection remained in place.
Option D ("Real estate exposure in Berlin") → Incorrect because Northern Rock's problem was funding liquidity, not real estate losses.
PRMIA Risk Reference Used:
PRMIA Liquidity Risk Management Framework - Describes how liquidity shocks impact banks like Northern Rock.
Basel III Liquidity Coverage Ratio (LCR) Standards - Created after Northern Rock to prevent similar liquidity crises.
Final Conclusion:
The collapse of the inter-bank and commercial paper markets was the key low-probability-high-impact event that led to Northern Rock's failure, making Option C the correct answer.

 

NEW QUESTION # 38
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 # 39
Under the previous Basel II approach, which was not an approach for operational risk?

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

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 # 40
......

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