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PRMIA ORM Certificate - 2023 Update - 8020 Exam Questions

Page: 1 / 9
Total 62 questions

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QUESTION NO: 1
Ideally, which of the following should be completed as part of the risk assessments of service providers?

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

Correct Answer: A

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QUESTION NO: 2
In relation to financial crime. OFAC is a definition for which organization?

A. Office of Foreign Asset Control. B. Office of Foreigner and other Control. C. Office for Asset Control. D. Office of Financial Asset Control.

Correct Answer: A

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QUESTION NO: 3
Which of the following is a correct statement about control rating scales?

A. They are enhanced by the use of software that includes inherent risk. B. A control rating scale should consider both control effectiveness and control performance. C. A control rating scale should consider control effectiveness but not control performance. D. A control rating scale should consider neither control effectiveness or control performance.

Correct Answer: B

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QUESTION NO: 4
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 avoid the build-up of a skewed quality property portfolio. B. To ensure the income targets can be met or exceeded. C. To adequately reward the investors for the capital they gave us to put at risk. D. To link personal targets to risk-adjusted return requirements would reinforce the desired risk aware, culture.

Correct Answer: B

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QUESTION NO: 5
Team supervisors are key in the development and maintenance of the risk culture because they are:

A. Visible to regulators and can describe the firm's risk culture to inspection teams. B. Connected with every employee, every day, and can ensure desired behaviors are followed by all. C. Visible to regulators and can describe the firm's risk culture to their board. D. More experienced than the employees that report to them.

Correct Answer: B

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QUESTION NO: 6
The Internal Loss Multiplier (ILM) is part of the Basel III Standardized Approach. Which of these definitions best descibes it?

A. It is uniform, and is used for indicating consistent incidents on an average return basis. B. It is a non-financial factor that is based on a bank's average historical losses. C. It is a financial-statement-based proxy for operational risk. D. t is a scaling factor that is based on a bank's average historical losses.

Correct Answer: D

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QUESTION NO: 7
Which of the following statements is best for inclusion in the values to be set for a Risk Function?

A. We prize the ability to implement the board's direction on the implementation of controls for risks. B. We prize the ability to implement the management team's direction on the control of risks. C. We prize the ability to lower risk-taking to an absolute minimum - zero if possible. D. We prize the ability to ensure that the Risk Function's opinions are listened to and acted upon.

Correct Answer: A

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Page: 1 / 9
Total 62 questions

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