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PRMIA ORM Certificate - 2023 Update - 8020 Exam Practice Test

Page: 1 / 9
Total 62 questions

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Question 1

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

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

Correct Answer: C

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Question 2

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

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

Correct Answer: D

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Question 3

Which of the following is not an action available to management and the governing body to align the strategy with Risk Capacity.

A. Improve retained earnings - by increasing net income or reducing dividends in order to increase risk capacity. B. Reduce scale of risks - shrink balance sheet or activity levels. C. Reduce retained earning - by increasing dividends in order to return funds to investors and improve reputation. D. Improve quality of risks - pursue lower rewarding risks with better prospects.

Correct Answer: C

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Question 4

Managing financial crime is a part of risk and compliance for many firms. Which of the following is a useful control to help reduce this risk?

A. Local regulations that allow a bank to not report transactions by family members of the board. B. Development of scenarios and red flags that are used to monitor transactions and identify suspicious customers and activities. C. Having the business be a cash only business and not report any transactions. D. The requirements to trace all transactions when they are entered into spreadsheets.

Correct Answer: B

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Question 5

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

Correct Answer: D

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Question 6

Which of the following statements best defines the properties of top-down key risk indicators?

A. Selected by senior management, tied to material external and internal loss exposures and scenarios, and used to manage changes in the business environment, especially under periods of stress. B. Selected by junior management, used to manage changes in the business environment especially under periods of stress, and reported on an annual basis C. Selected by senior management, used to manage changes in the business environment especially under periods of stress, and reported on a daily basis. D. Can only be selected by the board in line with risk ratings.

Correct Answer: A

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Question 7

In operational resilience, material customer detriment or significant harm to the customer is which of the following?

A. This is when disruption to a service results in not just an inconvenience to a customer, but a material cost or hardship. B. This is when disruption to a service results in an inconvenience to a customer and damage to the firm's reputation. C. This is the ability of a financial system to continue to function, even in the face of significant disruption or financial shocks. D. This has a low threshold and refers to any inconvenience to a customer that results in a complaint.

Correct Answer: A

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Total 62 questions

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