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PRMIA ORM Certificate - 2023 Update Sample Questions (Q37-Q42):
NEW QUESTION # 37
Which of the follow is not included in PRMIA's 10 principles of good governance?
- A. Holding the PRM Designation.
- B. Clear accountability.
- C. External validation.
- D. Risk appetite.
Answer: A
Explanation:
PRMIA's 10 Principles of Good Governance
PRMIA outlines 10 key principles that focus on risk governance, accountability, transparency, and risk management effectiveness.
These principles ensure strong risk governance structures for financial institutions.
Why Answer B is Correct
Holding the PRM Designation (Professional Risk Manager certification) is NOT a governance principle.
While PRMIA promotes risk education, governance principles focus on organizational risk structures, not individual certifications.
Why Other Answers Are Incorrect
Option
Explanation:
A . Risk appetite.
Correct - PRMIA governance principles include establishing a clear risk appetite.
C . External validation.
Correct - External audits and validation improve governance and risk transparency.
D . Clear accountability.
Correct - Governance principles emphasize clear accountability at all levels of management.
PRMIA Reference for Verification
PRMIA 10 Principles of Good Governance
Basel Corporate Governance Guidelines for Financial Institutions
NEW QUESTION # 38
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. The requirements to trace all transactions when they are entered into spreadsheets.
- D. Having the business be a cash only business and not report any transactions.
Answer: B
Explanation:
Financial Crime Risk Management
Managing financial crime requires implementing controls, monitoring, and reporting systems to detect and prevent illegal activities.
Developing red flags and monitoring scenarios allows firms to detect suspicious transactions related to money laundering, fraud, and terrorist financing.
Why Answer C is Correct
PRMIA emphasizes that effective risk management requires proactive monitoring of transactions using red flags, transaction patterns, and anomaly detection systems.
This is aligned with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulatory requirements.
Why Other Answers Are Incorrect
Option
Explanation:
A . Having the business be a cash-only business and not report any transactions.
Incorrect - Cash-only businesses with no reporting are high-risk for financial crime.
B . The requirements to trace all transactions when they are entered into spreadsheets.
Incorrect - While transaction tracing is important, spreadsheets alone are not an effective control mechanism for financial crime.
D . Local regulations that allow a bank to not report transactions by family members of the board.
Incorrect - This would violate AML and financial crime regulations, increasing corruption risk.
PRMIA Reference for Verification
PRMIA Financial Crime and AML Risk Guidelines
Basel Committee on Financial Crime and Money Laundering
NEW QUESTION # 39
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 ensure the income targets can be met or exceeded.
- 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 adequately reward the investors for the capital they gave us to put at risk.
Answer: A
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 # 40
In operational resilience, what is impact tolerance?
- A. Impact tolerance is a firm's risk capacity statement.
- B. Impact tolerance is a firm's risk appetite statement.
- C. Impact tolerance is a firm's tolerance for disruption to a particular business process.
- D. Impact tolerance is a firm's tolerance for disruption to a particular business service.
Answer: D
Explanation:
Impact Tolerance is a key concept in Operational Resilience, defined as the ability of a firm to withstand, respond to, and recover from disruptions. According to PRMIA and global regulatory frameworks (such as the Bank of England's Operational Resilience Framework), impact tolerance is specifically tied to business services rather than processes.
Step 1: Defining Impact Tolerance
Impact tolerance is the maximum acceptable level of disruption to an important business service, beyond which there would be intolerable harm to customers, financial markets, or regulatory obligations.
It is not the same as risk appetite or risk capacity, as those deal with broader organizational risk exposure.
Step 2: Why Business Services Matter
PRMIA defines business services as end-to-end services delivered to clients and stakeholders, such as payments processing, trade execution, or loan approvals.
Disruptions to these services directly impact customers and financial stability, making business service resilience the core focus of impact tolerance.
Step 3: Why the Other Options Are Incorrect
Option A ("tolerance for disruption to a particular business process")
Incorrect because impact tolerance applies to services, not just internal processes.
Option C ("a firm's risk appetite statement")
Incorrect because risk appetite focuses on how much risk a firm is willing to take, while impact tolerance is about surviving disruptions.
Option D ("a firm's risk capacity statement")
Incorrect because risk capacity is the maximum level of risk a firm can bear, which is broader than business service disruptions.
PRMIA Risk Reference Used:
PRMIA Operational Resilience Guidelines - Defines impact tolerance as a service-based metric.
Bank of England's Operational Resilience Framework - Establishes impact tolerance as a limit on business service disruption.
Final Conclusion:
Impact tolerance focuses on business services, not just internal processes or risk appetite, making Option B the correct answer.
NEW QUESTION # 41
Which of the below is accurate about a risk assessment workshop?
- A. Risk management should not attend the workshop so that proper discussion can take place.
- B. Although workshops will take on their own form; it is best to prepare thoroughly ahead of time.
- C. The workshop should be run spontaneously so that proper discussion can take place.
- D. Compliance experts should not attend the workshop so that proper discussion can take place.
Answer: B
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 # 42
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