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PRMIA 8020 Exam Syllabus Topics:

Topic
Details

Topic 1

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 2

Risk Information: This section of the exam measures the skills of Risk Managers and covers the collection, analysis, and communication of risk-related data. It highlights the role of data-driven decision-making in mitigating uncertainties and ensuring compliance. A key skill measured is interpreting risk data for informed decision-making.

Topic 3

Risk Management Framework: This section of the exam measures the skills of Risk Managers and covers the development and implementation of structured approaches for risk identification, evaluation, and mitigation. It includes industry-standard frameworks that guide risk strategy and decision-making. A key skill measured is establishing a risk management framework for organizations.

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

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 6

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 7

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.

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PRMIA ORM Certificate - 2023 Update Sample Questions (Q36-Q41):

NEW QUESTION # 36
Risk and compliance functions often work together; which of the following best desribes the issue with a "zero risk appetite"?

A. It means that there can be a risk self assessment workshop for the compliance department.
B. It will result in a compliance investigation conducted by the first line.
C. An organization may decide that it will accept a certain level of outstanding compliance issues and thus will breach such an appetite statement.
D. A zero risk appetite is illegal under all known regulations.

Answer: C

Explanation:
Understanding Zero Risk Appetite in Compliance
A zero risk appetite means the organization does not tolerate any compliance breaches.
However, in real-world risk management, it is often impractical to have zero risk exposure.
Some compliance violations may occur despite strong controls, making a strict zero-risk stance unrealistic.
Why Answer C is Correct
If an organization adopts a zero risk appetite for compliance, any compliance issue, even minor ones, would breach this policy.
This contradicts practical risk management, which allows for some residual risk while maintaining controls.
Why Other Answers Are Incorrect
Option
Explanation:
A . A zero risk appetite is illegal under all known regulations.
Incorrect - It is not illegal, but it is impractical in many industries.
B . It means that there can be a risk self-assessment workshop for the compliance department.
Incorrect - Self-assessments are part of compliance but do not define zero risk appetite issues.
D . It will result in a compliance investigation conducted by the first line.
Incorrect - Investigations are typically conducted by the second or third line of defense (compliance or audit), not the first line.
PRMIA Reference for Verification
PRMIA Risk Appetite Guidelines
Basel & ISO 31000 Risk Management Frameworks

NEW QUESTION # 37
The DORA act's full name is which of the following?

A. Daily Operational Resilience Act.
B. Digital Operational Resilience Act.
C. Domain for Operational Risk Act.
D. Digital Operational Risk Act.

Answer: B

Explanation:
Definition of DORA
The Digital Operational Resilience Act (DORA) is a regulation by the European Union (EU) aimed at strengthening the digital resilience of financial institutions.
It establishes a regulatory framework for managing information and communication technology (ICT) risks in the financial sector.
Key Objectives of DORA
Ensures that financial institutions can withstand, respond to, and recover from cyber threats and ICT-related disruptions.
Introduces standards for risk management, incident reporting, and third-party ICT risk oversight.
Why Other Answers Are Incorrect
Option
Explanation:
A . Domain for Operational Risk Act.
Incorrect - No such regulation exists under this name.
B . Digital Operational Risk Act.
Incorrect - The official name is Digital Operational Resilience Act (DORA).
C . Daily Operational Resilience Act.
Incorrect - DORA is not focused on daily operations but rather long-term digital resilience.
PRMIA Reference for Verification
PRMIA Risk Governance & Digital Resilience Standards
European Commission's Official DORA Regulation

NEW QUESTION # 38
Risk Capacity for a bank is defined as the:

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

Answer: C

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 # 39
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. Having the business be a cash only business and not report any transactions.
C. Development of scenarios and red flags that are used to monitor transactions and identify suspicious customers and activities.
D. The requirements to trace all transactions when they are entered into spreadsheets.

Answer: C

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 # 40
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 lower risk-taking to an absolute minimum - zero if possible.
B. We prize the ability to implement the management team's direction on the control of risks.
C. We prize the ability to implement the board's direction on the implementation of controls for risks.
D. We prize the ability to ensure that the Risk Function's opinions are listened to and acted upon.

Answer: C

Explanation:
Step 1: Role of a Risk Function
A Risk Function ensures that an organization follows best practices in risk governance, assessment, and control implementation.
It should be aligned with the board's risk strategy and ensure independent oversight.
Step 2: Why Option B is Correct
The board sets the overall risk strategy, and the risk function implements risk controls accordingly.
PRMIA emphasizes board oversight as the guiding force behind risk management.
Step 3: Why the Other Options Are Incorrect
Option A ("Implement management's direction") → Incorrect because risk oversight should be board-driven, not solely management-driven.
Option C ("Ensure opinions are listened to") → Incorrect because risk functions enforce policies, not just share opinions.
Option D ("Lower risk-taking to zero") → Incorrect because risk-taking is necessary for growth-excessive risk aversion harms business.
PRMIA Risk Reference Used:
PRMIA Risk Governance Framework - Highlights board oversight in risk management.
Basel III Risk Management Standards - Emphasizes board-driven risk controls.
Final Conclusion:
The Risk Function must follow the board's direction in implementing risk controls, making Option B the correct answer.

NEW QUESTION # 41
......

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