100% Pass Quiz 2025 High-quality PRMIA 8020: ORM Certificate - 2023 Update Exam Lab Questions

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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	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 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	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.

PRMIA ORM Certificate - 2023 Update Sample Questions (Q48-Q53):

NEW QUESTION # 48
Governance can be defined as which of the following?

A. Governance is a structure specifying the daily operation of a firm.
B. Governance is a structure specifying the policies, principles, and procedures for making decisions about corporate direction.
C. Governance is being replaced by management in all firms that are regulated.
D. Governance is a structure specifying the ways in which reporting is made to the primary regulator.

Answer: B

Explanation:
Definition of Governance
Governance refers to the framework of policies, principles, and processes used to guide corporate decision-making and strategic direction.
It ensures accountability, transparency, and risk oversight within an organization.
Key Elements of Governance
Risk oversight - Ensuring risks are properly identified and managed.
Accountability structures - Defining roles and responsibilities.
Decision-making frameworks - Establishing policies for long-term corporate success.
Why Other Answers Are Incorrect
Option
Explanation:
A . Governance is a structure specifying the daily operation of a firm.
Incorrect - Governance focuses on high-level corporate oversight, not day-to-day operations.
B . Governance is a structure specifying the ways in which reporting is made to the primary regulator.
Incorrect - Governance is broader than just regulatory reporting.
C . Governance is being replaced by management in all firms that are regulated.
Incorrect - Governance and management are separate but complementary; governance provides oversight, while management executes strategy.
PRMIA Reference for Verification
PRMIA 10 Principles of Good Governance

NEW QUESTION # 49
In operational resilience, what is impact tolerance?

A. Impact tolerance is a firm's risk appetite statement.
B. Impact tolerance is a firm's tolerance for disruption to a particular business service.
C. Impact tolerance is a firm's tolerance for disruption to a particular business process.
D. Impact tolerance is a firm's risk capacity statement.

Answer: B

NEW QUESTION # 50
Ideally, which of the following should be completed as part of the risk assessments of service providers?

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

Answer: D

Explanation:
Third-Party Risk Management (TPRM)
PRMIA highlights the importance of conducting thorough due diligence on third-party vendors and service providers.
This includes evaluating compliance programs, risk management frameworks, financial stability, strategic objectives, and operational history.
Key Areas of Third-Party Risk Assessment
Compliance and Risk Infrastructure → Ensures that the provider meets regulatory and security requirements.
Financial Health → Determines whether the provider has the financial stability to support long-term service delivery.
Business Strategy → Helps assess alignment with the organization's risk appetite and goals.
Operating History → Evaluates experience and reliability in delivering services.
Why Other Answers Are Incorrect
Option
Explanation:
B . An assessment of a third party should not include its compliance and risk infrastructure, financials, business strategy, and operating history.
Incorrect - Ignoring these critical factors increases the risk of working with an unreliable vendor.
C . Onsite visits are not advantageous for understanding the third party's risks and control environment.
Incorrect - Onsite visits are highly valuable as they provide first-hand insights into operational controls. PRMIA encourages risk managers to conduct site visits.
D . A review of the pay levels of the staff supporting the service.
Incorrect - Employee salaries are not a primary risk factor in vendor assessments. The focus should be on the vendor's security, compliance, and operational risks.
PRMIA Reference for Verification
PRMIA Third-Party Risk Management (TPRM) Guidelines - Details best practices for vendor risk assessments.
Basel Principles on Outsourcing and Third-Party Risk - Provides regulatory guidance on evaluating third-party service providers.

NEW QUESTION # 51
What are the objectives of conducting an internal loss investigation?

A. Increase understanding of root causes, focus attention on who caused the issue, and improve the quality of scenario analysis and risk assessments.
B. Increase understanding of root causes, focus attention on remediation, and ascertain responsibility for the loss event.
C. Increase understanding of root causes, focus attention on remediation, and improve the quality of scenario analysis and risk assessments.
D. This is determined on a case by case basis by the HR team.

Answer: C

Explanation:
tep 1: Purpose of Internal Loss Investigations
Internal loss investigations analyze past loss events to identify root causes, improve controls, and enhance risk assessments.
Step 2: Why Option A Is Correct
Root Cause Analysis: Identifying why the loss occurred.
Focus on Remediation: Implementing corrective measures to prevent recurrence.
Scenario Analysis Improvement: Using lessons learned to enhance risk scenario modeling.
Step 3: Why the Other Options Are Incorrect
Option B ("Focus on who caused the issue") → Incorrect because loss investigations are about systemic issues, not assigning blame.
Option C ("Ascertain responsibility for the loss event") → Incorrect because the focus is on process improvements, not individual accountability.
Option D ("Determined by HR on a case-by-case basis") → Incorrect because HR does not dictate risk investigations-risk and compliance functions do.
PRMIA Risk Reference Used:
PRMIA Operational Risk Framework - Emphasizes loss investigations for systemic risk management.
Basel III Risk Governance Standards - Defines loss event analysis as a key risk management tool.

NEW QUESTION # 52
Which of the follow is not included in PRMIA's 10 principles of good governance?

A. Risk appetite.
B. Holding the PRM Designation.
C. Clear accountability.
D. External validation.

Answer: B

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 # 53
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100% Pass Quiz 2025 High-quality PRMIA 8020: ORM Certificate - 2023 Update Exam Lab Questions

8020 Real Questions - 8020 Relevant Answers

PRMIA 8020 Exam Syllabus Topics:

PRMIA ORM Certificate - 2023 Update Sample Questions (Q48-Q53):

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