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PRMIA ORM Certificate - 2023 Update - 8020 Exam Practice Test

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Total 62 questions

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Question 1

Under the previous Basel II approach, which was not an approach for operational risk?

A. Alternative Measurement Approach (AMA). B. Advanced Measurement Approach (AMA). C. The Standardized Approach (TSA). D. Basic Indicator Approach (BIA).

Discussion 0

Correct Answer: A Vote an answer

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Question 2

For the Barings case study, what external event may have accelerated the discovery of the loss event?

A. The collapse of Lehman Brothers into bankruptcy in 2002. B. The Singapore earthquake of January 17th 1995. C. The Kobe earthquake of January 17th 1995. D. The collapse of Lehman Brothers into bankruptcy m 2008.

Discussion 0

Correct Answer: C Vote an answer

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Question 3

Compliance departments traditionally provide policy, oversight, and set the standards for monitoring personal dealing. Which control below would assist in implementing such policies?

A. Outsourcing of the policy writing to an accounting firm at least once every 5 years. B. Watch lists of stocks that are not allowed to be traded for a period of time, for instance, ahead of a securities offering that the firm is managing. C. A list of approved suppliers that have been added to the outsourcing policy. D. Outsourcing of the policy writing to an accounting firm at least once every 3 years.

Discussion 0

Correct Answer: B Vote an answer

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Question 4

Which of the Basel Accords, published in 2004, introduced operational risk as a risk subjected to a capital charge?

A. Basel II B. Basel IV C. Basel I D. Basel III

Discussion 0

Correct Answer: A Vote an answer

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Question 5

Confidence Accounting can be defined as:

A. An approach that encourages companies and audit firms to stop using figures and maths. B. An approach that encourages companies and audit firms to use regular statements in their Al software. C. An approach that encourages companies and audit firms to have diverse boards. D. An approach that encourages companies and audit firms to use ranges, rather than discrete numbers, for major accounting entries.

Discussion 0

Correct Answer: D Vote an answer

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Question 6

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. Compliance experts should not attend the workshop so that proper discussion can take place. C. Although workshops will take on their own form; it is best to prepare thoroughly ahead of time. D. The workshop should be run spontaneously so that proper discussion can take place.

Discussion 0

Correct Answer: C Vote an answer

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Question 7

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

Discussion 0

Correct Answer: C Vote an answer

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Total 62 questions

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