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PRMIA 8020 Exam Syllabus Topics:

Topic
Details

Topic 1

Risk Governance: This section of the exam measures the skills of Compliance Officers and covers the policies, structures, and processes that define how organizations oversee risk. It explores regulatory compliance, ethical considerations, and corporate governance frameworks to ensure accountability. A key skill measured is applying governance frameworks to organizational risk policies.

Topic 2

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 3

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 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.

Topic 5

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 6

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 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 (Q55-Q60):

NEW QUESTION # 55
Two of the four key resources that are regarded as critical to maintain confidence and calibrate Risk Appetite to are?

A. Capital expenditure and liquidity.
B. Strong regulatory assessment and net earnings.
C. Net earnings and capital.
D. Quality human resources and reputation.

Answer: C

Explanation:
Key Resources for Calibrating Risk Appetite
Risk appetite defines how much risk an organization is willing to accept to achieve its objectives.
Two of the most critical resources for maintaining confidence and setting risk appetite are net earnings and capital.
Why Net Earnings and Capital are Critical
Net earnings reflect profitability and financial stability, influencing risk-taking capacity.
Capital ensures that the institution can absorb losses and meet regulatory requirements.
Basel III emphasizes capital adequacy as a core measure of financial resilience.
Why Answer B is Correct
Net earnings support operational stability, while capital determines how much risk an institution can bear.
Both are used to define and calibrate risk appetite levels.
Why Other Answers Are Incorrect
Option
Explanation:
A . Capital expenditure and liquidity.
Incorrect - Capital expenditure is an investment measure, not a direct risk appetite determinant.
C . Strong regulatory assessment and net earnings.
Incorrect - Regulatory assessments are important but do not directly set risk appetite.
D . Quality human resources and reputation.
Incorrect - HR and reputation are important for governance but do not directly influence risk capital and earnings stability.
PRMIA Reference for Verification
PRMIA Risk Appetite Framework
Basel III Capital and Earnings Management Guidelines

NEW QUESTION # 56
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. Improve quality of risks - pursue lower rewarding risks with better prospects.
C. Reduce retained earning - by increasing dividends in order to return funds to investors and improve reputation.
D. Reduce scale of risks - shrink balance sheet or activity levels.

Answer: C

Explanation:
Step 1: Aligning Strategy with Risk Capacity
Risk capacity is the maximum level of risk a firm can bear based on financial resources, earnings, and capital structure.
Management can adjust risk capacity by modifying risk exposure, balance sheet size, or earnings retention.
Step 2: Why Option C Is Incorrect
Increasing dividends reduces retained earnings, which lowers capital reserves and reduces risk capacity.
Firms seeking to improve risk capacity should retain earnings, not distribute them.
Step 3: Why the Other Options Are Correct
Option A ("Reduce scale of risks") → Correct as reducing balance sheet size lowers risk exposure.
Option B ("Improve quality of risks") → Correct as taking on lower-risk assets improves stability.
Option D ("Improve retained earnings") → Correct as more capital increases risk capacity.
PRMIA Risk Reference Used:
PRMIA Capital Management Framework - Defines risk capacity and earnings retention strategies.
Basel III Capital Standards - Stresses retained earnings as a key factor in risk capacity.
Final Conclusion:
Reducing retained earnings through dividends weakens risk capacity, making Option C the correct answer.

NEW QUESTION # 57
The acronym ESG can stand for:

A. Enhanced Social Governance.
B. Environmental. Strategy, and corporate Governance.
C. Extra Social Governance.
D. Environmental. Social and corporate Governance.

Answer: D

Explanation:
Step 1: Definition of ESG
ESG (Environmental, Social, and Corporate Governance) refers to the three core factors used to evaluate a company's sustainability and ethical impact.
ESG is now a key part of risk management, influencing investment decisions, regulatory compliance, and corporate strategy.
Step 2: Breakdown of ESG Components
Environmental (E): Climate change, carbon emissions, resource management.
Social (S): Diversity & inclusion, labor rights, community engagement.
Governance (G): Board structure, executive pay, corporate ethics.
Step 3: Why the Other Options Are Incorrect
Option A ("Environmental, Strategy, and Corporate Governance")
Incorrect because Strategy is not part of ESG.
Option C ("Enhanced Social Governance")
Incorrect because ESG covers more than just social governance.
Option D ("Extra Social Governance")
Incorrect as it does not align with the recognized ESG definition.
PRMIA Risk Reference Used:
PRMIA ESG Risk Management Guidelines - Defines ESG factors as Environmental, Social, and Governance.
PRI (Principles for Responsible Investment) - Aligns ESG with financial risk management.

NEW QUESTION # 58
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 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 not include its compliance and risk infrastructure, financials, business strategy and operating history.

Answer: B

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 # 59
Which of the following are the most relevant ways a firm can ensure they are in line with consumer protection?

A. Treat customers fairly, place customer interests ahead of its own and keep promises to customers
B. Add a consumer protection section to all reports.
C. Engage with consumers once there are enough complaints.
D. This risk cannot be managed.

Answer: A

Explanation:
Definition of Consumer Protection in Risk Management
Consumer protection ensures ethical business practices, transparency, and regulatory compliance.
It builds trust with customers and reduces legal and reputational risks.
Key Principles of Consumer Protection
Treating customers fairly → Ensures honest and ethical financial services.
Prioritizing customer interests → Prevents conflicts of interest and unfair treatment.
Honoring commitments → Strengthens customer confidence and regulatory trust.
Why Answer C is Correct
Following these principles ensures regulatory compliance, customer satisfaction, and risk mitigation.
Why Other Answers Are Incorrect
Option
Explanation:
A . Engage with consumers once there are enough complaints.
Incorrect - Proactive engagement is essential; waiting for complaints is a reactive and poor risk management approach.
B . Add a consumer protection section to all reports.
Incorrect - Documentation alone does not ensure fair treatment; actions matter more.
D . This risk cannot be managed.
Incorrect - Consumer protection risks can and should be actively managed.
PRMIA Reference for Verification
PRMIA Consumer Protection & Fair Treatment Standards
Financial Conduct Authority (FCA) Consumer Duty Guidelines

NEW QUESTION # 60
......

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