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PRMIA 8004 Exam Syllabus Topics:

PRMIA PRM Certification - Exam IV: Case Studies; Standards: Governance, Best Practices and Ethics Sample Questions:

Question 1

The Chief Risk Officer is responsible for the management of the Risk Management Infrastructure, and as such helps the Board define, and then implements throughout the organization, the risk appetite of the organization.
Which of the following is also the responsibility of the Chief Risk Officer?

A. ensuring that all employees understand the rules and regulations (both internal and external) with which they must comply and the implications, for them and for the organization, of non-compliance
B. Ensures that reporting of risk and governance-related matters are produced in a timely and accurate manner
C. Maintaining appropriate assurance measures to ensure that the Governance and Risk framework of the organization is effective, and, if any shortcomings are discovered, to escalate these to the Board so that remedial action can be taken in an appropriate and timely manner
D. Acts as sponsor for risk throughout the organization and ensures that a risk culture is implemented, and maintained

Question 2

A risk manager has just completed a risk assessment project. The report has been given to the risk manager's direct supervisor, who refuses to escalate the material issues raised in the report. Further, the direct supervisor edits the report to remove the section describing the material risk, who then submits it to the firm's Executive Committee.
According to the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct), which of the following actions is most appropriate:

A. Escalation of the issue is against the Code of Conduct because one should respect the administrative structure of the organization
B. The risk manager should attempt to resolve the conflict with the direct supervisor, but if that does not work, they should contact the Whistle-Blowing Hotline of the organization. If no such hot-line is in place, they should contact the PRMIA Ethics Committee
C. If the risk manager deems it appropriate, he / she should send a copy of the original report to the CEO
D. The risk manager has submitted the report to their direct supervisor and their obligation ends at this point, nothing further should be done

Question 3

Which of the following was the key contributory risk factor to the problems at LTCM in the summer of 1998?
I Model Risk
II Lack of Transparency
III Breakdown of Historical Correlations
IV Over Regulation by Federal Regulators

A. All of these were key elements of the problems at LTCM
B. I and III only
C. III and IV only
D. III only

Question 4

A risk manager finds that a client is engaged in a practice that looks like money laundering.
According to the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct), the risk manager should:

A. Approach the client about the concern, regardless of what their reaction might be
B. Respect the client's confidentiality as that takes precedence
C. Report this conduct to their immediate supervisor
D. Report the findings immediately to authorities

Question 5

Several clients, including Procter and Gamble took legal action against Bankers Trust, claiming Bankers Trust

A. hid profits
B. sold them derivative products without properly advising them of the relevant risks
C. was involved in accounting fraud
D. did not honour its contractual obligations to pay

Solutions: