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PRMIA 8020 Exam Syllabus Topics:

Topic	Details
Topic 1	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 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 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 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	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.
Topic 6	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 7	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 (Q15-Q20):

NEW QUESTION # 15
Stafford Beers Viable System Model (VSM) has several implementation elements. Which of the following is not one of these?

• A. Governance
• B. Output
• C. Process
• D. Input

Answer: D

Explanation:
Stafford Beer's Viable System Model (VSM)
VSM is a cybernetic model designed to analyze and improve organizational structures.
It consists of five core subsystems that define governance and operations.
Why Answer B is Correct
The VSM does not explicitly include "Input" as a key component.
The key elements of VSM include Governance, Process, and Output, but it does not define "Input" as a standalone concept.
Why Other Answers Are Incorrect
Option
Explanation:
A . Governance
Correct - Governance is part of VSM and deals with decision-making and oversight.
C . Process
Correct - Process represents the operational functions within VSM.
D . Output
Correct - Output refers to the results of the system's operations.
PRMIA Reference for Verification
PRMIA Governance and Cybernetic Systems Guidelines
Stafford Beer's Viable System Model Framework

 

NEW QUESTION # 16
How should Near Misses and Opportunity Costs be treated within Operational Risk?

• A. Reported. Recorded and Analyzed. Not Used in calculation of Operational Risk Capital.
• B. Recorded and Analyzed. Used in calculation of Operational Risk Capital.
• C. Ignored.
• D. Reported, Recorded and Analyzed, Used in calculation of Operational Risk Capital.

Answer: A

Explanation:
Near Misses in Operational Risk
A near miss is an event that could have led to a loss but was avoided or mitigated before actual financial impact occurred.
PRMIA emphasizes that near misses should be reported, recorded, and analyzed because they provide valuable insights into potential vulnerabilities in risk controls.
However, since they did not result in actual financial losses, they are not included in the calculation of Operational Risk Capital.
Opportunity Costs in Operational Risk
Opportunity costs refer to the loss of potential gains due to missed strategic opportunities.
These are not directly quantifiable as operational risk losses and are not included in Operational Risk Capital calculations.
PRMIA's Operational Risk Framework states that operational risk is about actual losses rather than theoretical costs.
Why Other Answers Are Incorrect
Option
Explanation:
A . Ignored.
Incorrect - Near misses and opportunity costs provide valuable insights into operational risk, so they should never be ignored.
B . Recorded and Analyzed. Used in calculation of Operational Risk Capital.
Incorrect - While they should be recorded and analyzed, they are not included in Operational Risk Capital calculations because they do not result in actual losses.
D . Reported, Recorded, and Analyzed, Used in calculation of Operational Risk Capital.
Incorrect - Reporting, recording, and analysis are correct, but they should not be included in capital calculations.
PRMIA Reference for Verification
PRMIA Operational Risk Management Standards - Defines near misses and opportunity costs.
Basel II & III Operational Risk Framework - Outlines the principles of operational risk capital calculations.

 

NEW QUESTION # 17
Process mapping is:

• A. A helpful tool for understanding where control gaps may exist.
• B. All of the above.
• C. A good visualization tool for understanding where hand-offs and hand-ins may occur.
• D. A useful tool for understanding process intensive activities.

Answer: B

Explanation:
Process Mapping is a risk management tool used to visualize workflows, identify inefficiencies, and detect control gaps. PRMIA defines process mapping as an essential operational risk management tool.
Step 1: Understanding Process Mapping
Helps analyze complex, process-intensive activities (Option A).
Reveals control weaknesses that could lead to operational risks (Option B).
Improves hand-offs and collaboration between teams (Option C).
Step 2: Why "All of the Above" is Correct
Process mapping serves multiple risk management purposes, making all listed options valid.
PRMIA Risk Reference Used:
PRMIA Operational Risk Management Guidelines - Recommends process mapping to identify inefficiencies and control gaps.
PRMIA Risk Governance Framework - Encourages visualization tools for process improvement.
Final Conclusion:
Process mapping improves risk awareness, identifies control gaps, and enhances operational workflows, making Option D the correct answer.

 

NEW QUESTION # 18
For the Barings case study, what external event may have accelerated the discovery of the loss event?

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

Answer: C

Explanation:
Background of the Barings Case Study
The Barings Bank collapse occurred due to unauthorized derivatives trading by Nick Leeson in Singapore.
Leeson concealed losses, and his trading positions became unmanageable.
How the Kobe Earthquake Affected Barings
On January 17, 1995, the Kobe earthquake caused extreme market volatility.
Leeson's unauthorized trades were highly exposed to the Nikkei 225 index, and the earthquake triggered heavy losses.
The event accelerated the exposure of Leeson's fraudulent activities, leading to Barings' collapse.
Why Answer D is Correct
The Kobe earthquake created market turmoil, forcing Barings to confront its financial position, ultimately revealing the hidden losses.
Why Other Answers Are Incorrect
Option
Explanation:
A . The collapse of Lehman Brothers into bankruptcy in 2002.
Incorrect - Lehman Brothers collapsed in 2008, not 2002.
B . The Singapore earthquake of January 17th, 1995.
Incorrect - No significant earthquake occurred in Singapore on that date.
C . The collapse of Lehman Brothers into bankruptcy in 2008.
Incorrect - Barings collapsed in 1995, not related to Lehman Brothers' 2008 failure.
PRMIA Reference for Verification
PRMIA Case Study on Barings Bank Collapse
Basel Committee Principles on Risk Oversight and Fraud Prevention

 

NEW QUESTION # 19
In Operational Resilience, which of the following is not an important measure of whether a Business Service can be considered Critical?

• A. Whether a disruption to the provision of the service could exceed risk appetite.
• B. Whether a disruption to the provision of the service could threaten a firm's viability.
• C. Whether a disruption to the provision of the service could harm market integrity.
• D. Whether a disruption to the provision of the service could cause material customer detriment.

Answer: A

Explanation:
Step 1: Definition of a Critical Business Service in Operational Resilience A Critical Business Service is one whose failure could result in severe harm to customers, financial markets, or the firm's viability.
Regulators (e.g., Bank of England, Basel Committee, PRMIA) define three primary factors for identifying critical services:
Customer impact
Market integrity impact
Firm viability impact
Step 2: Why Option C Is Incorrect
Risk appetite is an internal business decision, not an external measure of criticality.
A service can be critical even if its disruption stays within risk appetite.
Criticality is based on external impacts, not just internal risk limits.
Step 3: Why the Other Options Are Correct
Option A ("Material customer detriment") → Correct as customer harm defines critical services.
Option B ("Harm to market integrity") → Correct as market stability is a regulatory priority.
Option D ("Threaten firm viability") → Correct as critical services often determine business survival.
PRMIA Risk Reference Used:
PRMIA Operational Resilience Framework - Defines criteria for critical business services.
Basel Committee Operational Risk Guidelines - Highlights customer, market, and firm viability as resilience factors.
Final Conclusion:
Risk appetite is an internal benchmark, not a measure of critical service designation, making Option C the correct answer.

 

NEW QUESTION # 20
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