PRMIA 8020 practice materials Questions Answers

Exam Code:
8020
Exam Name:
ORM Certificate – 2023 Update Exam
Last Update:
Jun 01,2026

60 Questions Answers Verified by Experts!


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PRMIA 8020 Questions for ORM Certification Exam 2026

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ORM Certificate – 2023 Update Exam 8020 practice questions with explanations

 

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Total Questions: 0

Questions & Answers PDF

• Question 1

  

  Confidence Accounting can be defined as:

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

  Reveal Answer Answer: B Next Question

• Question 2

  

  For the Northern Rock case study, what was the low-probability-high-impact event that was most responsible for the loss event?

  • The acquisition of Merrill Lynch by Bank of America.
  • The Bank of England's withdrawal of Deposit Protection.
  • Liquidity dried up in the inter-bank and commercial paper markets.
  • An exposure to real estate funds, heavily concentrated in Berlin.

  Reveal Answer Answer: C Next Question

• Question 3

  

  How should Near Misses and Opportunity Costs be treated within Operational Risk?

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

  Reveal Answer Answer: C Next Question

• Question 4

  

  Ideally, the facilitator of a risk assessment workshop should:

  • Guide the workshop toward a pre-determined conclusion, based upon known industry identified risks.
  • Remind the attendees that they can override the results of the workshop once the risks are tallied.
  • Remain objective and refrain from expressing his or her own opinions.
  • Attend via a video connection to allow proper distance.

  Reveal Answer Answer: C Next Question

• Question 5

  

  The The Task Force on Climate-related Financial Disclosures (TCFD) was founded by which body?

  • The World Bank (WB).
  • The United Nations (UN).
  • The Financial Stability Board (FSB).
  • The European Commission (EC).

  Reveal Answer Answer: C Next Question

• Question 6

  

  In relation to financial crime. OFAC is a definition for which organization?

  • Office of Financial Asset Control.
  • Office of Foreigner and other Control.
  • Office for Asset Control.
  • Office of Foreign Asset Control.

  Reveal Answer Answer: D Next Question

• Question 7

  

  When a control is found to be ineffective, which of the following steps should be take next?

  • Risks should be re-assessed to determine if there is the appropriate level of control assessment.
  • An action plan should be designed to close the gap.
  • The controls should be re-assessed during the next cycle to determine if they are still ineffective.
  • Risks should be re-assessed to determine if there can be an exception for the level of control assessment.

  Reveal Answer Answer: B Next Question

• Question 8

  

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

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

  Reveal Answer Answer: D Next Question

• Question 9

  

  Which of the following is not the purpose or benefit of a Risk Appetite statement?

  • Risk management standards and resources are likely to be improved.
  • The governing body articulates its expectations.
  • Establishes the maximum risk that the organization can stand.
  • Assists with Strategic discussions.

  Reveal Answer Answer: C Next Question

• Question 10

  

  Which of the following principles is critical when creating the optimum policy range and content'?

  • Policies should be divided into a large number of short topics to enhance accessibility.
  • Policy owners must ensure that policies are read by the regulator and then the shareholders.
  • Hard copies of a new policy should be placed in a central library of governance documents at the CRO's home.
  • New policies should be accompanied by Citable training for the target audience and added to the content of new employee training.

  Reveal Answer Answer: D Next Question

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