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Pass Guaranteed Efficient 8020 - ORM Certificate - 2023 Update Free Exam Dumps

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Studying for attending 8020 exam pays attention to the method. The good method often can bring the result with half the effort, therefore we in the examination time, and also should know some test-taking skill. The 8020 quiz guide on the basis of summarizing the past years, the answers have certain rules can be found, either subjective or objective questions, we can find in the corresponding module of similar things in common. To this end, the 8020 Exam Dumps have summarized some types of questions in the qualification examination to help you pass the 8020 exam.

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

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 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

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 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 (Q19-Q24):

NEW QUESTION # 19
What are some of the properties of Bottom-Up KRIs?

A. Are not used due to changes in regulations.
B. Seated by senior management: tied to internal loss events at the legal entity, country, business and / or product level, reported.
daily, weekly or monthly.
C. Selected by local management, based on key controls or weaknesses identified by audit reports, reported on quarterly.
D. Selected by local management: tied to internal loss events at the legal entity, country, business and / or product level, reported daily, weekly or monthly.

Answer: D

Explanation:
Definition of Bottom-Up KRIs
Bottom-Up Key Risk Indicators (KRIs) are identified at the operational level, focusing on localized risks within business units.
They are tied to actual internal loss events and reported frequently (daily, weekly, or monthly) to capture ongoing trends.
Key Properties of Bottom-Up KRIs
Selected by local management → Ensures relevance to specific business areas.
Tied to internal loss events → Helps in tracking risk patterns within specific legal entities, countries, or business units.
Reported frequently → Allows for timely risk detection and mitigation.
Why Answer D is Correct
Bottom-up KRIs focus on localized risk exposure and are monitored frequently to track operational changes.
Why Other Answers Are Incorrect
Option
Explanation:
A . Seated by senior management: tied to internal loss events at the legal entity, country, business, and/or product level, reported daily, weekly, or monthly.
Incorrect - Senior management sets top-down KRIs, while bottom-up KRIs are managed locally.
B . Selected by local management, based on key controls or weaknesses identified by audit reports, reported quarterly.
Incorrect - While audit reports are useful, bottom-up KRIs are based on loss events, not just audit findings. Quarterly reporting is too infrequent.
C . Are not used due to changes in regulations.
Incorrect - Bottom-up KRIs remain essential despite regulatory changes.
PRMIA Reference for Verification
PRMIA Risk Indicator Best Practices
Basel Committee's Risk Measurement and Reporting Guidelines

NEW QUESTION # 20
In operational resilience, material customer detriment or significant harm to the customer is which of the following?

A. This is the ability of a financial system to continue to function, even in the face of significant disruption or financial shocks.
B. This has a low threshold and refers to any inconvenience to a customer that results in a complaint.
C. This is when disruption to a service results in not just an inconvenience to a customer, but a material cost or hardship.
D. This is when disruption to a service results in an inconvenience to a customer and damage to the firm's reputation.

Answer: C

Explanation:
Step 1: Definition of Material Customer Detriment
Material customer detriment refers to service disruptions that cause financial loss, inability to access essential services, or significant hardship.
PRMIA and UK FCA Operational Resilience Standards define "significant harm" as going beyond inconvenience to include monetary or operational distress.
Step 2: Why Option D is Correct
Significant harm occurs when customers face tangible financial or service losses, not just reputational inconvenience.
Regulatory frameworks (e.g., Basel, FCA, PRMIA) require banks to protect customers from material disruptions.
Step 3: Why the Other Options Are Incorrect
Option A ("Low threshold, any complaint") → Incorrect because not all complaints indicate material detriment.
Option B ("Inconvenience and reputational damage") → Incorrect because true material harm is more than just inconvenience.
Option C ("Financial system resilience") → Incorrect because this describes systemic financial stability, not customer impact.
PRMIA Risk Reference Used:
PRMIA Operational Resilience Framework - Defines material customer detriment.
UK FCA Operational Resilience Guidelines - Requires firms to minimize severe harm to customers.
Final Conclusion:
Material customer detriment involves actual financial hardship, not just inconvenience, making Option D the correct answer.

NEW QUESTION # 21
Managing financial crime is a part of risk and compliance for many firms. Which of the following is a useful control to help reduce this risk?

A. Development of scenarios and red flags that are used to monitor transactions and identify suspicious customers and activities.
B. The requirements to trace all transactions when they are entered into spreadsheets.
C. Having the business be a cash only business and not report any transactions.
D. Local regulations that allow a bank to not report transactions by family members of the board.

Answer: A

Explanation:
Financial Crime Risk Management
Managing financial crime requires implementing controls, monitoring, and reporting systems to detect and prevent illegal activities.
Developing red flags and monitoring scenarios allows firms to detect suspicious transactions related to money laundering, fraud, and terrorist financing.
Why Answer C is Correct
PRMIA emphasizes that effective risk management requires proactive monitoring of transactions using red flags, transaction patterns, and anomaly detection systems.
This is aligned with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulatory requirements.
Why Other Answers Are Incorrect
Option
Explanation:
A . Having the business be a cash-only business and not report any transactions.
Incorrect - Cash-only businesses with no reporting are high-risk for financial crime.
B . The requirements to trace all transactions when they are entered into spreadsheets.
Incorrect - While transaction tracing is important, spreadsheets alone are not an effective control mechanism for financial crime.
D . Local regulations that allow a bank to not report transactions by family members of the board.
Incorrect - This would violate AML and financial crime regulations, increasing corruption risk.
PRMIA Reference for Verification
PRMIA Financial Crime and AML Risk Guidelines
Basel Committee on Financial Crime and Money Laundering

NEW QUESTION # 22
When a single operational risk event leads to losses in multiple business lines or impacts across several event types, how should these linked losses be treated?

A. Each business line should take it's own discretion as to how the losses are treated.
B. Either allocate entire loss to the business line for which the loss is greatest or pro-rate the loss across the affected business line.
C. Pro-rate the loss across the affected business line.
D. Allocate entire loss to the business line for which the loss is greatest.

Answer: B

Explanation:
Step 1: Understanding Linked Losses in Operational Risk
In operational risk events, a single event can impact multiple business lines or event types (e.g., IT failure affecting retail banking and wealth management).
Proper loss attribution is important for accurate risk reporting and regulatory compliance under Basel III.
Step 2: Why Option C is Correct
Basel III and PRMIA guidance allow institutions flexibility in how to allocate linked losses:
Entire loss can be allocated to the business line with the largest loss impact for simplified reporting.
Loss can be pro-rated across affected business lines for more accurate attribution.
Step 3: Why the Other Options Are Incorrect
Option A ("Allocate entire loss to the business line with the greatest loss") → Partially correct, but not always required-some firms prefer pro-rating.
Option B ("Pro-rate the loss") → Partially correct, but allocating to the largest impacted business line is also acceptable.
Option D ("Each business line decides how to treat losses") → Incorrect because loss allocation should follow a defined policy, not business line discretion.
PRMIA Risk Reference Used:
Basel III Operational Risk Framework - Discusses loss attribution for multi-line impact events.
PRMIA Loss Event Management Guidelines - Supports both full allocation and pro-rating.
Final Conclusion:
Firms can either allocate the full loss to the most impacted business line or pro-rate it across affected lines, making Option C the correct answer.

NEW QUESTION # 23
Stafford Beers Viable System Model (VSM) has several implementation elements. Which of the following is not one of these?

A. Output
B. Process
C. Governance
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 # 24
......

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