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PRMIA ORM Certificate - 2023 Update Sample Questions (Q40-Q45):

NEW QUESTION # 40
Which of the follow does the risk function typically have responsibility for?

A. Documenting its activities, typically by operating and then recording the daily operation of controls.
B. Putting in place the servers, firewalls and software to ensure cyber security.
C. Documenting its activities, typically by developing a Risk Management Manual and set of Risk Policies.
D. Creating a trial balance, balance sheet statement and cash flow statement.

Answer: C

Explanation:
Role of the Risk Function
The risk function is responsible for documenting, monitoring, and overseeing risk policies and frameworks.
It ensures the organization maintains structured risk governance, reporting, and compliance.
Key Responsibilities
Developing Risk Management Manuals to define risk appetite, risk frameworks, and risk governance structures.
Creating Risk Policies that align with regulatory standards and internal controls.
Why Answer B is Correct
The risk function primarily develops, implements, and maintains risk management frameworks, which include formal manuals and policies.
Why Other Answers Are Incorrect
Option
Explanation:
A . Documenting its activities, typically by operating and then recording the daily operation of controls.
Incorrect - The first line of defense (business units) handles daily operational controls, not the risk function.
C . Putting in place the servers, firewalls, and software to ensure cybersecurity.
Incorrect - Cybersecurity is an IT responsibility, while the risk function oversees cyber risk frameworks.
D . Creating a trial balance, balance sheet statement, and cash flow statement.
Incorrect - These are financial accounting responsibilities, not risk management duties.
PRMIA Reference for Verification
PRMIA Governance Framework for Risk Management
Basel Risk Management Principles

NEW QUESTION # 41
ISO 27000 relates to what topic / area?

A. Information Security Systems.
B. International Risk Management.
C. Environmental, social, and governance (ESG) investing.
D. Auditing of financial controls.

Answer: A

Explanation:
Step 1: Definition of ISO 27000
ISO 27000 is a global standard for information security management systems (ISMS), issued by the International Organization for Standardization (ISO).
It provides a framework for protecting sensitive information through policies, controls, and risk management practices.
Step 2: Why Option B Is Correct
ISO 27001 (part of ISO 27000 series) is one of the most widely recognized certifications for information security governance.
It sets guidelines on risk assessment, incident response, and data protection.
Step 3: Why the Other Options Are Incorrect
Option A ("ESG investing")
Incorrect because ISO 27000 deals with cybersecurity, not environmental, social, and governance (ESG) issues.
Option C ("International Risk Management")
Incorrect because ISO 27000 focuses on information security, not general risk management.
Option D ("Auditing of financial controls")
Incorrect because financial auditing standards (e.g., SOX, COSO) are separate from information security standards.
PRMIA Risk Reference Used:
ISO 27000 Series Documentation - Defines cybersecurity risk management practices.
PRMIA IT Risk Governance Framework - Reference ISO 27001 as a cybersecurity standard.

NEW QUESTION # 42
What are the objectives of conducting an internal loss investigation?

A. Increase understanding of root causes, focus attention on remediation, and ascertain responsibility for the loss event.
B. This is determined on a case by case basis by the HR team.
C. Increase understanding of root causes, focus attention on remediation, and improve the quality of scenario analysis and risk assessments.
D. Increase understanding of root causes, focus attention on who caused the issue, and improve the quality of scenario analysis and risk assessments.

Answer: C

Explanation:
tep 1: Purpose of Internal Loss Investigations
Internal loss investigations analyze past loss events to identify root causes, improve controls, and enhance risk assessments.
Step 2: Why Option A Is Correct
Root Cause Analysis: Identifying why the loss occurred.
Focus on Remediation: Implementing corrective measures to prevent recurrence.
Scenario Analysis Improvement: Using lessons learned to enhance risk scenario modeling.
Step 3: Why the Other Options Are Incorrect
Option B ("Focus on who caused the issue") → Incorrect because loss investigations are about systemic issues, not assigning blame.
Option C ("Ascertain responsibility for the loss event") → Incorrect because the focus is on process improvements, not individual accountability.
Option D ("Determined by HR on a case-by-case basis") → Incorrect because HR does not dictate risk investigations-risk and compliance functions do.
PRMIA Risk Reference Used:
PRMIA Operational Risk Framework - Emphasizes loss investigations for systemic risk management.
Basel III Risk Governance Standards - Defines loss event analysis as a key risk management tool.

NEW QUESTION # 43
The The Task Force on Climate-related Financial Disclosures (TCFD) was founded by which body?

A. The Financial Stability Board (FSB).
B. The European Commission (EC).
C. The World Bank (WB).
D. The United Nations (UN).

Answer: A

Explanation:
Step 1: What is the TCFD?
The Task Force on Climate-related Financial Disclosures (TCFD) was established to develop climate-related financial risk disclosure recommendations to help investors, lenders, and regulators make informed decisions.
Step 2: Who Founded the TCFD?
The Financial Stability Board (FSB), an international organization that monitors and makes recommendations about the global financial system, founded the TCFD in 2015.
The FSB recognized climate risk as a financial stability issue and launched the TCFD to standardize reporting.
Step 3: Why the Other Options Are Incorrect
Option A ("World Bank") → Incorrect because the World Bank supports climate initiatives but did not create the TCFD.
Option B ("United Nations") → Incorrect because the UN has climate programs like the UNFCCC, but not the TCFD.
Option D ("European Commission") → Incorrect because the EC develops its own sustainability regulations (e.g., SFDR, CSRD), separate from the TCFD.
PRMIA Risk Reference Used:
PRMIA Climate Risk Guidelines - Cites FSB's role in founding the TCFD.
FSB Official Reports (2015) - Confirms that the FSB established the TCFD.
Final Conclusion:
The FSB founded the TCFD in 2015, making Option C the correct answer.

NEW QUESTION # 44
For the National Australia Bank - FX Options case study, which was the major cause of the loss event?

A. Currency traders were allowed access to the risk system by the CEO.
B. Currency traders were able to complete a Management Buy Out (MBO).
C. Currency traders smoothed profits and concealed losses.
D. Currency traders concealed losses using back office knowledge.

Answer: C

Explanation:
Overview of the National Australia Bank (NAB) FX Options Case Study
Traders at National Australia Bank (NAB) engaged in unauthorized foreign exchange (FX) options trading.
They smoothed profits and concealed losses using fictitious transactions and manipulated reporting.
This led to a major financial scandal and loss of investor confidence.
Key Findings of the Investigation
Traders artificially smoothed profits to avoid drawing attention to large fluctuations.
Losses were concealed from internal risk controls by manipulating trade records.
The bank's risk management and governance controls failed to detect and prevent these activities.
Why Other Answers Are Incorrect
Option
Explanation:
A . Currency traders were allowed access to the risk system by the CEO.
Incorrect - No evidence suggests CEO involvement in granting system access.
B . Currency traders concealed losses using back-office knowledge.
Incorrect - While they concealed losses, they also smoothed profits to manipulate earnings trends.
D . Currency traders were able to complete a Management Buy Out (MBO).
Incorrect - This event was not related to a Management Buyout (MBO); it was a trading scandal.
PRMIA Reference for Verification
PRMIA Fraud and Risk Management Case Studies
Basel Principles on Market Risk and Internal Control Failures

NEW QUESTION # 45
......

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