PRMIA 8020 Free Sample Exam Questions 2026

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Questions & Answers PDF

• Question 1

  

  Which of the following is not an action available to management and the governing body to align the strategy with Risk Capacity.

  • Reduce scale of risks - shrink balance sheet or activity levels.
  • Improve quality of risks - pursue lower rewarding risks with better prospects.
  • Reduce retained earning - by increasing dividends in order to return funds to investors and improve reputation.
  • Improve retained earnings - by increasing net income or reducing dividends in order to increase risk capacity.

  Reveal Answer Answer: C Next Question

• Question 2

  

  Which of the follow does the risk function typically have responsibility for?

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

  Reveal Answer Answer: B Next Question

• Question 3

  

  Process mapping is:

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

  Reveal Answer Answer: D Next Question

• Question 4

  

  Two of the four key resources that are regarded as critical to maintain confidence and calibrate Risk Appetite to are?

  • Capital expenditure and liquidity.
  • Net earnings and capital.
  • Strong regulatory assessment and net earnings.
  • Quality human resources and reputation.

  Reveal Answer Answer: B Next Question

• Question 5

  

  Which of the following statements best defines the properties of top-down key risk indicators?

  • Selected by senior management, tied to material external and internal loss exposures and scenarios, and used to manage changes in the business environment, especially under periods of stress.
  • Selected by senior management, used to manage changes in the business environment especially under periods of stress, and reported on a daily basis.
  • Selected by junior management, used to manage changes in the business environment especially under periods of stress, and reported on an annual basis
  • Can only be selected by the board in line with risk ratings.

  Reveal Answer Answer: A Next Question

• Question 6

  

  Risk and compliance functions often work together; which of the following best desribes the issue with a "zero risk appetite"?

  • A zero risk appetite is illegal under all known regulations.
  • It means that there can be a risk self assessment workshop for the compliance department.
  • An organization may decide that it will accept a certain level of outstanding compliance issues and thus will breach such an appetite statement.
  • It will result in a compliance investigation conducted by the first line.

  Reveal Answer Answer: C Next Question

• Question 7

  

  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?

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

  Reveal Answer Answer: C Next Question

• Question 8

  

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

  • Governance
  • Input
  • Process
  • Output

  Reveal Answer Answer: B Next Question

• Question 9

  

  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 10

  

  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?

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

  Reveal Answer Answer: C Next Question

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