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PRMIA PRM Certification - Exam IV: Case Studies; Standards: Governance, Best Practices and Ethics Sample Questions:

1. The Chief Risk Officer is responsible for the management of the Risk Management Infrastructure, and as such helps the Board define, and then implements throughout the organization, the risk appetite of the organization.
Which of the following is also the responsibility of the Chief Risk Officer?

A) ensuring that all employees understand the rules and regulations (both internal and external) with which they must comply and the implications, for them and for the organization, of non-compliance
B) Acts as sponsor for risk throughout the organization and ensures that a risk culture is implemented, and maintained
C) Ensures that reporting of risk and governance-related matters are produced in a timely and accurate manner
D) Maintaining appropriate assurance measures to ensure that the Governance and Risk framework of the organization is effective, and, if any shortcomings are discovered, to escalate these to the Board so that remedial action can be taken in an appropriate and timely manner

2. PRMIA Governance Principles

A) must be adhered to by all financial firms that are PRMIA members
B) must be adhered to by all PRMIA member organizations
C) is a set of recommendations based on research and best practice
D) must be adhered to by all PRM charter holders

3. The Basic Knowledge a PPRMIA member should comply with, as stipulated within the PRMIA Standards of Best Practice, Conduct & Ethics, is to

A) only improve their PERSONAL professional competence
B) maintains and improve their professional competence and strive to maintain and improve the competence of other risk professionals
C) learn from a qualified risk management practitioner
D) only possess the required skills and/or certification to complete the risk assessment / management work at hand

4. Which of the following is part of the Group of 30 Report's market risk and stress testing recommendations?

A) Market risk VaR measures should be multiplied by 3 to get to a stress test figure, as long as the VaR model has been back-tested
B) To be consistent with regulatory capital measures, 10-day holding periods should be standardized for VaR reporting
C) Stress tests should incorporate changes in liquidity
D) Historic simulations are not effective methods of stress testing

5. Which of the following are PRMIA Governance Principles?
I Sufficiency of Key Resources and Process
II State of the Art Risk Management Technology
III Ongoing Education and Discernment
IV Sufficiency of Key Competencies

A) I, II and IV only
B) I and II only
C) I, III and IV only
D) All of these are PRMIA Governance Principles

Solutions: