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8020 Pass Test Guide, Valid Braindumps 8020 Book

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PRMIA 8020 Exam Syllabus Topics:

Topic
Details

Topic 1

Introduction: This section of the exam measures the skills of Risk Analysts and covers fundamental concepts of risk governance, management, and assessment. It introduces key principles, regulatory frameworks, and industry best practices for identifying and addressing risks. A key skill measured is understanding the foundational principles of risk management.

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

Case Studies: This section of the exam measures the skills of Business Risk Consultants and covers real-world applications of risk management concepts. It examines case studies on risk governance, assessment, and mitigation strategies across different industries. A key skill measured is analyzing historical risk events for strategic insights.

Topic 4

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.

PRMIA ORM Certificate - 2023 Update Sample Questions (Q10-Q15):

NEW QUESTION # 10
Which of the following principles is critical when creating the optimum policy range and content'?

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

Answer: D

Explanation:
Best Practices for Policy Development
Policies should be clearly written, well-structured, and accompanied by training to ensure employees understand their responsibilities.
PRMIA governance principles emphasize the need for training to enhance compliance and operational effectiveness.
Why Answer D is Correct
Training ensures policy adoption and understanding across the organization.
Integrating policies into new employee training helps embed governance and compliance culture.
Why Other Answers Are Incorrect
Option
Explanation:
A . Policies should be divided into a large number of short topics to enhance accessibility.
Incorrect - While policies should be structured for readability, excessive fragmentation can lead to confusion and inefficiency.
B . Policy owners must ensure that policies are read by the regulator and then the shareholders.
Incorrect - Policies are internal governance tools, not primarily for regulators or shareholders.
C . Hard copies of a new policy should be placed in a central library of governance documents at the CRO's home.
Incorrect - Policies should be centrally available within the organization, not at a personal location.
PRMIA Reference for Verification
PRMIA Governance Best Practices
ISO 31000 Risk Management Standards

NEW QUESTION # 11
The The Task Force on Climate-related Financial Disclosures (TCFD) was founded by which body?

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

Answer: B

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 # 12
For credit risk losses containing operational risk elements that have been historically included in an organizations' credit risk database how should the loss amount be treated?

A. The entire loss amount is treated as operational risk.
B. The loss amount is split into credit and operational risk components.
C. The entire loss amount is treated as credit risk, but the loss is entered as a memorandum within the operational loss database and not used for capital modeling purposes.
D. The entire loss amount is treated as credit risk

Answer: B

Explanation:
Understanding Credit Risk and Operational Risk Overlap
In some cases, credit risk losses contain elements of operational risk, such as fraud, documentation errors, or IT failures affecting credit transactions.
Basel II and III frameworks require institutions to distinguish between pure credit risk losses and operational risk components within those losses.
Treatment of Losses
The credit-related portion is accounted for under credit risk capital calculations.
The operational risk portion (e.g., fraud-related losses) should be classified separately and included in operational risk databases for risk measurement.
Why Answer C is Correct
Basel III and PRMIA recommend a clear split between credit risk and operational risk components to ensure accurate risk modeling.
If operational risk elements are ignored, an organization may underestimate its true operational risk exposure.
Why Other Answers Are Incorrect
Option
Explanation:
A . The entire loss amount is treated as credit risk.
Incorrect - This ignores operational risk components that should be accounted for separately.
B . The entire loss amount is treated as operational risk.
Incorrect - Credit risk losses are typically dominant in lending-related losses and should not be fully classified as operational risk.
D . The entire loss amount is treated as credit risk, but the loss is entered as a memorandum within the operational loss database and not used for capital modeling purposes.
Incorrect - The operational risk portion must be considered for capital modeling, not just recorded as a memo.
PRMIA Reference for Verification
Basel II & III Guidelines on Credit and Operational Risk Integration
PRMIA Operational Risk Framework

NEW QUESTION # 13
The The Task Force on Climate-related Financial Disclosures (TCFD) was founded by which body?

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

Answer: B

NEW QUESTION # 14
How should Near Misses and Opportunity Costs be treated within Operational Risk?

A. Reported, Recorded and Analyzed, Used in calculation of Operational Risk Capital.
B. Ignored.
C. Reported. Recorded and Analyzed. Not Used in calculation of Operational Risk Capital.
D. Recorded and Analyzed. Used in calculation of Operational Risk Capital.

Answer: C

Explanation:
Near Misses in Operational Risk
A near miss is an event that could have led to a loss but was avoided or mitigated before actual financial impact occurred.
PRMIA emphasizes that near misses should be reported, recorded, and analyzed because they provide valuable insights into potential vulnerabilities in risk controls.
However, since they did not result in actual financial losses, they are not included in the calculation of Operational Risk Capital.
Opportunity Costs in Operational Risk
Opportunity costs refer to the loss of potential gains due to missed strategic opportunities.
These are not directly quantifiable as operational risk losses and are not included in Operational Risk Capital calculations.
PRMIA's Operational Risk Framework states that operational risk is about actual losses rather than theoretical costs.
Why Other Answers Are Incorrect
Option
Explanation:
A . Ignored.
Incorrect - Near misses and opportunity costs provide valuable insights into operational risk, so they should never be ignored.
B . Recorded and Analyzed. Used in calculation of Operational Risk Capital.
Incorrect - While they should be recorded and analyzed, they are not included in Operational Risk Capital calculations because they do not result in actual losses.
D . Reported, Recorded, and Analyzed, Used in calculation of Operational Risk Capital.
Incorrect - Reporting, recording, and analysis are correct, but they should not be included in capital calculations.
PRMIA Reference for Verification
PRMIA Operational Risk Management Standards - Defines near misses and opportunity costs.
Basel II & III Operational Risk Framework - Outlines the principles of operational risk capital calculations.

NEW QUESTION # 15
......

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Tony Bell Tony Bell

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