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PRMIA ORM Certificate - 2023 Update Sample Questions (Q56-Q61):

NEW QUESTION # 56
When a control is found to be ineffective, which of the following steps should be take next?

A. Risks should be re-assessed to determine if there can be an exception for the level of control assessment.
B. An action plan should be designed to close the gap.
C. The controls should be re-assessed during the next cycle to determine if they are still ineffective.
D. Risks should be re-assessed to determine if there is the appropriate level of control assessment.

Answer: B

Explanation:
When a control is found to be ineffective, the primary objective is to remediate the deficiency by implementing corrective measures. PRMIA (Professional Risk Managers' International Association) guidance, aligned with best practices in risk governance, emphasizes a structured approach to handling control deficiencies. Below is a detailed breakdown based on PRMIA risk management principles:
Step 1: Identify and Assess the Ineffective Control
A control is deemed ineffective when it fails to mitigate the identified risks to an acceptable level.
The root cause of the failure must be determined through a Control Effectiveness Review (CER).
PRMIA recommends control testing and incident analysis to assess the severity of the control failure.
Step 2: Develop an Action Plan to Address the Control Deficiency
PRMIA best practices state that risk management should prioritize corrective actions rather than delaying remediation.
The organization must define an action plan to close the gap, which includes:
Revising or strengthening the control mechanisms.
Implementing new controls, if necessary.
Assigning responsibility for remediation to control owners.
Setting deadlines for resolution.
This step aligns with PRMIA's Risk Governance Framework, which emphasizes proactive risk management.
Step 3: Implement Corrective Measures and Monitor Progress
Once an action plan is designed, the organization should execute the corrective actions.
PRMIA's Risk Monitoring Guidelines require regular follow-ups and testing to ensure the control is functioning correctly.
The effectiveness of the remediation should be validated through post-implementation review and ongoing control testing.
Step 4: Re-Assess Risks and Control Effectiveness
Once corrective measures are in place, the organization should re-evaluate risks to confirm that the issue is resolved.
The risk assessment process should be updated to reflect the changes in the control environment.
Why the Other Options Are Incorrect?
Option A: "Risks should be re-assessed to determine if there is the appropriate level of control assessment." While risk re-assessment is a good practice, it does not directly address the ineffective control.
PRMIA guidelines prioritize closing the control gap first before reassessing risks.
Option C: "The controls should be re-assessed during the next cycle to determine if they are still ineffective." Waiting until the next assessment cycle delays remediation, which could expose the organization to unmitigated risks.
PRMIA risk frameworks recommend immediate corrective action when a control is found to be ineffective.
Option D: "Risks should be re-assessed to determine if there can be an exception for the level of control assessment." PRMIA does not support exceptions for ineffective controls unless there is a well-documented risk acceptance process.
A control failure should be remediated rather than seeking exceptions.
PRMIA Risk Reference Used:
PRMIA Risk Governance Framework - Defines the importance of immediate corrective actions for control failures.
PRMIA Risk Monitoring Guidelines - Stresses continuous monitoring and validation of controls.
PRMIA Risk Management Standards - Recommends a structured action plan for ineffective controls.
PRMIA Operational Risk Framework - Emphasizes the need to close control gaps to maintain a strong risk posture.
Final Conclusion:
According to PRMIA risk management best practices, when a control is found to be ineffective, the best course of action is to design and implement an action plan to remediate the issue (Option B). This approach ensures that the organization mitigates risk promptly and maintains a strong control environment.

NEW QUESTION # 57
Which of the following is not the purpose or benefit of a Risk Appetite statement?

A. Establishes the maximum risk that the organization can stand.
B. Risk management standards and resources are likely to be improved.
C. The governing body articulates its expectations.
D. Assists with Strategic discussions.

Answer: A

Explanation:
Step 1: Understanding a Risk Appetite Statement
Risk Appetite is the amount of risk an organization is willing to take to achieve its objectives.
A Risk Appetite Statement (RAS) communicates risk tolerance levels and management expectations.
Step 2: Why Option C is Incorrect
Risk Capacity (not Risk Appetite) defines the maximum risk the firm can withstand.
Risk Appetite is about willingness to take risk, not the absolute limit.
Step 3: Why the Other Options Are Correct
Option A ("Improves risk management standards") → Correct, as RAS helps define better risk management.
Option B ("Governing body articulates expectations") → Correct, as RAS is approved by the board.
Option D ("Assists strategic discussions") → Correct, as RAS guides decision-making.
PRMIA Risk Reference Used:
PRMIA Risk Appetite Framework - Differentiates between Risk Appetite and Risk Capacity.
Basel III Governance Principles - Encourages organizations to establish clear risk appetite statements.
Final Conclusion:
Risk Appetite does not establish the maximum risk the firm can withstand-that is Risk Capacity, making Option C the correct answer.

NEW QUESTION # 58
Which of the below is a definition of climate risk?

A. Climate risk has been moved out of all risk taxonomies due to international agreement.
B. Climate risk refers to the growing impacts of credit risk on the business environment.
C. Climate risk refers to the growing impacts that businesses and our overall society may face due to climate change.
D. Climate risk refers to change in the business climate during a recession.

Answer: C

Explanation:
Step 1: Definition of Climate Risk
PRMIA and global financial regulators define climate risk as the financial, operational, and societal risks arising from climate change.
Climate risks impact businesses through physical risks (e.g., floods, wildfires) and transition risks (e.g., regulatory changes, carbon pricing).
Step 2: Why the Other Options Are Incorrect
Option A ("Climate risk has been moved out of all risk taxonomies due to international agreement") Incorrect because climate risk is now a central part of risk taxonomies, as emphasized by PRMIA, Basel III, and TCFD.
Option B ("Climate risk refers to the growing impacts of credit risk on the business environment") Incorrect because credit risk is just one aspect of climate risk, not the full definition.
Option C ("Climate risk refers to change in the business climate during a recession") Incorrect because climate risk is about environmental change, not economic cycles.
PRMIA Risk Reference Used:
PRMIA Climate Risk Guidelines - Defines climate risk as a financial and societal risk due to climate change.
TCFD (Task Force on Climate-Related Financial Disclosures) - Outlines regulatory expectations for climate risk management.
Final Conclusion:
Climate risk involves physical and transition risks from climate change, making Option D the correct answer.

NEW QUESTION # 59
Which of the following statements best defines the properties of top-down key risk indicators?

A. Selected by junior management, used to manage changes in the business environment especially under periods of stress, and reported on an annual basis
B. Selected by senior management, used to manage changes in the business environment especially under periods of stress, and reported on a daily basis.
C. Can only be selected by the board in line with risk ratings.
D. 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.

Answer: D

Explanation:
Definition of Key Risk Indicators (KRIs)
KRIs are quantitative metrics used to monitor risk levels and detect early warning signs of potential risk events.
Top-down KRIs are identified at the senior management level and focus on enterprise-wide risk exposure.
Key Properties of Top-Down KRIs
Selected by senior management to ensure alignment with strategic objectives.
Tied to material external and internal loss exposures to capture critical financial, operational, and strategic risks.
Used to manage changes in the business environment to ensure proactive risk response, especially under stress conditions.
Why Other Answers Are Incorrect
Option
Explanation:
B . Selected by senior management, used to manage changes in the business environment, especially under periods of stress, and reported on a daily basis.
Incorrect - Top-down KRIs are not reported daily; they are monitored periodically (e.g., quarterly).
C . Selected by junior management, used to manage changes in the business environment, especially under periods of stress, and reported on an annual basis.
Incorrect - Junior management does not define top-down KRIs; senior management does. Also, annual reporting is too infrequent.
D . Can only be selected by the board in line with risk ratings.
Incorrect - The board provides oversight, but senior risk management selects KRIs, not just the board.
PRMIA Reference for Verification
PRMIA Risk Indicator Guidelines
Basel Committee on Banking Supervision (BCBS) Principles for Effective Risk Data Aggregation

NEW QUESTION # 60
Ideally, the facilitator of a risk assessment workshop should:

A. Remind the attendees that they can override the results of the workshop once the risks are tallied.
B. Guide the workshop toward a pre-determined conclusion, based upon known industry identified risks.
C. Attend via a video connection to allow proper distance.
D. Remain objective and refrain from expressing his or her own opinions.

Answer: D

Explanation:
Step 1: Role of a Risk Assessment Facilitator
The facilitator's main role is to guide discussions without bias, ensuring objective risk identification.
PRMIA's Risk Governance Framework highlights neutral facilitation as key to effective risk workshops.
Step 2: Why Option C Is Correct
Objectivity ensures unbiased risk assessment.
Expressing personal opinions can influence risk ratings, leading to distorted outcomes.
Step 3: Why the Other Options Are Incorrect
Option A ("Guide the workshop toward a pre-determined conclusion")
Incorrect because risk workshops should discover risks, not confirm pre-set beliefs.
Option B ("Attendees can override results")
Incorrect as risk results should be evidence-based, not subject to override.
Option D ("Attend via video connection")
Incorrect as facilitators must engage actively, making remote facilitation less effective.
PRMIA Risk Reference Used:
PRMIA Risk Governance Framework - Stresses objectivity in risk assessment facilitation.
PRMIA Risk Identification Best Practices - Encourages unbiased workshops.
Final Conclusion:
Facilitators must remain neutral and objective, making Option C the correct answer.

NEW QUESTION # 61
......

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