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PRMIA ORM Certificate - 2023 Update Sample Questions (Q50-Q55):

NEW QUESTION # 50
In order for a KRI to be effective it must be:

A. Qualitative, Consistent Efficient & Repeatable.
B. Quantitative, Consistent and Comparable. Efficient & Repeatable
C. Quantitative and Qualitative. Consistent. Efficient & Repeatable.
D. Quantitative, Repeatable and Efficient.

Answer: C

Explanation:
Definition of an Effective Key Risk Indicator (KRI)
A KRI is a metric used to identify, measure, and monitor emerging risks.
To be effective, KRIs must be both quantitative and qualitative, allowing for a comprehensive risk view.
Key Characteristics of Effective KRIs
Quantitative - Uses numerical data for trend analysis.
Qualitative - Incorporates expert judgment and scenario-based insights.
Consistent - Maintains uniform definitions across reporting periods.
Efficient & Repeatable - Must be easily measured and consistently reported.
Why Other Answers Are Incorrect
Option
Explanation:
B . Qualitative, Consistent, Efficient & Repeatable.
Incorrect - Excludes quantitative aspects, which are essential for KRIs.
C . Quantitative, Consistent, Comparable, Efficient & Repeatable.
Incorrect - While comparison is useful, qualitative factors are missing, making this answer incomplete.
D . Quantitative, Repeatable and Efficient.
Incorrect - Lacks qualitative insights and consistency as key factors for KRIs.
PRMIA Reference for Verification
PRMIA Risk Indicator Guidelines
Basel Committee's Principles on Risk Data and KRI

NEW QUESTION # 51
In relation to financial crime. OFAC is a definition for which organization?

A. Office for Asset Control.
B. Office of Foreign Asset Control.
C. Office of Financial Asset Control.
D. Office of Foreigner and other Control.

Answer: B

Explanation:
Step 1: Understanding OFAC
OFAC (Office of Foreign Assets Control) is a U.S. Treasury Department agency responsible for enforcing economic and trade sanctions based on U.S. foreign policy and national security goals.
It prevents financial crime by restricting transactions with sanctioned individuals, entities, and countries.
Step 2: Role of OFAC in Financial Crime Prevention
OFAC administers sanctions to prevent money laundering, terrorism financing, and other illicit activities.
Financial institutions must comply with OFAC regulations to avoid heavy fines and reputational damage.
PRMIA's Financial Crime Risk Guidelines emphasize the importance of OFAC compliance in risk management.
Step 3: Why the Other Options Are Incorrect
Option A ("Office of Financial Asset Control") - Incorrect wording; OFAC deals with foreign assets, not just financial assets.
Option B ("Office of Foreigner and Other Control") - OFAC does not regulate foreigners broadly; it targets specific foreign assets and transactions.
Option C ("Office for Asset Control") - Missing "Foreign", which is critical to OFAC's function.
PRMIA Risk Reference Used:
PRMIA Financial Crime Risk Management Guidelines - Emphasizes regulatory compliance with OFAC.
PRMIA Compliance and Sanctions Risk Standards - Stresses the role of OFAC in preventing illicit financial activities.
Final Conclusion:
OFAC stands for the Office of Foreign Assets Control, making Option D the correct answer.

NEW QUESTION # 52
Which of the following is a correct statement about control rating scales?

A. They are enhanced by the use of software that includes inherent risk.
B. A control rating scale should consider control effectiveness but not control performance.
C. A control rating scale should consider both control effectiveness and control performance.
D. A control rating scale should consider neither control effectiveness or control performance.

Answer: C

Explanation:
Definition of Control Rating Scales
Control rating scales measure the effectiveness and performance of risk management controls.
They help organizations evaluate control strength and identify weaknesses.
Key Components
Control effectiveness → Measures how well the control mitigates risks.
Control performance → Assesses whether the control operates as designed in practice.
Why Answer C is Correct
Both effectiveness and performance are crucial for assessing control reliability.
A control may be designed effectively but fail in execution, making both factors essential.
Why Other Answers Are Incorrect
Option
Explanation:
A . They are enhanced by the use of software that includes inherent risk.
Incorrect - Software can improve ratings, but control scales are based on evaluation criteria, not just software tools.
B . A control rating scale should consider control effectiveness but not control performance.
Incorrect - Ignoring performance could lead to misjudging actual control reliability.
D . A control rating scale should consider neither control effectiveness nor control performance.
Incorrect - This would render the control rating scale useless.
PRMIA Reference for Verification
PRMIA Governance and Control Framework
Basel Operational Risk Management Guidelines

NEW QUESTION # 53
What are some of the deficiencies associated with bottom-up Key Risk Indicators?

A. Mandates from a board that are too restrictive to implement.
B. Causal affects that are not adequately understood.
C. Lack of granularity.
D. Not reported frequently enough.

Answer: B

Explanation:
Definition of Bottom-Up Key Risk Indicators (KRIs)
Bottom-up KRIs are generated from operational-level data rather than high-level strategic indicators.
They are useful for monitoring localized risks but may fail to capture broad risk drivers.
Key Deficiencies of Bottom-Up KRIs
Lack of clarity on causal relationships - These indicators may detect risk trends but fail to explain root causes.
Focus on micro-level risks - They may miss systemic or enterprise-wide risk interactions.
Why Answer B is Correct
Bottom-up KRIs may indicate changes in risk levels but lack insight into the underlying causes, leading to reactive rather than proactive risk management.
Why Other Answers Are Incorrect
Option
Explanation:
A . Mandates from a board that are too restrictive to implement.
Incorrect - Board mandates apply to top-down governance, not bottom-up KRIs.
C . Not reported frequently enough.
Incorrect - Reporting frequency is an issue but not the primary deficiency; rather, it's the lack of causal insight.
D . Lack of granularity.
Incorrect - Bottom-up KRIs tend to be highly detailed (granular), making this answer incorrect.
PRMIA Reference for Verification
PRMIA Key Risk Indicator Best Practices
Basel Committee's Risk Measurement and Reporting Framework

NEW QUESTION # 54
The The Task Force on Climate-related Financial Disclosures (TCFD) was founded by which body?

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

Answer: D

NEW QUESTION # 55
......

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Liam Stewart Liam Stewart

Biography

Excel in Your PRMIA 8020 Exam with Pass4sureCert: The Quick Solution for Success

2025 Useful 8020 Dumps | Latest ORM Certificate - 2023 Update 100% Free Mock Exams

PRMIA ORM Certificate - 2023 Update Sample Questions (Q50-Q55):

Latest PRMIA Useful 8020 Dumps Offer You The Best Mock Exams | ORM Certificate - 2023 Update

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