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PRMIA ORM Certificate - 2023 Update Sample Questions (Q28-Q33):

NEW QUESTION # 28
Which of the below is a definition of climate risk?

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

Answer: A

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 # 29
Process mapping is:

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

Answer: A

Explanation:
Process Mapping is a risk management tool used to visualize workflows, identify inefficiencies, and detect control gaps. PRMIA defines process mapping as an essential operational risk management tool.
Step 1: Understanding Process Mapping
Helps analyze complex, process-intensive activities (Option A).
Reveals control weaknesses that could lead to operational risks (Option B).
Improves hand-offs and collaboration between teams (Option C).
Step 2: Why "All of the Above" is Correct
Process mapping serves multiple risk management purposes, making all listed options valid.
PRMIA Risk Reference Used:
PRMIA Operational Risk Management Guidelines - Recommends process mapping to identify inefficiencies and control gaps.
PRMIA Risk Governance Framework - Encourages visualization tools for process improvement.
Final Conclusion:
Process mapping improves risk awareness, identifies control gaps, and enhances operational workflows, making Option D the correct answer.

NEW QUESTION # 30
In relation to financial crime. OFAC is a definition for which organization?

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

Answer: D

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 # 31
Confidence Accounting can be defined as:

A. An approach that encourages companies and audit firms to have diverse boards.
B. An approach that encourages companies and audit firms to stop using figures and maths.
C. An approach that encourages companies and audit firms to use regular statements in their Al software.
D. An approach that encourages companies and audit firms to use ranges, rather than discrete numbers, for major accounting entries.

Answer: D

Explanation:
Definition of Confidence Accounting
Confidence Accounting challenges traditional accounting by introducing probability distributions and ranges rather than fixed numbers for financial reporting.
This approach improves transparency and risk awareness by acknowledging uncertainty in financial figures.
Why Answer B is Correct
Encourages using ranges (confidence intervals) instead of discrete values to better reflect uncertainty.
Used in risk-sensitive industries where financial estimates vary due to external factors (e.g., credit risk, market fluctuations).
Why Other Answers Are Incorrect
Option
Explanation:
A . An approach that encourages companies and audit firms to have diverse boards.
Incorrect - Board diversity is unrelated to Confidence Accounting.
C . An approach that encourages companies and audit firms to use regular statements in their AI software.
Incorrect - AI may use probability models, but Confidence Accounting is an accounting methodology, not an AI approach.
D . An approach that encourages companies and audit firms to stop using figures and maths.
Incorrect - Confidence Accounting still relies on mathematical models; it does not eliminate numerical analysis.
PRMIA Reference for Verification
PRMIA Financial Risk Reporting Standards
IFRS (International Financial Reporting Standards) Guidelines on Probability-Based Accounting

NEW QUESTION # 32
For the Barings case study, segregation of duties was an issue. How did this present itself in this case?

A. A trader was responsible for managing the back-office.
B. A risk manager was responsible for managing the back-office
C. A trader was responsible for managing the front-office.
D. A trader was responsible for managing the expense account.

Answer: A

Explanation:
Background of the Barings Case Study
Nick Leeson, a trader at Barings Bank, caused the collapse of the institution due to unauthorized trading in derivatives.
A critical failure was the lack of segregation of duties, allowing Leeson to both execute trades (front-office) and oversee trade settlement (back-office).
How Segregation of Duties Failed
Proper segregation of duties ensures that no single individual has unchecked control over trading and settlement.
Leeson was responsible for both trading (front-office) and settlement (back-office), meaning he could hide losses without detection.
Why Answer A is Correct
A trader (Leeson) should never have been managing back-office functions.
His dual role allowed him to manipulate records and bypass controls, leading to $1.3 billion in losses and the bank's collapse.
Why Other Answers Are Incorrect
Option
Explanation:
B . A trader was responsible for managing the front-office.
Incorrect - Traders are supposed to manage the front-office; the issue was their involvement in back-office functions.
C . A risk manager was responsible for managing the back-office.
Incorrect - The issue was lack of oversight on the trader, not risk managers handling back-office duties.
D . A trader was responsible for managing the expense account.
Incorrect - The main issue was the trader's control over trade settlement, not expense accounts.
PRMIA Reference for Verification
PRMIA Case Study on Barings Bank Collapse
Basel Principles on Segregation of Duties in Risk Management

NEW QUESTION # 33
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