PRMIA 8009 : Exam IV: Case Studies: Standards: Governance, Best Practices and Ethics - 2015 Edition

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PRMIA 8009 Exam Syllabus Topics:

PRMIA Exam IV: Case Studies: Standards: Governance, Best Practices and Ethics - 2015 Edition Sample Questions:

1. According to the G-30 Study, the risk management infrastructure's funding must be

A) determined at the Board level with inputs from business unit leaders
B) determined at the Board level without influence by business unit leaders
C) determined by business-unit leaders
D) determined by the regulators

2. Which of the following was not cited within the chain of miscalculations and deferred decisions for the downfall of Fannie Mae and Freddie Mac

A) They did not raise enough capital to weather the storm as the housing slump expanded
B) Extreme exposure to foreign currency exposures and losses from non-US$ mortgages
C) Lawmakers postponed strenghtening regulatory oversight due to partisan infighting
D) Under-management and under-measurement of market and liquidity risk

3. A risk manager is asked to analyze the credit risk of a convertible bond. The risk manager has never analyzed convertible bonds, but does have significant expertise in credit risk. The risk manager accepts the assignment, finds a paper on the subject through the PRMIA web site and copies the method used there. The risk manager completes the assignment and delivers a report to his or her direct supervisor and the supervisor is quite pleased.
According to the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct), this was acceptable behavior if the following conditions were met:
I. The risk manager disclosed the lack of knowledge about convertible bonds II. The methodology employed is disclosed and explained III. The report was just to be used for analysis and not in practice IV. The risk manager was sure of his/her understanding of the paper found on the web

A) I only
B) I, II and IV
C) I, II and III
D) I and II

4. A risk assessment report generated by a PRMIA member creates an apparent conflict of interest between the PRMIA standards and those of the client organization.
Of the following, which is the correct hierarchy to follow to resolve the conflict?
I. The decision of a superior within the organization
II. PRMIA Standards
III. Guidelines from the regulators in which the organization operates
IV. The laws of the country

A) IV, III, II, and I
B) I, II, III, and IV
C) II, I, IV, and III
D) III, II, IV, and I

5. Which of the following should NOT be part of the Risk Management Infrastructure?

A) Review continually the application of the Principles of Good Governance to the Risk Management Infrastructure, financial accounting and reporting infrastructure and the organization as a whole
B) Be independently staffed and report to an employee who is on the Executive Committee (Operating Committee) but who is NOT a business unit leader
C) Include financial risk management, compliance and external reporting and, to the extent that resources allow, should exclude legal or accounting
D) Define the organization's definition of risk management as articulated by the Board in clear and uncertain terms

Solutions: