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The PRMIA 8020 Certification Exam is one of the valuable credentials that are designed to prove an PRMIA aspirant's technical expertise. With the ORM Certificate - 2023 Update (8020) certificate they can be competitive and updated in the highly competitive market. The PRMIA Certification Questions offers a great opportunity for beginners and experienced professionals to not only validate their skills but also advance their careers.

PRMIA 8020 Exam Syllabus Topics:

Topic	Details
Topic 1	Risk Information: This section of the exam measures the skills of Risk Managers and covers the collection, analysis, and communication of risk-related data. It highlights the role of data-driven decision-making in mitigating uncertainties and ensuring compliance. A key skill measured is interpreting risk data for informed decision-making.
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.
Topic 5	Insurance Mitigation: This section of the exam measures the skills of Insurance Risk Managers and covers strategies for transferring risk through insurance and other financial instruments. It focuses on risk transfer mechanisms, policy structuring, and claims management. A key skill measured is assessing risk transfer options through insurance.

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PRMIA ORM Certificate - 2023 Update Sample Questions (Q11-Q16):

NEW QUESTION # 11
Which of the following statements is best for inclusion in the values to be set for a Risk Function?

A. We prize the ability to implement the management team's direction on the control of risks.
B. We prize the ability to implement the board's direction on the implementation of controls for risks.
C. We prize the ability to lower risk-taking to an absolute minimum - zero if possible.
D. We prize the ability to ensure that the Risk Function's opinions are listened to and acted upon.

Answer: B

Explanation:
Step 1: Role of a Risk Function
A Risk Function ensures that an organization follows best practices in risk governance, assessment, and control implementation.
It should be aligned with the board's risk strategy and ensure independent oversight.
Step 2: Why Option B is Correct
The board sets the overall risk strategy, and the risk function implements risk controls accordingly.
PRMIA emphasizes board oversight as the guiding force behind risk management.
Step 3: Why the Other Options Are Incorrect
Option A ("Implement management's direction") → Incorrect because risk oversight should be board-driven, not solely management-driven.
Option C ("Ensure opinions are listened to") → Incorrect because risk functions enforce policies, not just share opinions.
Option D ("Lower risk-taking to zero") → Incorrect because risk-taking is necessary for growth-excessive risk aversion harms business.
PRMIA Risk Reference Used:
PRMIA Risk Governance Framework - Highlights board oversight in risk management.
Basel III Risk Management Standards - Emphasizes board-driven risk controls.
Final Conclusion:
The Risk Function must follow the board's direction in implementing risk controls, making Option B the correct answer.

NEW QUESTION # 12
Which of the below is accurate about a risk assessment workshop?

A. The workshop should be run spontaneously so that proper discussion can take place.
B. Although workshops will take on their own form; it is best to prepare thoroughly ahead of time.
C. Risk management should not attend the workshop so that proper discussion can take place.
D. Compliance experts should not attend the workshop so that proper discussion can take place.

Answer: B

Explanation:
Step 1: What Is a Risk Assessment Workshop?
A risk assessment workshop is a structured session where key stakeholders identify, evaluate, and prioritize risks.
Effective workshops require preparation, clear objectives, and structured discussions to ensure meaningful risk analysis.
Step 2: Why Option B is Correct
PRMIA and best practices recommend thorough preparation, including:
Setting objectives
Defining risk categories
Ensuring participation from risk, compliance, and business units
Providing risk assessment tools/templates
Step 3: Why the Other Options Are Incorrect
Option A ("Run spontaneously") → Incorrect because lack of preparation leads to poor discussions and missed risks.
Option C ("Risk management should not attend") → Incorrect because risk managers provide key expertise to guide discussions.
Option D ("Compliance experts should not attend") → Incorrect because compliance provides regulatory insights essential to risk assessment.
PRMIA Risk Reference Used:
PRMIA Risk Assessment Framework - Recommends structured, well-prepared workshops.
ISO 31000 Risk Management Standard - Supports proactive workshop planning.
Final Conclusion:
Risk assessment workshops should be well-prepared to ensure meaningful discussions and effective risk identification, making Option B the correct answer.

NEW QUESTION # 13
Compliance departments traditionally provide policy, oversight, and set the standards for monitoring personal dealing. Which control below would assist in implementing such policies?

A. Watch lists of stocks that are not allowed to be traded for a period of time, for instance, ahead of a securities offering that the firm is managing.
B. A list of approved suppliers that have been added to the outsourcing policy.
C. Outsourcing of the policy writing to an accounting firm at least once every 3 years.
D. Outsourcing of the policy writing to an accounting firm at least once every 5 years.

Answer: A

Explanation:
Definition of DORA
The Digital Operational Resilience Act (DORA) is a regulation by the European Union (EU) aimed at strengthening the digital resilience of financial institutions.
It establishes a regulatory framework for managing information and communication technology (ICT) risks in the financial sector.
Key Objectives of DORA
Ensures that financial institutions can withstand, respond to, and recover from cyber threats and ICT-related disruptions.
Introduces standards for risk management, incident reporting, and third-party ICT risk oversight.
Why Other Answers Are Incorrect
Option
Explanation:
A . Domain for Operational Risk Act.
Incorrect - No such regulation exists under this name.
B . Digital Operational Risk Act.
Incorrect - The official name is Digital Operational Resilience Act (DORA).
C . Daily Operational Resilience Act.
Incorrect - DORA is not focused on daily operations but rather long-term digital resilience.
PRMIA Reference for Verification
PRMIA Risk Governance & Digital Resilience Standards
European Commission's Official DORA Regulation

NEW QUESTION # 14
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 # 15
Governance can be defined as which of the following?

A. Governance is being replaced by management in all firms that are regulated.
B. Governance is a structure specifying the ways in which reporting is made to the primary regulator.
C. Governance is a structure specifying the policies, principles, and procedures for making decisions about corporate direction.
D. Governance is a structure specifying the daily operation of a firm.

Answer: C

Explanation:
Definition of Governance
Governance refers to the framework of policies, principles, and processes used to guide corporate decision-making and strategic direction.
It ensures accountability, transparency, and risk oversight within an organization.
Key Elements of Governance
Risk oversight - Ensuring risks are properly identified and managed.
Accountability structures - Defining roles and responsibilities.
Decision-making frameworks - Establishing policies for long-term corporate success.
Why Other Answers Are Incorrect
Option
Explanation:
A . Governance is a structure specifying the daily operation of a firm.
Incorrect - Governance focuses on high-level corporate oversight, not day-to-day operations.
B . Governance is a structure specifying the ways in which reporting is made to the primary regulator.
Incorrect - Governance is broader than just regulatory reporting.
C . Governance is being replaced by management in all firms that are regulated.
Incorrect - Governance and management are separate but complementary; governance provides oversight, while management executes strategy.
PRMIA Reference for Verification
PRMIA 10 Principles of Good Governance

NEW QUESTION # 16
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