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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: PRMIA Case Studies | 50% | - Risk management lessons learned - Application of risk principles to scenarios - Root cause identification - Historical risk failure analysis |
| Topic 2: PRMIA Standards of Best Practice, Conduct and Ethics | 30% | - Code of professional conduct - Professional integrity and accountability - Compliance with laws and regulations - Ethical decision-making framework |
| Topic 3: PRMIA Principles of Good Governance | 20% | - Risk governance frameworks - Risk appetite and accountability - Board and senior management responsibilities - Transparency and disclosure |
1. When supervising others, a PRMIA member must comply with
A) his / her established personal standards of work approved in previous work situations
B) local regulatory authority standards which may be less onerous than PRMIA standards
C) PRMIA Standards
D) the standards of the organization where the work is being performed
2. For the sentence
"The organization shall encourage all employees to keep abreast of the latest developments in their particular areas of expertise, through ____________, _____________, and _____________ and shall make adequate resources available to enable this to occur," Choose the correct combinations of words from the following options:
A) journals, courses, compliance mandates
B) conferences, discussion groups, blog sites
C) courses, educational certification, journals
D) courses, conferences, journals
3. As a result of the US government's intervention, which of the following is true?
A) Foreign Central Banks will continue to sell their holdings of Fannie Mae and Freddie Mac securities
B) The cost of borrowing for Fannie Mae and Freddie Mac should decline because the government will be standing behind their debts and the buying and selling of mortgage debt will continue
C) The systemic risks still remain in the housing market because it increases the US government's debt
D) The cost of borrowing for house buyers will rise because of the risk premium now built into the cost of such a government guarantee
4. For the sentence
"The organization should have at its disposal employees who have adequate _________, ________ and _______ to perform the tasks assigned to them", Choose the correct combination of words from the following options:
A) knowledge, skills, expertise
B) track record, expertise, skills
C) experience, skills, previous successes
D) risk appetite, knowledge, expertise
5. TMFI's internal procedures and management were
A) aware that they had some uninsured liabilities but thought they had enough capital to withstand any uninsured losses
B) absolutely unaware of their uninsured liabilities
C) fully aware of the uninsured risks Fortress Re were taking
D) None of the above
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: B |
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