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PRMIA 8004 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: PRMIA Case Studies | 50% | - Historical risk failure analysis - Risk management lessons learned - Root cause identification - Application of risk principles to scenarios |
| Topic 2: PRMIA Standards of Best Practice, Conduct and Ethics | 30% | - Code of professional conduct - Compliance with laws and regulations - Ethical decision-making framework - Professional integrity and accountability |
| Topic 3: PRMIA Principles of Good Governance | 20% | - Board and senior management responsibilities - Transparency and disclosure - Risk governance frameworks - Risk appetite and accountability |
PRMIA PRM Certification - Exam IV: Case Studies; Standards: Governance, Best Practices and Ethics Sample Questions:
Which of the following regarding Orange County is FALSE?
- A. Bob Citron heavily leveraged his positions using repos
- B. Bob Citron tried to "ride the yield curve"
- C. Citron's losses were eventually exposed by massive margin calls
- D. Bob Citron engaged in risky strategies to benefit personally
Correct Answer: D 🗳️
Which of the following was the key contributory risk factor to the problems at LTCM in the summer of 1998?
I Model Risk
II Lack of Transparency
III Breakdown of Historical Correlations
IV Over Regulation by Federal Regulators
- A. III only
- B. All of these were key elements of the problems at LTCM
- C. I and III only
- D. III and IV only
Correct Answer: A 🗳️
The Chief Risk Officer is responsible for the management of the Risk Management Infrastructure, and as such helps the Board define, and then implements throughout the organization, the risk appetite of the organization.
Which of the following is also the responsibility of the Chief Risk Officer?
- A. Ensures that reporting of risk and governance-related matters are produced in a timely and accurate manner
- B. ensuring that all employees understand the rules and regulations (both internal and external) with which they must comply and the implications, for them and for the organization, of non-compliance
- C. Maintaining appropriate assurance measures to ensure that the Governance and Risk framework of the organization is effective, and, if any shortcomings are discovered, to escalate these to the Board so that remedial action can be taken in an appropriate and timely manner
- D. Acts as sponsor for risk throughout the organization and ensures that a risk culture is implemented, and maintained
Correct Answer: A 🗳️
The hedging strategy employed by MG Refining & Marketing has been called:
- A. A differential hedge
- B. Dynamic hedging
- C. A stacked hedge
- D. Nothing because MG Refining & Marketing did not hedge its position
Correct Answer: C 🗳️
PRMIA Governance Principles
- A. must be adhered to by all PRMIA member organizations
- B. must be adhered to by all financial firms that are PRMIA members
- C. must be adhered to by all PRM charter holders
- D. is a set of recommendations based on research and best practice
Correct Answer: D 🗳️
