8020 EXAM SIMULATOR FEE, 8020 VALID EXAM TOPICS

8020 Exam Simulator Fee, 8020 Valid Exam Topics

8020 Exam Simulator Fee, 8020 Valid Exam Topics

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Tags: 8020 Exam Simulator Fee, 8020 Valid Exam Topics, 8020 Real Sheets, 8020 Latest Exam Preparation, Real 8020 Dumps

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PRMIA ORM Certificate - 2023 Update Sample Questions (Q51-Q56):

NEW QUESTION # 51
The Internal Loss Multiplier (ILM) is part of the Basel III Standardized Approach. Which of these definitions best descibes it?

  • A. t is a scaling factor that is based on a bank's average historical losses.
  • B. It is a financial-statement-based proxy for operational risk.
  • C. It is a non-financial factor that is based on a bank's average historical losses.
  • D. It is uniform, and is used for indicating consistent incidents on an average return basis.

Answer: A

Explanation:
The Internal Loss Multiplier (ILM) is a key component of the Basel III Standardized Approach for Operational Risk. It is designed to adjust capital requirements based on a bank's historical loss experience.
Definition of ILM
ILM is a scaling factor that adjusts the operational risk capital requirement based on a bank's internal loss history.
It is derived using a formula that incorporates historical operational risk losses relative to a bank's revenue.
Why ILM Exists in Basel III
Basel III replaced the Advanced Measurement Approach (AMA) with a Standardized Approach that includes ILM to ensure that banks with high historical losses hold more capital for operational risk.
Why Other Answers Are Incorrect
Option
Explanation:
A . It is a financial-statement-based proxy for operational risk.
Incorrect - ILM is not a general financial statement proxy; it specifically adjusts capital based on past operational losses.
B . It is a non-financial factor that is based on a bank's average historical losses.
Incorrect - ILM is financial in nature because it directly influences capital requirements.
D . It is uniform, and is used for indicating consistent incidents on an average return basis.
Incorrect - ILM is not uniform; it is bank-specific and varies based on loss history.
PRMIA Reference for Verification
PRMIA Operational Risk Standards
Basel III Standardized Approach for Operational Risk


NEW QUESTION # 52
The The Task Force on Climate-related Financial Disclosures (TCFD) was founded by which body?

  • A. The United Nations (UN).
  • B. The Financial Stability Board (FSB).
  • C. The European Commission (EC).
  • D. The World Bank (WB).

Answer: B


NEW QUESTION # 53
In Operational Resilience, which of the following is not an important measure of whether a Business Service can be considered Critical?

  • A. Whether a disruption to the provision of the service could threaten a firm's viability.
  • B. Whether a disruption to the provision of the service could exceed risk appetite.
  • C. Whether a disruption to the provision of the service could cause material customer detriment.
  • D. Whether a disruption to the provision of the service could harm market integrity.

Answer: B

Explanation:
Step 1: Definition of a Critical Business Service in Operational Resilience A Critical Business Service is one whose failure could result in severe harm to customers, financial markets, or the firm's viability.
Regulators (e.g., Bank of England, Basel Committee, PRMIA) define three primary factors for identifying critical services:
Customer impact
Market integrity impact
Firm viability impact
Step 2: Why Option C Is Incorrect
Risk appetite is an internal business decision, not an external measure of criticality.
A service can be critical even if its disruption stays within risk appetite.
Criticality is based on external impacts, not just internal risk limits.
Step 3: Why the Other Options Are Correct
Option A ("Material customer detriment") → Correct as customer harm defines critical services.
Option B ("Harm to market integrity") → Correct as market stability is a regulatory priority.
Option D ("Threaten firm viability") → Correct as critical services often determine business survival.
PRMIA Risk Reference Used:
PRMIA Operational Resilience Framework - Defines criteria for critical business services.
Basel Committee Operational Risk Guidelines - Highlights customer, market, and firm viability as resilience factors.
Final Conclusion:
Risk appetite is an internal benchmark, not a measure of critical service designation, making Option C the correct answer.


NEW QUESTION # 54
In operational resilience, what is impact tolerance?

  • A. Impact tolerance is a firm's tolerance for disruption to a particular business service.
  • B. Impact tolerance is a firm's risk capacity statement.
  • C. Impact tolerance is a firm's risk appetite statement.
  • D. Impact tolerance is a firm's tolerance for disruption to a particular business process.

Answer: A

Explanation:
Impact Tolerance is a key concept in Operational Resilience, defined as the ability of a firm to withstand, respond to, and recover from disruptions. According to PRMIA and global regulatory frameworks (such as the Bank of England's Operational Resilience Framework), impact tolerance is specifically tied to business services rather than processes.
Step 1: Defining Impact Tolerance
Impact tolerance is the maximum acceptable level of disruption to an important business service, beyond which there would be intolerable harm to customers, financial markets, or regulatory obligations.
It is not the same as risk appetite or risk capacity, as those deal with broader organizational risk exposure.
Step 2: Why Business Services Matter
PRMIA defines business services as end-to-end services delivered to clients and stakeholders, such as payments processing, trade execution, or loan approvals.
Disruptions to these services directly impact customers and financial stability, making business service resilience the core focus of impact tolerance.
Step 3: Why the Other Options Are Incorrect
Option A ("tolerance for disruption to a particular business process")
Incorrect because impact tolerance applies to services, not just internal processes.
Option C ("a firm's risk appetite statement")
Incorrect because risk appetite focuses on how much risk a firm is willing to take, while impact tolerance is about surviving disruptions.
Option D ("a firm's risk capacity statement")
Incorrect because risk capacity is the maximum level of risk a firm can bear, which is broader than business service disruptions.
PRMIA Risk Reference Used:
PRMIA Operational Resilience Guidelines - Defines impact tolerance as a service-based metric.
Bank of England's Operational Resilience Framework - Establishes impact tolerance as a limit on business service disruption.
Final Conclusion:
Impact tolerance focuses on business services, not just internal processes or risk appetite, making Option B the correct answer.


NEW QUESTION # 55
The The Task Force on Climate-related Financial Disclosures (TCFD) was founded by which body?

  • A. The United Nations (UN).
  • B. The Financial Stability Board (FSB).
  • C. The European Commission (EC).
  • D. The World Bank (WB).

Answer: B

Explanation:
Step 1: What is the TCFD?
The Task Force on Climate-related Financial Disclosures (TCFD) was established to develop climate-related financial risk disclosure recommendations to help investors, lenders, and regulators make informed decisions.
Step 2: Who Founded the TCFD?
The Financial Stability Board (FSB), an international organization that monitors and makes recommendations about the global financial system, founded the TCFD in 2015.
The FSB recognized climate risk as a financial stability issue and launched the TCFD to standardize reporting.
Step 3: Why the Other Options Are Incorrect
Option A ("World Bank") → Incorrect because the World Bank supports climate initiatives but did not create the TCFD.
Option B ("United Nations") → Incorrect because the UN has climate programs like the UNFCCC, but not the TCFD.
Option D ("European Commission") → Incorrect because the EC develops its own sustainability regulations (e.g., SFDR, CSRD), separate from the TCFD.
PRMIA Risk Reference Used:
PRMIA Climate Risk Guidelines - Cites FSB's role in founding the TCFD.
FSB Official Reports (2015) - Confirms that the FSB established the TCFD.
Final Conclusion:
The FSB founded the TCFD in 2015, making Option C the correct answer.


NEW QUESTION # 56
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