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PRMIA ORM Certificate - 2023 Update Sample Questions (Q59-Q64):

NEW QUESTION # 59
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 exceed risk appetite.
B. Whether a disruption to the provision of the service could cause material customer detriment.
C. Whether a disruption to the provision of the service could harm market integrity.
D. Whether a disruption to the provision of the service could threaten a firm's viability.

Answer: A

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 # 60
Under the previous Basel II approach, which was not an approach for operational risk?

A. Basic Indicator Approach (BIA).
B. Advanced Measurement Approach (AMA).
C. The Standardized Approach (TSA).
D. Alternative Measurement Approach (AMA).

Answer: D

Explanation:
Overview of Basel II Approaches for Operational Risk
Basel II introduced three main approaches to calculating capital requirements for operational risk:
Basic Indicator Approach (BIA)
The Standardized Approach (TSA)
Advanced Measurement Approach (AMA)
Why Answer D is Correct
Alternative Measurement Approach (AMA) is not a recognized Basel II approach.
The correct term under Basel II was Advanced Measurement Approach (AMA).
Why Other Answers Are Incorrect
Option
Explanation:
A . Basic Indicator Approach (BIA).
Correct - A simple approach where capital is set as a fixed percentage of gross income.
B . The Standardized Approach (TSA).
Correct - Categorizes operational risk into business lines, each with assigned risk factors.
C . Advanced Measurement Approach (AMA).
Correct - Uses internal models to calculate capital requirements based on loss data, scenario analysis, and risk controls.
PRMIA Reference for Verification
Basel II Framework for Operational Risk (2004)
PRMIA Risk Management Guidelines

NEW QUESTION # 61
Stafford Beers Viable System Model (VSM) has several implementation elements. Which of the following is not one of these?

A. Governance
B. Output
C. Process
D. Input

Answer: D

Explanation:
Stafford Beer's Viable System Model (VSM)
VSM is a cybernetic model designed to analyze and improve organizational structures.
It consists of five core subsystems that define governance and operations.
Why Answer B is Correct
The VSM does not explicitly include "Input" as a key component.
The key elements of VSM include Governance, Process, and Output, but it does not define "Input" as a standalone concept.
Why Other Answers Are Incorrect
Option
Explanation:
A . Governance
Correct - Governance is part of VSM and deals with decision-making and oversight.
C . Process
Correct - Process represents the operational functions within VSM.
D . Output
Correct - Output refers to the results of the system's operations.
PRMIA Reference for Verification
PRMIA Governance and Cybernetic Systems Guidelines
Stafford Beer's Viable System Model Framework

NEW QUESTION # 62
In operational resilience, material customer detriment or significant harm to the customer is which of the following?

A. This is when disruption to a service results in an inconvenience to a customer and damage to the firm's reputation.
B. This is the ability of a financial system to continue to function, even in the face of significant disruption or financial shocks.
C. This is when disruption to a service results in not just an inconvenience to a customer, but a material cost or hardship.
D. This has a low threshold and refers to any inconvenience to a customer that results in a complaint.

Answer: C

Explanation:
Step 1: Definition of Material Customer Detriment
Material customer detriment refers to service disruptions that cause financial loss, inability to access essential services, or significant hardship.
PRMIA and UK FCA Operational Resilience Standards define "significant harm" as going beyond inconvenience to include monetary or operational distress.
Step 2: Why Option D is Correct
Significant harm occurs when customers face tangible financial or service losses, not just reputational inconvenience.
Regulatory frameworks (e.g., Basel, FCA, PRMIA) require banks to protect customers from material disruptions.
Step 3: Why the Other Options Are Incorrect
Option A ("Low threshold, any complaint") → Incorrect because not all complaints indicate material detriment.
Option B ("Inconvenience and reputational damage") → Incorrect because true material harm is more than just inconvenience.
Option C ("Financial system resilience") → Incorrect because this describes systemic financial stability, not customer impact.
PRMIA Risk Reference Used:
PRMIA Operational Resilience Framework - Defines material customer detriment.
UK FCA Operational Resilience Guidelines - Requires firms to minimize severe harm to customers.
Final Conclusion:
Material customer detriment involves actual financial hardship, not just inconvenience, making Option D the correct answer.

NEW QUESTION # 63
The The Task Force on Climate-related Financial Disclosures (TCFD) was founded by which body?

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

Answer: C

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 # 64
......

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