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Prepare for the PRMIA Case Studies; Standards: Governance, Best Practices and Ethics exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

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Actual PRMIA 8004 Exam Questions

Question 1

Mary Jones wants the Bylaws of PRMIA to be changed so that people can't join PRMIA unless they meet a set of criteria she has devised with her colleagues. She can do this by getting which of the following approvals:

AThe Board of Directors, but only if the Blue Ribbon Panel affirms the change

BThe Board of Directors and a majority of the Members

CThe Board of Directors alone

D34 of all Members

Correct answer: B

Question 2

When describing the reasons for the collapse of China Aviation Oil, which of the following was not cited?

ANo properly defined risk management policies in place and general lack of oversight by senior management

BTime value was not taken into account during the contract valuation process

CLoss generating positions were rolled over by selling options on larger positions to generate cash premiums' to settle existing position losses

DSenior management in China were aware of the positions but did not understand the complexities of risk managing them

Correct answer: D

Question 3

The failure of Washington Mutual was NOT due to which one of the following?

AUsing a combination of subprime mortgage loans and credit cards

BIt failed due to the poor quality of its assets

CLow lending standards and bad quality acquisitions

DA run on its deposits by bank customers

Correct answer: D

Question 4

Which of the following should NOT be part of the Risk Management Infrastructure?

ADefine the organization's definition of risk management as articulated by the Board in clear and uncertain terms

BInclude financial risk management, compliance and external reporting and, to the extent that resources allow, should exclude legal or accounting

CBe independently staffed and report to an employee who is on the Executive Committee (Operating Committee) but who is NOT a business unit leader

DReview continually the application of the Principles of Good Governance to the Risk Management Infrastructure, financial accounting and reporting infrastructure and the organization as a whole

Correct answer: D

Question 5

Up until 2006, which of the following was not a primary driver for Washington Mutual's earning?

ALending to consumers and small businesses.

BDeposit taking activities which generated net interest income.

CThe provision of fee based services to its customers.

DComplex derivative trades based on volatility indices.

Correct answer: D

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