PRMIA Exam 8004 Topic 1 Question 26 Discussion

Actual exam question for PRMIA's 8004 exam

Question #: 26
Topic #: 1

[All 8004 Questions]

With respect to the Purpose of Professional Standards, in the event of any difference in standards between local laws/rules and those of PRMIA, members must

Ause their best judgment

Babide by the applicable laws, rules, and regulations of PRMIA and any government and/or regulatory bodies

Ccomply with the higher standard under all circumstances

Drefer the matter to their supervisor

Show Suggested Answer

Suggested Answer: D

by Keith at Jun 24, 2024, 01:55 AM

Limited Time Offer

25%

Off

Get Premium 8004 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Jade

11 months ago

I'm no board member, but I think they should review the compensation plans while enjoying a nice round of golf. Just sayin'.

upvoted 0 times

Yen

9 months ago

Maybe they can discuss it over a round of golf, like User Comment suggested.

upvoted 0 times

...

Heidy

9 months ago

I agree, it's important for the board to ensure they are meeting their fiduciary responsibilities.

upvoted 0 times

...

Art

9 months ago

Compensation plans should be reviewed for compliance and market conditions.

upvoted 0 times

...

Dottie

10 months ago

And don't forget about reporting high income personnel to the regulator.

upvoted 0 times

...

Dorthy

10 months ago

I agree, it's important for boards to consider competitive market conditions as well.

upvoted 0 times

...

Jacqueline

10 months ago

Compensation plans should be reviewed to ensure compliance with risk appetite and fiduciary responsibility.

upvoted 0 times

...

Shannon

11 months ago

I think the answer is C) All of the above, as it covers all aspects of reviewing compensation plans for highly compensated positions.

upvoted 0 times

...

Viola

11 months ago

I believe the answer is D) I and II only, as those are the most crucial factors to consider in compensation plans.

upvoted 0 times

...

Lashawnda

11 months ago

I agree with Chantell, because all those points are important for the Board of Directors to consider.

upvoted 0 times

...

Avery

11 months ago

Well, if the local regulator is involved, it's gotta be serious business. I'll go with B just to be on the safe side.

upvoted 0 times

Whitley

10 months ago

Yeah, it's better to cover all bases when it comes to compliance.

upvoted 0 times

...

Pearlie

10 months ago

I think B is the safest option too.

upvoted 0 times

...

Chantell

11 months ago

I think the answer is C) All of the above.

upvoted 0 times

...

Tegan

11 months ago

Haha, can't they just give themselves massive bonuses and call it a day? Jokes aside, I think C is the way to go here.

upvoted 0 times

...

Jina

12 months ago

Hmm, I'm not sure. I was leaning towards D, but III about keeping high income/revenue generators sounds a bit sketchy to me.

upvoted 0 times

Lasandra

11 months ago

I agree, III does sound a bit questionable

upvoted 0 times

...

Rodolfo

11 months ago

I think it's B) I, II and IV only

upvoted 0 times

...

Delbert

12 months ago

I think the correct answer is C. All of the above. Boards of Directors need to consider all those factors when reviewing compensation plans.

upvoted 0 times

Nenita

11 months ago

Yes, and reporting all such personnel to the local regulator is crucial for transparency and accountability.

upvoted 0 times

...

Eugene

11 months ago

I agree, it's important for them to ensure compliance with their risk appetite and fiduciary responsibility.

upvoted 0 times

...

Katy

11 months ago

I think the correct answer is C. All of the above. Boards of Directors need to consider all those factors when reviewing compensation plans.

upvoted 0 times

...