Name: PRMIA Case Studies; Standards: Governance, Best Practices and Ethics ? 2015 Edition Exam
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Free PRMIA Case Studies; Standards: Governance, Best Practices and Ethics ? 2015 Edition Exam Actual Questions

The questions for Case Studies; Standards: Governance, Best Practices and Ethics ? 2015 Edition were last updated On 02-11-2021

Question #1

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?

AMaintaining 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

Bensuring 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

CEnsures that reporting of risk and governance-related matters are produced in a timely and accurate manner

DActs as sponsor for risk throughout the organization and ensures that a risk culture is implemented, and maintained

Reveal Solution

Correct Answer: C

Question #2

According to the G-30 Study, the risk management infrastructure's funding must be

Adetermined by business-unit leaders

Bdetermined at the Board level with inputs from business unit leaders

Cdetermined at the Board level without influence by business unit leaders

Ddetermined by the regulators

Reveal Solution

Correct Answer: C

Question #3

When local rules and regulations conflict with the PRMIA Standards of Best Practice, Conduct and Ethics the PRMIA member should ...

ASeek advice from a qualified party, being mindful of legal and confidentiality requirements

BModify the interpretation of local rules and regulations to meet the situation

CIgnore local rules and regulations

DRespect local rules and regulations

Reveal Solution

Correct Answer: A

Question #4

Which is NOT part of the guidance on Professional Conduct in the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct)?

AKnow and abide by applicable rules and regulations

BClearly inform all affected parties of any apparent or actual conflicts of interest

CReport to the Regulator any departures from generally accepted methodology or practices

DProvide advice that is clear and accurate

Reveal Solution

Correct Answer: C

Question #5

Which of the following is NOT part of the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct) Guidance on Ethical Behavior?

AEnsure globally accepted standards are adhered to at all costs

BRespect local customs

CRespect local laws and regulations

DTake responsibility for your work

Reveal Solution

Correct Answer: A

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