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PRMIA Exam IV: Case Studies: Standards: Governance, Best Practices and Ethics - 2015 Edition Sample Questions:

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

A) Be independently staffed and report to an employee who is on the Executive Committee (Operating Committee) but who is NOT a business unit leader
B) Define the organization's definition of risk management as articulated by the Board in clear and uncertain terms
C) Review 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
D) Include financial risk management, compliance and external reporting and, to the extent that resources allow, should exclude legal or accounting

2. 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?

A) Acts as sponsor for risk throughout the organization and ensures that a risk culture is implemented, and maintained
B) ensuring 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
C) Maintaining 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
D) Ensures that reporting of risk and governance-related matters are produced in a timely and accurate manner

3. Boards, including Audit and Risk Committees must:
I. Clearly articulate the corporate risk appetite to senior management
II. Thoroughly review compensation plans of potentially "highly compensated positions" for consistency with corporate risk appetite, competitive market conditions and fiduciary responsibility to shareholders III. Have a single member formally given responsibility for understanding and reporting the effectiveness of the corporation's risk management infrastructure IV. Be fully accountable to shareholders and work to the benefit of public good and financial stability

A) I and II only
B) I, II and IV only
C) I, II and III only
D) All of these are responsibilities of Board and Audit Committees

4. A risk manager finds that a client is engaged in a practice that looks like money laundering.
According to the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct), the risk manager should:

A) Report the findings immediately to authorities
B) Report this conduct to their immediate supervisor
C) Approach the client about the concern, regardless of what their reaction might be
D) Respect the client's confidentiality as that takes precedence

5. While doing a work assignment, a PRMIA member notices behaviour that is outside the ethical standards of their client organization and reports the matter to their immediate supervisor in the organization (if he or she wasn't the one engaging in such behaviour). The matter is neither progressed nor actioned.
The PRMIA member should:

A) report the matter to their PRMIA chapter
B) stay silent on the basis that they have reported it
C) report the matter to the organization's Compliance Dept.
D) contact the Whistle-Blowing Hotline of the organization or, if none exits, to the PRMIA Ethics Committee for guidance and assistance

Solutions: