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

1. The Fortress Re accounting risk transfer procedures

A) made it straightforward for TFMI to determine when the risk had been transferred and to take out additional catastrophe insurance cover
B) made it difficult for TFMI to determine whether risk had actually been transferred so they had to take out additional catastrophe insurance cover
C) made it straightforward for TFMI to determine whether risk had actually been transferred and they decided not to take out more catastrophe insurance cover
D) made it difficult for TFMI to determine whether risk had actually been transferred and whether it had sufficient catastrophe insurance cover

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) 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
C) 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
D) Ensures that reporting of risk and governance-related matters are produced in a timely and accurate manner

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

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

4. Boards of Directors, including Audit and Risk Committees must review thoroughly compensation plans of potentially "highly compensated positions" for:
I. competitive market conditions
II. ensuring compliance with their corporate risk appetite and fiduciary responsibility to shareholders III. ensuring any discretionary bonus plans are geared towards keeping high income / revenue generators IV. reporting all such personnel to the local regulator

A) I, II and IV only
B) II, III and IV only
C) I and II only
D) All of the above

5. The Risk Management Infrastructure of an organization must:
I. To the extent possible, avoid silos of control and oversight
II. Have budgets set by the business unit leaders
III. Actively provide ongoing professional development for risk management staff and require them to be committed to standards of best practice, conduct and ethics in their work IV. Provide general risk management and related corporate governance training for employees of the organization as a Whole

A) I and III only
B) All of these are expected of the Risk Management Infrastructure
C) I only
D) I, III and IV only

Solutions: