PRMIA 8004 Exam Actual Questions

Name: Case Studies; Standards: Governance, Best Practices and Ethics
Brand: QA4Exam
SKU: 8004
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The questions for 8004 were last updated on Sep 27, 2024.

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Question No. 1

For the sentence

"The organization shall encourage all employees to keep abreast of the latest developments in their particular areas of expertise, through ____________, _____________, and _____________ and shall make adequate resources available to enable this to occur,"

Choose the correct combinations of words from the following options:

Acourses, conferences, journals

Bconferences, discussion groups, blog sites

Ccourses, educational certification, journals

Djournals, courses, compliance mandates

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Correct Answer: A

Question No. 2

Employees shall be remunerated adequately for the roles that they perform, where 'adequately' is defined

Aas being the market norm for similarly situated personnel in competitive organizations

Busing external references and benchmarks, and in a framework which is consistent with the type of risk-taking behavior expected of employees

Cusing the risk reward profile for each business line in the organization

Das commensurate with policies to attract and retain high income / revenue earners

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Correct Answer: B

Question No. 3

The key people involved in the application of good governance and risk management must:

I be trustworthy

II be honest

III be approved by the local regulator

IV treat others fairly at all times

AI, II, and III only

BIII only

CI, II, and IV only

DI, II, III and IV above

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Correct Answer: C

Question No. 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

AII, III and IV only

BI, II and IV only

CAll of the above

DI and II only

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Correct Answer: D

Question No. 5

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

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Correct Answer: D

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