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NEW QUESTION # 12
Which of the below is accurate about a risk assessment workshop?
Answer: B
Explanation:
Step 1: What Is a Risk Assessment Workshop?
A risk assessment workshop is a structured session where key stakeholders identify, evaluate, and prioritize risks.
Effective workshops require preparation, clear objectives, and structured discussions to ensure meaningful risk analysis.
Step 2: Why Option B is Correct
PRMIA and best practices recommend thorough preparation, including:
Setting objectives
Defining risk categories
Ensuring participation from risk, compliance, and business units
Providing risk assessment tools/templates
Step 3: Why the Other Options Are Incorrect
Option A ("Run spontaneously") → Incorrect because lack of preparation leads to poor discussions and missed risks.
Option C ("Risk management should not attend") → Incorrect because risk managers provide key expertise to guide discussions.
Option D ("Compliance experts should not attend") → Incorrect because compliance provides regulatory insights essential to risk assessment.
PRMIA Risk Reference Used:
PRMIA Risk Assessment Framework - Recommends structured, well-prepared workshops.
ISO 31000 Risk Management Standard - Supports proactive workshop planning.
Final Conclusion:
Risk assessment workshops should be well-prepared to ensure meaningful discussions and effective risk identification, making Option B the correct answer.
NEW QUESTION # 13
In relation to financial crime. OFAC is a definition for which organization?
Answer: B
Explanation:
Step 1: Understanding OFAC
OFAC (Office of Foreign Assets Control) is a U.S. Treasury Department agency responsible for enforcing economic and trade sanctions based on U.S. foreign policy and national security goals.
It prevents financial crime by restricting transactions with sanctioned individuals, entities, and countries.
Step 2: Role of OFAC in Financial Crime Prevention
OFAC administers sanctions to prevent money laundering, terrorism financing, and other illicit activities.
Financial institutions must comply with OFAC regulations to avoid heavy fines and reputational damage.
PRMIA's Financial Crime Risk Guidelines emphasize the importance of OFAC compliance in risk management.
Step 3: Why the Other Options Are Incorrect
Option A ("Office of Financial Asset Control") - Incorrect wording; OFAC deals with foreign assets, not just financial assets.
Option B ("Office of Foreigner and Other Control") - OFAC does not regulate foreigners broadly; it targets specific foreign assets and transactions.
Option C ("Office for Asset Control") - Missing "Foreign", which is critical to OFAC's function.
PRMIA Risk Reference Used:
PRMIA Financial Crime Risk Management Guidelines - Emphasizes regulatory compliance with OFAC.
PRMIA Compliance and Sanctions Risk Standards - Stresses the role of OFAC in preventing illicit financial activities.
Final Conclusion:
OFAC stands for the Office of Foreign Assets Control, making Option D the correct answer.
NEW QUESTION # 14
ISO 27000 relates to what topic / area?
Answer: C
Explanation:
Step 1: Definition of ISO 27000
ISO 27000 is a global standard for information security management systems (ISMS), issued by the International Organization for Standardization (ISO).
It provides a framework for protecting sensitive information through policies, controls, and risk management practices.
Step 2: Why Option B Is Correct
ISO 27001 (part of ISO 27000 series) is one of the most widely recognized certifications for information security governance.
It sets guidelines on risk assessment, incident response, and data protection.
Step 3: Why the Other Options Are Incorrect
Option A ("ESG investing")
Incorrect because ISO 27000 deals with cybersecurity, not environmental, social, and governance (ESG) issues.
Option C ("International Risk Management")
Incorrect because ISO 27000 focuses on information security, not general risk management.
Option D ("Auditing of financial controls")
Incorrect because financial auditing standards (e.g., SOX, COSO) are separate from information security standards.
PRMIA Risk Reference Used:
ISO 27000 Series Documentation - Defines cybersecurity risk management practices.
PRMIA IT Risk Governance Framework - Reference ISO 27001 as a cybersecurity standard.
NEW QUESTION # 15
In relation to the template for writing policy documents, which one of the following pairings of requirements is correct? A well designed policy will include:
Answer: C
Explanation:
Step 1: Key Elements of a Well-Designed Policy Document
A well-designed policy should include:
Scope - Who the policy applies to.
Exception Handling - How and where exceptions should be requested.
Accountability - Who is responsible for enforcement.
Step 2: Why Option C is Correct
A policy must clearly define exceptions and the process for requesting them.
It should also define areas where the policy does not apply to avoid confusion.
Step 3: Why the Other Options Are Incorrect
Option A ("List of exceptions for board members' families") → Incorrect because policies should apply consistently to all stakeholders.
Option B ("List of acceptable fonts and margin types") → Incorrect because formatting is secondary to content clarity.
Option D ("To whom the policy applies and an additional management report") → Incorrect because policy scope should not include unnecessary reports.
PRMIA Risk Reference Used:
PRMIA Policy Writing Guidelines - Defines policy structure and exception handling.
ISO 19600 Compliance Management Standard - Supports clear, well-documented policies.
Final Conclusion:
A well-designed policy clearly defines exceptions and their handling process, making Option C the correct answer.
NEW QUESTION # 16
Confidence Accounting can be defined as:
Answer: A
Explanation:
Definition of Confidence Accounting
Confidence Accounting challenges traditional accounting by introducing probability distributions and ranges rather than fixed numbers for financial reporting.
This approach improves transparency and risk awareness by acknowledging uncertainty in financial figures.
Why Answer B is Correct
Encourages using ranges (confidence intervals) instead of discrete values to better reflect uncertainty.
Used in risk-sensitive industries where financial estimates vary due to external factors (e.g., credit risk, market fluctuations).
Why Other Answers Are Incorrect
Option
Explanation:
A . An approach that encourages companies and audit firms to have diverse boards.
Incorrect - Board diversity is unrelated to Confidence Accounting.
C . An approach that encourages companies and audit firms to use regular statements in their AI software.
Incorrect - AI may use probability models, but Confidence Accounting is an accounting methodology, not an AI approach.
D . An approach that encourages companies and audit firms to stop using figures and maths.
Incorrect - Confidence Accounting still relies on mathematical models; it does not eliminate numerical analysis.
PRMIA Reference for Verification
PRMIA Financial Risk Reporting Standards
IFRS (International Financial Reporting Standards) Guidelines on Probability-Based Accounting
NEW QUESTION # 17
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