Free PRMIA 8020 Practice Exam Questions and Answers 2026

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Total 60 Questions | Updated On: Apr 01, 2026

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Question 1

Which of the follow does the risk function typically have responsibility for?

A : Documenting its activities, typically by operating and then recording the daily operation of controls.

B : Documenting its activities, typically by developing a Risk Management Manual and set of Risk Policies.

C : Putting in place the servers, firewalls and software to ensure cyber security.

D : Creating a trial balance, balance sheet statement and cash flow statement.

Answer: B

Question 2

How can a chief risk officer encourage the governing body and executive management team to create a stronger risk culture?

A : Having a vision of achievable but not excessive ambition.

B : Discourage personal accountability to avoid a blame culture.

C : Establish a set of objectives that the board and executive team must adhere to.

D : Balance rewarding success in profitability goals with punishment when there is a failure to achieve goals.

Answer: A

Question 3

Governance can be defined as which of the following?

A : Governance is a structure specifying the daily operation of a firm.

B : Governance is a structure specifying the ways in which reporting is made to the primary regulator.

C : Governance is being replaced by management in all firms that are regulated.

D : Governance is a structure specifying the policies, principles, and procedures for making decisions about corporate direction.

Answer: D

Question 4

In Operational Resilience, which of the following is not an important measure of whether a Business Service can be considered Critical?

A : Whether a disruption to the provision of the service could cause material customer detriment.

B : Whether a disruption to the provision of the service could harm market integrity.

C : Whether a disruption to the provision of the service could exceed risk appetite.

D : Whether a disruption to the provision of the service could threaten a firm-s viability.

Answer: C

Question 5

Which of the Basel Accords, published in 2004, introduced operational risk as a risk subjected to a capital charge?

A : Basel I

B : Basel II

C : Basel III

D : Basel IV

Answer: B

Page: 1 / 12

Total 60 Questions | Updated On: Apr 01, 2026

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