Updated: Aug 30, 2026
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| Certification Vendor: | PRMIA (Professional Risk Managers' International Association) |
|---|---|
| Exam Name: | Exam IV: Case Studies: Standards: Governance, Best Practices and Ethics - 2015 Edition |
| Exam Number: | 8009 |
| Related Certifications: | PRM™ Certification |
| Certificate Validity Period: | 2 years from pass date |
| Available Languages: | English |
| Passing Score: | 60% |
| Exam Price: | $275–$350 USD (member discount available) |
| Real Exam Qty: | 80–110 |
| Exam Duration: | 120 minutes |
| Exam Format: | Multiple-choice questions, Case study-based questions |
| Recommended Training: | PRMIA 2015 Edition Study Guide PRMIA Ethics and Governance Resources |
| Exam Registration: | Pearson VUE Scheduling PRMIA Official Registration |
| Sample Questions: | PRMIA 8009 Sample Questions |
| Exam Way: | Computer-based testing (CBT) at Pearson VUE test centers or online proctored |
| Pre Condition: | No mandatory prerequisites; recommended to complete PRM Exams I–III or have equivalent risk management experience; PRMIA membership required for certification |
| Official Syllabus URL: | https://www.prmia.org/Public/PRM/Becoming_a_Certified_PRM.aspx |
| Section | Weight | Objectives |
|---|---|---|
| Risk Management Case Studies | 25% | - Northern Rock - Metallgesellschaft - Baring Bank - China Aviation Oil - Orange County - Long-Term Capital Management (LTCM) |
| PRMIA Standards of Best Practice, Conduct and Ethics | 30% | - Whistleblowing and Reporting Violations - Code of Conduct and Professional Responsibilities - Ethical Decision-Making Framework - Conflict of Interest and Disclosure |
| Risk Management Best Practices | 20% | - Internal Controls and Risk Limits - Enterprise Risk Management Framework - Compliance and Regulatory Alignment |
| Corporate Governance Principles | 25% | - Risk Governance Structure - Transparency and Accountability - Board and Senior Management Oversight - PRMIA Governance Principles |
Question 1
The Chair of the PRMIA Board of Directors may hold the following offices:
A. Vice Chair
B. Secretary
C. Chair only
D. Parliamentarian
Question 2
Which of the following best characterizes the problems that developed at Bankgesellschaft Berlin?
A. Volume growth at the expense of margin.
B. A company culture where profits may justify "excesses."
C. Banking is a "for-profit" business, not a means of fulfilling political goals.
D. Excessive reliance on volatile trading income.
Question 3
Which of the following does NOT relate to the Orange County case?
A. Where there are excess rewards, there must be risks
B. The Know Your Customer rule
C. Fractured organisational structure and poor risk oversight mechanism make it easy for powerful individuals to hide risk in the gaps
D. Strategies that are not possible to explain to third parties should not be employed by the risk averse
Question 4
According to LTCM managers:
A. Stress Testing was not necessary because their trades were hedged
B. Stress Testing was elaborate, complex and conducted on their entire portfolio. It included the assumptions of a major breakdown in historical correlations
C. Stress Testing looked at the 12 biggest deals with each of their top 20 counterparties
D. Stress Testing was not conducted
Question 5
PRMIA Governance Principles
A. is a set of recommendations based on research and best practice
B. must be adhered to by all financial firms that are PRMIA members
C. must be adhered to by all PRM charter holders
D. must be adhered to by all PRMIA member organizations
Solutions:
| Question 1 Answer: C | Question 2 Answer: C | Question 3 Answer: B | Question 4 Answer: C | Question 5 Answer: A |
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