CISI IOC Operational Risk — Information & Free Practice

About CISI IOC Operational Risk

CISI IOC Operational Risk · GB

Key exam facts

Provider

Chartered Institute for Securities & Investment (CISI), the examination owner and awarding body; Operational Risk is a Level 3 Investment Operations Certificate technical unit.

Format

Computer-based multiple-choice examination, available at test centres and by remote invigilation.

Exam questions

Total questions: 50–55; Scored questions: 50; Unscored questions: 0–5; The total includes the scored and unscored questions.

Time limit

1 hour for the base 50-question examination; proportionately more time is allowed when trial questions are added.

Passing score

70%: 35 of 50 marks to pass; 46–50 marks is Pass with Merit. Trial questions do not contribute to the result.

Exam fee

UK exam fee GBP 155, applicable 1 April 2026–31 March 2027. Mandatory workbook GBP 105 is separate; link pack GBP 138; saver package GBP 275 includes the exam, workbook and Revision Express. A one-off GBP 68 qualification registration fee applies when registering a first qualification; concessionary rates have separate conditions.

Topics covered

• Risk Basics (6%)

  • Risk in the Financial Services Industry
  • Enterprise Risk Management

• Other Major Risks (14%)

  • The Nature of Credit Risk
  • Measuring Credit Risk
  • Credit Risk Management and Reporting
  • The Nature of Market Risk
  • Measuring Market Risk
  • Value-at-Risk (VaR)
  • Market Risk Management and Reporting
  • The Nature of Liquidity Risk
  • Measuring Asset Liquidity Risk
  • Liquidity Risk Management Function

• The Nature of Operational Risk (40%)

  • Definition of Operational Risk and Operational Risk Categories
  • Culture
  • The Operational Risk Management Process
  • The Policy for Managing Operational Risk
  • Risk Identification / Classification
  • Setting Risk Appetite
  • Risk and Control Measurement and Assessment
  • Risk Response
  • Risk Monitoring and Reporting
  • Operational Resilience

• The Causes and Impacts of Operational Risk (8%)

  • Operational Risk: Causes and Events
  • Operational Risk: Impacts
  • The Links Between Causes, Events and Impacts of Operational Risk
  • Near Miss Identification and Reporting

• Operational Risks Arising in the Trade Cycle (10%)

  • Set-up
  • Execution
  • Pre-settlement phase
  • Settlement phase
  • Post-settlement phase
  • Asset Servicing

• The Support and Control Functions (14%)

  • Risk Governance
  • Middle / Back Office
  • Compliance
  • Financial Reporting and Regulation
  • HR
  • Internal Audit
  • IT
  • Legal
  • Product Development and Marketing
  • Project Management and Change Management

• Operational Risk in the Regulatory Environment (8%)

  • Achieving Common Standards and Protection
  • Basel Accords

How to prepare

Work through the topics, read the explanation after each answer, and revisit the areas where you miss questions. Use the official outline and reference materials below to guide your study.

These independent practice questions are not actual exam items and do not guarantee a passing result.

Frequently asked questions

Official sources and references

• CISI Operational Risk syllabus Version 22

  Cover; Examination Specification, printed p. 4

• CISI Operational Risk syllabus Version 22

  Examination Specification, printed p. 4

• CISI Operational Risk syllabus Version 22

  Examination Specification table, printed p. 4

• CISI Operational Risk syllabus Version 22

  Assessment Structure, printed p. 4

• CISI Investment Operations Certificate: Operational Risk

  Technical units; Operational Risk exam details

• CISI Investment Operations Certificate: Operational Risk

  Pass Mark / Pass Rate

• CISI price list 2026–2027

  UK exam prices; Qualifying Level 3 units, Operational Risk row

• CISI Operational Risk syllabus Version 22

  Assessment Structure, printed p. 4, trial-question paragraph

• CISI Operational Risk syllabus Version 22

  Cover, effective date

Confirm current exam arrangements with the exam provider.