CMA Final · December 2025 · Paper 20B
CMA Final Risk Management in Banking and Insurance December 2025: paper analysis
Our own analysis of the official paper, as of 12 October 2026. The questions and answers belong to ICMAI; read them on ICMAI's website.
Chapter-wise marks
Where the marks were in this paper (out of 100; internal-choice alternatives not double counted).
What each question tested
In our words, by question number. Open the official paper for the full question.
| Q | Marks | Tests | Chapter |
|---|---|---|---|
| 2(a) | 7 | How risk assessment and measurement differ from risk control and monitoring | Introduction to Risk Management |
| 2(b) | 7 | Methods of measuring interest rate risk in banks | Interest Rate Risk Management |
| 3(a) | 7 | Regulatory directions for a bank's policy on selling stressed assets and the bidding process | Management of Non-Performing Assets (NPAs) |
| 3(b) | 7 | Warning signs of approaching insolvency and strategic actions to reduce insolvency risk | Sovereign Risk and Insolvency Risk |
| 4(a) | 7 | Principles for mapping business lines for operational risk capital | Operational Risk and Off-Balance Sheet Risk |
| 4(b) | 7 | Provisioning on standard, sub-standard and doubtful advances and total NPA provision | Management of Non-Performing Assets (NPAs) |
| 5(a) | 7 | Total capital, capital adequacy ratio and minimum capital required from risk-weighted assets | Credit Risk Management |
| 5(b) | 7 | Key functions of the insurance regulator | Introduction to Insurance Business |
| 6(a) | 7 | Remuneration rules and record-keeping duties for corporate insurance agents | Insurance Intermediaries |
| 6(b) | 7 | Benefits of the central government employees' and pensioners' health insurance scheme | Concept and Types of Health Insurance Policies |
| 7(a) | 7 | General principles for valuing an insurer's assets and liabilities for solvency | Managing Risk in Insurance Business |
| 7(b) | 7 | Captive insurers: meaning, reasons for setting one up and comparison with mutual insurers | Managing Risk in Insurance Business |
| 8(a) | 7 | Account-wise NPA provisions based on age of default and available security | Management of Non-Performing Assets (NPAs) |
| 8(b) | 7 | Ethical issues in health insurance claims management and handling of early claims | Concept and Types of Health Insurance Policies |
What stood out
- Numerical content was higher than June 2026, with three computations (NPA provisioning twice and capital adequacy ratio).
- NPA management was the most tested written chapter, covering stressed asset sales and two separate provisioning computations.
- The MCQ case study focused on liquidity risk governance and asset-liability management, giving five of fifteen MCQs to that chapter.
- Insurance theory covered the regulator's functions, corporate agents, a government health scheme, solvency valuation and captive insurers.
- Short case scenarios on stressed assets and health claim ethics required applying regulations to facts rather than reproducing lists.
Practise the chapters that carried the marks
Management of Non-Performing Assets (NPAs), Concept and Types of Health Insurance Policies, Managing Risk in Insurance Business: study guides and practice questions in the CMA Final format.