CMA Final · June 2026 · Paper 20B
CMA Final Risk Management in Banking and Insurance June 2026: 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 | Obstacles banks face in managing risk amid regulatory change, cyber threats and competition | Introduction to Risk Management |
| 2(b) | 7 | Green bonds in India: development, regulatory framework, benefits and challenges | Introduction to Risk Management |
| 3(a) | 7 | Impact of NPAs on bank profitability and provisioning norms for standard and non-performing asset classes | Management of Non-Performing Assets (NPAs) |
| 3(b) | 7 | Country risk in cross-border syndicated lending: transfer risk, repudiation versus rescheduling | Sovereign Risk and Insolvency Risk |
| 4(a) | 7 | Basel definition of operational risk and the main categories of loss events | Operational Risk and Off-Balance Sheet Risk |
| 4(b) | 7 | Liquidity coverage ratio computation, compliance check and measures to improve it | Liquidity Risk Management |
| 5(a) | 7 | Sovereign downgrade effects on a bank's bond portfolio and strategies to limit sovereign exposure | Sovereign Risk and Insolvency Risk |
| 5(b) | 7 | Objectives of the insurance regulator's on-site and off-site supervision and roles of auditors and management | Managing Risk in Insurance Business |
| 6(a) | 7 | Point of sales person model: purpose, eligibility and products that can be sold | Insurance Intermediaries |
| 6(b) | 7 | Comparing two postal life insurance whole-life schemes and their common features | Life Insurance |
| 7(a) | 7 | Main risk areas for non-life insurers under risk-based capital and methods to manage them | Managing Risk in Insurance Business |
| 7(b) | 7 | Essential steps in information technology risk management for insurers | Managing Risk in Insurance Business |
| 8(a) | 7 | Gross NPA computation, causes of rising credit risk and remedial credit risk measures | Credit Risk Management |
| 8(b) | 7 | Partial settlement of a health insurance claim: reasons, fairness and grievance redress options | Concept and Types of Health Insurance Policies |
What stood out
- The paper was overwhelmingly descriptive: only the liquidity coverage ratio part needed real computation, and the NPA case involved simple addition.
- Banking risk took eight written parts and insurance six, with the MCQ case study again centred on credit risk and NPAs.
- Credit risk and NPA management was the single most tested theme across both sections (six MCQs plus two written parts).
- Insurance questions favoured regulatory and product specifics such as distribution through point of sales persons, supervision methods and postal life schemes.
- Several parts were short case scenarios asking for identification of risk type and advice, so applying concepts to facts matters more than memorised definitions.
Practise the chapters that carried the marks
Managing Risk in Insurance Business, Credit Risk Management, Introduction to Risk Management: study guides and practice questions in the CMA Final format.