Hi Rob,
thanks for input.
Would you mind to also give a direct answer to my questions above?
I also believe we should keep both theory exam, live demo and case studies for both level 2 and 3.

I was asking for the need to provide an IMMA online exam, because this has to be recreated from scratch by a programmer.

I am using online multiple choice testing on our own campus - for the exam we copied the questions from IMMA's quiz.
I don't require "closed book" and time limit,  and when students don't choose the answers I expect, I ask them for how they were thinking to choose that answer - in that way I could clarify the wording of certain questions, or even had to reframe them. 
I want my students to be able to search for information and to explain their answers more than remembering (usually short-term memory anyway) what they heard/read - I myself recap and research before doing presentations. 

For Masters, I think theory is yet less relevant, but for competence practice and flexibility is  - hence the proposal to give them case information to deal with, rather than multiple choice questions.

Discussion can happen right here in the forum before formulating new standards.

Cheers,
Kora