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PRMIA 8010 Exam Syllabus Topics:

PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following statements is true:
I. Expected credit losses are charged to the unit's P&L while unexpected losses hit risk capital reserves.
II. Credit portfolio loss distributions are symmetrical
III. For a bank holding $10m in face of a defaulted debt that it acquired for $2m, the bank's legal claim in the bankruptcy court will be $10m.
IV. Thelegal claim in bankruptcy court for an over the counter derivatives contract will be the notional value of the contract.

A) II and IV
B) I, II and IV
C) I and III
D) III and IV

2. Which of the following is not a limitation of the univariate Gaussian model to capture the codependence structure between risk factros used for VaR calculations?

A) It cannot capture linear relationships between risk factors.
B) A single covariance matrix is insufficient to describe the fine codependence structure among risk factors as non-linear dependencies or tail correlations are not captured.
C) Determining the covariance matrix becomes an extremely difficult task as the number of risk factors increases.
D) The univariate Gaussian model fails to fit to the empirical distributions of risk factors, notably their fat tails and skewness.

3. Calculate the 1-year 99% credit VaR of a portfolio of two bonds, each with a value of $1m, and the probability of default of 1% each over the next year. Assume the recovery rate to be zero, and the defaults of the two bonds to be uncorrelated to each other.

A) 980000
B) 1980000
C) 20000
D) 0

4. Which of the following distributions is generally not used for frequency modeling for operational risk

A) Negative binomial
B) Binomial
C) Gamma
D) Poisson

5. Which of the following data sources are expected to influence operational risk capital under the AMA:
I. Internal Loss Data (ILD)
II. External Loss Data (ELD)
III. Scenario Data (SD)
IV. Business Environment and Internal Control Factors (BEICF)

A) All of the above
B) I, II and III only
C) III only
D) I and II

Solutions: