PRMIA Operational Risk Manager (ORM) : 8010

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PRMIA 8010 Exam Syllabus Topics:

PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following situations are not suitable for applying parametric VaR:
I. Where the portfolio's valuation is linearlydependent upon risk factors II. Where the portfolio consists of non-linear products such as options and large moves are involved III. Where the returns of risk factors are known to be not normally distributed

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

2. Under the KMV Moody's approach to credit risk measurement, how is the distance to default converted to expected default frequencies?

A) Using a normal distribution
B) Using migration matrices
C) Using Monte Carlo simulations
D) Using a proprietary database based on historical information

3. Financial institutions need to take volatility clustering into account:
I. To avoid taking on an undesirable level of risk
II. To know the right level of capital they need to hold
III. To meet regulatory requirements
IV. To account for mean reversion in returns

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

4. Under the contingent claims approach to credit risk, risk increases when:
I. Volatility of the firm's assets increases
II. Risk free rate increases
III. Maturity of the debt increases

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

5. When building a operational loss distribution by combining a loss frequency distribution and a loss severity distribution, it is assumed that:
I. The severity of losses is conditional upon the numberof loss events
II. The frequency of losses is independent from the severity of the losses III. Both the frequency and severity of loss events are dependent upon the state of internal controls in the bank

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

Solutions: