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PRMIA 8010 Exam Syllabus Topics:

PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following best describes a 'break clause ?

A) A break clausedetermines the process by which amounts due on early termination will be determined
B) A break clause describes rights and obligations when the derivative contract is broken
C) A break clause gives either party to a transaction the right to terminate the transaction at market price at future date(s)
D) A break clause sets out the conditions under which the transaction will be terminated upon non-compliance with the ISDA MA

2. Which of the following statements are correct?
I. A reliance upon conditional probabilities and a-priori views of probabilities is called the 'frequentist' view II. Knightian uncertainty refers to thingsthat might happen but for which probabilities cannot be evaluated III. Risk mitigation and risk elimination are approaches to reacting to identified risks IV. Confidence accounting is a reference to the accounting frauds that were seen in the past decadeas a reflection of failed governance processes

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

3. The CDS rate on a defaultable bond is approximated by which of the following expressions:

A) Credit spread x Loss given default
B) Hazard rate x Recovery rate
C) Loss given default x Default hazard rate
D) Hazard rate / (1 - Recovery rate)

4. Which of the following is the most important problem to solve for fitting a severity distribution for operational risk capital:

A) The risk functional's minimization should lead to a good estimate of the 0.999 quantile
B) Empirical loss data needs to be extended to the ranges below the reporting threshold and above large value losses
C) Determine plausible scenarios to fill the data gaps inthe internal and external loss data
D) The fit obtained should reduce the combination of the fitting and approximation errors to a minimum

5. Under the credit migration approach to assessing portfolio credit risk, which of the following are needed to generate adistribution of future portfolio values?

A) A specified risk horizon
B) The forward yield curve
C) All of the above
D) A rating migration matrix

Solutions: