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PRMIA 8010 Exam Syllabus Topics:

PRMIA Operational Risk Manager (ORM) Sample Questions:

Question 1

The Options Theoretic approach to calculating economic capital considers the value of capital as being equivalent to a call option with a strike price equal to:

A. The value of the assets
B. The value of the firm
C. The notional value ofthe debt
D. The market value of the debt

Question 2

For a FX forward contract, what would be the worst time for a counterparty to default (in terms of the maximum likely credit exposure)

A. Right after inception
B. Indeterminate from the given information
C. At maturity
D. Roughlythree-quarters of the way towards maturity

Question 3

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. III and IV
B. I and III
C. I, II and IV
D. II and IV

Question 4

Whichof the following statements are true in relation to Historical Simulation VaR?
I. Historical Simulation VaR assumes returns are normally distributed but have fat tails II. It uses full revaluation, as opposed to delta or delta-gamma approximations III. Acorrelation matrix is constructed using historical scenarios IV. It particularly suits new products that may not have a long time series of historical data available

A. A
B. II and III
C. All of the above
D. I and IV
E. II

Question 5

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

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

Solutions: