PRMIA 8010 : Operational Risk Manager (ORM) Exam

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PRMIA 8010 Exam Syllabus Topics:

PRMIA Operational Risk Manager (ORM) Sample Questions:

1. The key difference between 'top down models' and 'bottom up models' foroperational risk assessment is:

A) Top down approaches to operational risk are based upon an analysis of key risk drivers, while bottom up approaches consider causality in risk scenarios.
B) Bottom up approaches to operational risk are based upon an analysis of key risk drivers, while top down approaches consider causality in risk scenarios.
C) Top down approaches to operational risk calculate the implied operational risk using available data such as income volatility, capital etc; while bottom up approaches use causal factors, risk drivers and other factors to get an aggregated estimate of risk.
D) Bottom up approaches to operational risk calculate the implied operational risk using available data such as income volatility, capital etc; while top down approaches use causal factors, risk drivers and other factors to get an aggregated estimate of risk.

2. The difference between true severity and the best approximation of the true severity is called:

A) Approximation error
B) Estimation error
C) Total error
D) Fitting error

3. A loan portfolio's full notional value is $100, and its value in a worst case scenario at the 99% level of confidence is $65. Expected losses on the portfolio are estimated at 10%. What is the level of economic capital required to cushion unexpected losses?

A) 10
B) 25
C) 35
D) 65

4. Under the CreditPortfolio View model of credit risk, the conditional probability of default will be:

A) higherthan the unconditional probability of default in an economic expansion
B) lower than the unconditional probability of default in an economic expansion
C) lower than the unconditional probability of default in an economic contraction
D) the same as the unconditional probability of default in an economic expansion

5. Which of the following statements are true:
I. A transition matrix is the probability of a security migrating from one rating class to another during its lifetime.
II. Marginal default probabilities refer to probabilities of default in a particular period, given survival atthe beginning of that period.
III. Marginal default probabilities will always be greater than the corresponding cumulative default probability.
IV. Loss given default is generally greater when recovery rates are low.

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

Solutions: