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 statements are correct in relation to the financial system just prior to the current financial crisis:
I. The system was robustagainst small random shocks, but not against large scale disturbances to key hubs in the network II. Financial innovation helped reduce the complexity of the financial network III. Knightian uncertainty refers to risk that can be quantified and measured IV. Feedback effects under stress accentuated liquidity problems

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

2. Which of the following is the most accurate description of EPE (Expected Positive Exposure):

A) Weighted average of thefuture positive expected exposure across a time horizon.
B) The average of the distribution of positive exposures at a specified future date
C) The maximum average credit exposure over a period of time
D) The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date

3. Under the KMV Moody's approach to calculating expectingdefault frequencies (EDF), firms' default on obligations is likely when:

A) expected asset values one year hence are below total liabilities
B) asset values reach a level below short term debt
C) asset values reach a level below totalliabilities
D) asset values reach a level between short term debt and total liabilities

4. Which of the following statements is true:
I. Confidence levels for economic capital calculations are driven by desired credit ratings II. Loss distributions for operational risk are affected more by theseverity distribution than the frequency distribution III. The Advanced Measurement Approach (AMA) referred to in the Basel II standard is a type of a Loss Distribution Approach (LDA) IV. The loss distribution for operational risk under the LDA (Loss Distribution Approach) is estimated by separately estimating the frequency and severity distributions.

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

5. Which of the following statements are true:
I. Heavy tailed parametricdistributions are a good choice for severity modeling in operational risk.
II. Heavy tailed body-tail distributions are a good choice for severity modeling in operational risk.
III. Log-likelihood is a means to estimate parameters for a distribution.
IV. Body-tail distributions allow modeling small losses differently from large ones.

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

Solutions: