PRMIA 8010 - Operational Risk Manager (ORM) Exam

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PRMIA 8010 Exam Syllabus Topics:

PRMIA Operational Risk Manager (ORM) Sample Questions:

Question 1

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

Question 2

Which of the following steps are required for computing the aggregate distribution for a UoM for operational risk once loss frequency and severity curves have been estimated:
I. Simulate number of losses based on the frequency distribution
II. Simulate the dollar value of the losses from the severity distribution III. Simulate random number from the copula used to model dependence between the UoMs IV. Compute dependent losses from aggregate distribution curves

A. I and II
B. None of the above
C. III and IV
D. All of the above

Question 3

If a borrower has a default probability of 12% over one year, what is the probability of default over a month?

A. 12.00%
B. 1.06%
C. 1.00%
D. 2.00%

Question 4

A bank expects the error rate in transaction data entry for a particular business process to be 0.005%. What is the range of expected errors in a day within +/- 2 standard deviations if there are 2,000,000 such transactions each day?

A. 0 to 200 errors in a day
B. 90 to 110 errors in a day
C. 60 to 80 errors in a day
D. 80 to 120 errors in a day

Question 5

Which of the following cannot be used as an internal credit rating model to assess an individual borrower:

A. Distance to default model
B. Logit model
C. Probit model
D. Altman's Z-score

Solutions: