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PRMIA 8010 Exam Syllabus Topics:

PRMIA Operational Risk Manager (ORM) Sample Questions:

Question 1

The probability of default of a security over a 1 year period is 3%. What is the probability that it would have defaulted within 6 months?

A. 1.51%
B. 17.32%
C. 3.00%
D. 98.49%

Question 2

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

Question 3

Which of the following best describes Altman's Z-score

A. A numerical computation based upon accounting ratios
B. A calculation of defaultprobabilities
C. A standardized z based upon the normal distribution
D. A regression of probability of survival against a given set of factors

Question 4

Which of the following decisions need to be made as part of laying down a system for calculating VaR:
I. How returns are calculated, eg absoluted returns, log returns or relative/percentage returns II. Whether VaR is calculated based on historical simulation, Monte Carlo, or is computed parametrically III. Whether binary/digital options are included in the portfolio positions IV. How volatility is estimated

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

Question 5

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. 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.
D. 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.

Solutions: