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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following statements is NOT true in relation to the recent financial crisis of 2007-08?

A) Central banks had data on the interconnections between institutions, but poor understanding and analysis meant this data was never analyzed
B) An intention to diversify from their core activities led all market participants to the same activities, which though appearing diversified at the bank's level, created a concentration risk at the systemic level
C) Counterparty risk was difficult togauge as it was impossible to know who the counterparty's counterparties were
D) The existence of central counterparties could have limited the damage caused by the financial crisis

2. A bank prices retail credit loans based on median default rates. Over the long run, it can expect:

A) Underestimation and therefore underpricing of risk in it retail portfolio
B) Correct pricing of risk in the retail credit portfolio
C) A reduction in the rate of defaults
D) Overestimation of risk and overpricing, leading to lossof market share

3. According to the Basel framework, shareholders' equity and reserves are considered a part of:

A) Tier 1 capital
B) All of the above
C) Tier 2 capital
D) Tier 3 capital

4. As opposed to traditional accounting based measures, risk adjusted performance measures use which of the following approaches to measure performance:

A) adjust capital employed to reflect the risk undertaken
B) adjust returns based on the level of risk undertaken to earn that return
C) adjust both return and the capital employed to account for the risk undertaken
D) Any or all of the above

5. Once the frequency and severity distributions for loss events have been determined, which of the following is an accurate description of the process to determine a full loss distribution for operational risk?

A) A firm wide operational risk distribution is generated by adding together the frequency and severity distributions
B) The frequency distribution alone forms the basis for the loss distribution for operational risk
C) A firm wide operational risk distribution is set to be equal to the product of the frequency and severity distributions
D) A firm wide operational risk distribution is generated using Monte Carlo simulations

Solutions: