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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following statements are true:
I. Capital adequacy implies the ability of a firm to remain a going concern II. Regulatory capital and economic capital are identical as they target the same objectives III. The role of economic capital is to provide a buffer against expected losses IV. Conservative estimates of economic capital are based upon a confidence level of 100%

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

2. Which of the following formulae describes CVA (Credit Valuation Adjustment)? All acronyms have their usual meanings (LGD=Loss Given Default, ENE=Expected Negative Exposure, EE=Expected Exposure, PD=Probability of Default, EPE=Expected Positive Exposure, PFE=Potential Future Exposure)

A) LGD * ENE * PD
B) LGD * EE * PD
C) LGD * EPE * PD
D) LGD * PFE * PD

3. Loss from a lawsuit from an employee due to physical harm caused while at work is categorized per Basel II as:

A) Employment practices and workplace safety
B) Damage to physical assets
C) Unsafe working environment
D) Execution delivery and process management

4. Under the KMV Moody's approach to credit risk measurement, how is the distance to default converted to expected default frequencies?

A) Using Monte Carlo simulations
B) Using migration matrices
C) Using a proprietary database based on historical information
D) Using a normal distribution

5. 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, II and IV
D) I and III

Solutions: