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PRMIA 8010 Exam Syllabus Topics:

PRMIA Operational Risk Manager (ORM) Sample Questions:

Question 1

Which of the following are valid approaches to calculating potential future exposure (PFE) forcounterparty risk:
I. Add a percentage of the notional to the mark-to-market value
II. Monte Carlo simulation
III. Maximum Likelihood Estimation
IV. Parametric Estimation

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

Question 2

The key difference between 'top down models' and 'bottom up models' foroperational risk assessment is:

A. Bottom up approaches to operational risk are based upon an analysis of key risk drivers, while top down approaches consider causality in risk scenarios.
B. Top down approaches to operational risk are based upon an analysis of key risk drivers, while bottom up approaches consider causality in risk scenarios.
C. 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.
D. 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.

Question 3

Which of the following are valid methods for selecting an appropriate model from the model space for severity estimation:
I. Cross-validation method
II. Bootstrap method
III. Complexity penalty method
IV. Maximum likelihood estimation method

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

Question 4

Which of the following is a measure of the level of capital that an institution needs to hold in order to maintain a desired credit rating?

A. Book value
B. Shareholders' equity
C. Economic capital
D. Regulatory capital

Question 5

Which of the following best describes a 'break clause ?

A. A break clausedetermines the process by which amounts due on early termination will be determined
B. A break clause describes rights and obligations when the derivative contract is broken
C. A break clause gives either party to a transaction the right to terminate the transaction at market price at future date(s)
D. A break clause sets out the conditions under which the transaction will be terminated upon non-compliance with the ISDA MA

Solutions: