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PRMIA 8010 Exam Syllabus Topics:

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

2. Which loss event type is the loss of personally identifiableclient information classified as under the Basel II framework?

A) External fraud
B) Clients, products and business practices
C) Information security
D) Technology risk

3. The loss severity distribution for operational risk loss events is generally modeled by which of the following distributions:
I. the lognormal distribution
II. The gamma density function
III. Generalized hyperbolic distributions
IV. Lognormal mixtures

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

4. Which of the following are valid approaches to leveraging external loss data for modeling operational risks:
I. Both internal and external losses can be fitted with distributions,and a weighted average approach using these distributions is relied upon for capital calculations.
II. External loss data is used to inform scenario modeling.
III. External loss data is combined with internal loss data points, and distributions fitted to the combined data set.
IV. External loss data is used to replace internal loss data points to create a higher quality data set to fit distributions.

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

5. Which of the following is NOT true in respect of bilateral close out netting:

A) All transactions are netted against each other
B) The net amount due is immediately receivable or payable
C) Transactions are separated by transaction type and immediately settled separately at each's replacement value
D) All transactions are immediatelyclosed out upon the occurrence of a credit event for either of the counterparties

Solutions: