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PRMIA 8010 Exam Syllabus Topics:

PRMIA Operational Risk Manager (ORM) Sample Questions:

Question 1

A cumulative accuracy plot:

A. is a measure of the correctness of VaR calculations
B. measures the accuracy of credit risk estimates
C. measures accuracy of default probabilities observed empirically
D. measures rating accuracy

Question 2

If the marginal probabilities of default for a corporate bond for years 1, 2 and 3 are 2%, 3% and 4% respectively, what is the cumulative probability of default at the end of year 3?

A. 9.58%
B. 91.26%
C. 8.74%
D. 9.00%

Question 3

Which of the following situations are not suitable for applying parametric VaR:
I. Where the portfolio's valuation is linearlydependent upon risk factors II. Where the portfolio consists of non-linear products such as options and large moves are involved III. Where the returns of risk factors are known to be not normally distributed

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

Question 4

The Basel framework does not permit which of the following Units of Measure (UoM) for operational risk modeling:
I. UoM based on legal entity
II. UoM based on event type
III. UoM based on geography
IV. UoM based on line of business

A. III only
B. I and IV
C. None of the above
D. II only

Question 5

Which of the following is the most accurate description of EPE (Expected Positive Exposure):

A. Weighted average of thefuture positive expected exposure across a time horizon.
B. The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date
C. The average of the distribution of positive exposures at a specified future date
D. The maximum average credit exposure over a period of time

Solutions: