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PRMIA 8010 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Mitigation and Control | - Risk transfer mechanisms including insurance - Internal controls and control testing |
| Topic 2: Risk Identification and Assessment | - Scenario analysis and risk mapping - Risk and control self-assessment (RCSA) |
| Topic 3: Risk Governance and Frameworks | - Three lines of defense model - Risk governance structures and accountability |
| Topic 4: Operational Risk Fundamentals | - Definition and scope of operational risk - Operational risk within enterprise risk management - Risk taxonomy and loss event types |
| Topic 5: Regulatory and Industry Standards | - Basel operational risk frameworks - Regulatory expectations for operational risk management |
| Topic 6: Measurement and Quantification | - Key risk indicators (KRIs) - Loss distribution approaches |
PRMIA Operational Risk Manager (ORM) Sample Questions:
Question 1
Which of the following best describes Altman's Z-score
A. A calculation of defaultprobabilities
B. A regression of probability of survival against a given set of factors
C. A numerical computation based upon accounting ratios
D. A standardized z based upon the normal distribution
Question 2
Which of the following statements are true in relation to Monte Carlo based VaR calculations:
I. Monte Carlo VaR relies upon a full revalution of theportfolio for each simulation II. Monte Carlo VaR relies upon the delta or delta-gamma approximation for valuation III. Monte Carlo VaR can capture a wide range of distributional assumptions for asset returns IV. Monte Carlo VaR is less compute intensive than Historical VaR
A. I and III
B. All of the above
C. I, III and IV
D. II and IV
Question 3
Which of the following represents a riskier exposure for a bank: A LIBOR based loan, or an Overnight Indexed Swap? Which of the two rates is expected to be higher?
Assume the same counterparty and the same notional.
A. Overnight Index Swap; OIS rate will be higher
B. A LIBOR based loan; OIS rate will be higher
C. Overnight Index Swap; LIBOR rate will be higher
D. A LIBOR based loan; LIBOR rate will be higher
Question 4
A portfolio has two loans, A and B, each worth $1m. The probability of default of loan A is 10% and that of loan B is 15%. Theprobability of both loans defaulting together is 1%. Calculate the expected loss on the portfolio.
A. 240000
B. 1000000
C. 500000
D. 250000
Question 5
For a 10 year interest rate swap, what would be the worst time for a counterparty to default (in terms of the maximum likely credit exposure)
A. 10 years
B. Right after inception
C. 7 years
D. 2 years
Solutions:
| Question 1 Answer: C | Question 2 Answer: A | Question 3 Answer: D | Question 4 Answer: D | Question 5 Answer: C |
