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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following steps are required for computing the total loss distribution for a bank for operational risk once individual UoM level loss distributions have been computed from the underlhying frequency and severity curves:
I. Simulate number of losses based onthe frequency distribution
II. Simulate the dollar value of the losses from the severity distribution III. Simulate random number from the copula used to model dependence between the UoMs IV. Compute dependent losses from aggregate distribution curves

A) I and II
B) None of the above
C) All of the above
D) III and IV

2. The CDS quote for the bonds of Bank X is 200 bps. Assuming a recovery rate of 40%, calculate the default hazard rate priced in the CDS quote.

A) 5.00%
B) 0.80%
C) 2.00%
D) 3.33%

3. Under the actuarial (or CreditRisk+) based modeling of defaults, what is the probability of 4 defaults in a retail portfolio where the number of expected defaults is2?

A) 9%
B) 2%
C) 18%
D) 4%

4. Which of the following are valid criticisms of value at risk:
I. There are many risks that a VaR framework cannot model
II. VaR does not considerliquidity risk
III. VaR does not account for historical market movements
IV. VaR does not consider the risk of contagion

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

5. If X represents a matrix with ratings transition probabilities for one year, the transition probabilities for 3 years are given by the matrix:

A) 3 [P ^ (-1)]
B) P ^ (-3)
C) P x P x P
D) 3 [P]

Solutions: