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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following distributions is generally not used for frequency modeling for operational risk

A) Binomial
B) Gamma
C) Negative binomial
D) Poisson

2. All else remaining the same, an increase in the joint probability of default between two obligors causes the default correlation between the two to:

A) Decrease
B) Increase
C) Cannot be determined from the given information
D) Stay the same

3. Under the KMV Moody's approach to credit risk measurement, how is the distance to default converted to expected default frequencies?

A) Using a normal distribution
B) Using migration matrices
C) Using Monte Carlo simulations
D) Using a proprietary database based on historical information

4. Which of the following decisions need to be made as part of laying down a system for calculating VaR:
I. The confidence level and horizon
II. Whether portfolio valuation is based upon a delta-gamma approximation or a full revaluation III. Whether the VaR is to be disclosed in the quarterly financial statements IV. Whether a 10 day VaR will be calculated based on 10-day return periods, or for 1-day and scaled to 10 days

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

5. An operational loss severity distribution is estimated using 4 data points from a scenario. The management institutes additional controls to reduce the severity of the loss if the risk is realized, and as a result the estimated losses from a 1-in-10-year losses are halved. The 1-in-100 loss estimate however remains the same.
What would be the impact on the 99.9th percentile capital required for this risk as a result of the improvement in controls?

A) The capital required will increase
B) The capital required will stay the same
C) The capital required will decrease
D) Can't say based on the information provided

Solutions: