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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. There are two bonds in a portfolio, each with a market value of $50m. The probability of default of the two bonds are 0.03 and 0.08 respectively, over a one year horizon. If the default correlation is 25%, what is the one year expected loss on this portfolio?

A) $1.38m
B) $5.5mc
C) $11m
D) $5.26m

2. As the persistence parameter under EWMA is lowered, which of the following would be true:

A) The model will react slower to market shocks
B) The model will give lower weight to recent returns
C) High variance from the recent past will persist for longer
D) The model will react faster to market shocks

3. Loss from a lawsuit from an employee due to physical harm caused while at work is categorized per Basel II as:

A) Unsafe working environment
B) Execution delivery and process management
C) Employment practices and workplace safety
D) Damage to physical assets

4. Which of the following statements is true:
I. Recovery rate assumptions can be easily made fairly accurately given past data available from credit rating agencies.
II. Recovery rate assumptions are difficult to make given the effect of the business cycle, nature of the industry and multiple other factors difficult to model.
III. The standard deviation of observed recovery rates is generally very high, making any estimate likely to differ significantly from realized recovery rates.
IV. Estimation errors for recovery rates are not a concern as they are not directionally biased and will cancel each other out over time.

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

5. Which of the following statements are true:
I. Heavy tailed parametricdistributions are a good choice for severity modeling in operational risk.
II. Heavy tailed body-tail distributions are a good choice for severity modeling in operational risk.
III. Log-likelihood is a means to estimate parameters for a distribution.
IV. Body-tail distributions allow modeling small losses differently from large ones.

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

Solutions: