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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. When modeling operational risk using separate distributions for loss frequency and loss severity, whichof the following is true?

A) Loss severity and loss frequency distributions are considered as a bivariate model with positive correlation
B) Loss severity and loss frequency are modeled as conditional probabilities
C) Loss severity and loss frequency are modeled usingthe same units of measurement
D) Loss severity and loss frequency are considered independent

2. Under the standardized approach to calculating operational risk capital under Basel II, negative regulatory capital charges for any of the business units:

A) Should be offset againstpositive capital charges from other business units
B) Should be ignored completely
C) Should be excluded from capital calculations
D) Should be included after ignoring the negative sign

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

4. The principle underlying the contingent claims approach to measuring credit risk equates the cost of eliminating credit risk for a firm to be equal to:

A) the market valuationof the firm's equity less the value of its liabilities
B) the probability of the firm's assets falling below the critical value for default
C) the cost of a call on thefirm's assets with a strike equal to the value of the debt
D) the value of a put on the firm's assets with a strike equal to the value of the debt

5. If the cumulative default probabilities of default for years 1 and 2 for a portfolio of credit risky assets is 5% and 15% respectively, what is the marginal probability of default in year 2 alone?

A) 10.53%
B) 11.76%
C) 10.00%
D) 15.79%

Solutions: