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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. A long position in a creditsensitive bond can be synthetically replicated using:

A) a short position in a treasury bond and a short position in a CDS
B) a long position in a treasury bond and a short position in a CDS
C) a long position in a treasury bond and a long position in a CDS
D) a short position in a treasury bond and a long position in a CDS

2. Which of the following risks and reasons justify the use of scenario analysis in operational riskmodeling:
I. Risks for which no internal loss data is available
II. Risks that are foreseeable but have no precedent, internally or externally III. Risks for which objective assessments can be made by experts IV. Risks that are known to exist, but for which no reliable external or internal losses can be analyzed
V. Reducing the complexity of having to fit statistical models to internal and external loss data VI. Managing the capital estimation process as to produce estimates in line with management's desired capital buffers.

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

3. Which of the following formulae describes CVA (Credit Valuation Adjustment)? All acronyms have their usual meanings (LGD=Loss Given Default, ENE=Expected Negative Exposure, EE=Expected Exposure, PD=Probability of Default, EPE=Expected Positive Exposure, PFE=Potential Future Exposure)

A) LGD * EE * PD
B) LGD * ENE * PD
C) LGD * PFE * PD
D) LGD * EPE * PD

4. A cumulative accuracy plot:

A) measures rating accuracy
B) measures the accuracy of credit risk estimates
C) measures accuracy of default probabilities observed empirically
D) is a measure of the correctness of VaR calculations

5. For a loan portfolio, expected losses are charged against:

A) Economic credit capital
B) Credit reserves
C) Regulatory capital
D) Economic capital

Solutions: