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PRMIA Operational Risk Manager (ORM) Sample Questions:

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

2. According to the Basel framework, reserves resulting from the upward revaluation of assets are considered a part of:

A) Tier 1 capital
B) Tier 2 capital
C) Tier 3 capital
D) All of the above

3. When pricing credit risk for an exposure, which of the following is a better measure than the others:

A) Notional amount
B) Expected Exposure (EE)
C) Potential Future Exposure (PFE)
D) Mark-to-market

4. Which of the following statements are correct in relation to the financial system just prior to the current financial crisis:
I. The system was robustagainst small random shocks, but not against large scale disturbances to key hubs in the network II. Financial innovation helped reduce the complexity of the financial network III. Knightian uncertainty refers to risk that can be quantified and measured IV. Feedback effects under stress accentuated liquidity problems

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

5. When compared to a medium severity medium frequency risk, the operational risk capital requirement for a high severity very low frequency risk is likely to be:

A) Zero
B) Higher
C) Unaffected by differences in frequency or severity
D) Lower

Solutions: