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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. A bullet bond and an amortizing loan are issued at the same time with the same maturity and with the same principal. Which of these would have a greater credit exposure halfway through their life?

A) Indeterminate with the given information
B) They would have identical exposure half way through their lives
C) The bullet bond
D) The amortizing loan

2. The probability of default of a security during the first year after issuance is 3%, that during the second and third years is 4%, and during the fourth year is 5%. What is the probability that it would not have defaulted at the end of four years from now?

A) 12.00%
B) 88.53%
C) 88.00%
D) 84.93%

3. When fitting a distribution in excess of a threshold as part of the body-tail distribution method described by the equation below, how is the parameter 'p' calculated.

Here, F(x) is the severity distribution. F(Tail) and F(Body) are the parametric distributions selected for the tail and the body, and T is the threshold in excess of which the tail is considered to begin.

A) p is a function of the reporting threshold and determined by the log-likelihood functional
B) If there are K observations up to the tail threshold, then p = k*n
C) p is a parameter estimated using either the sum of least squares or maximum likelihood estimation
D) If there are Nobservations, of which K are up to T, then p = k/N

4. Which of the following is not an event of default covered in the ISDA Master Agreement?
I. failure to pay or deliver
II. credit support default
III. merger without assumption
IV. Bankruptcy

A) IV
B) II and III
C) All are considered events of default
D) I

5. The capital adequacy ratio applied to risk weighted assets for the calculation of capital requirements for credit risk per Basel II is:

A) 8%
B) 100%
C) 150%
D) 12.5%

Solutions: