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PRMIA 8010 Exam Syllabus Topics:

PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following statements are true in relation to Monte Carlo based VaR calculations:
I. Monte Carlo VaR relies upon a full revalution of theportfolio for each simulation II. Monte Carlo VaR relies upon the delta or delta-gamma approximation for valuation III. Monte Carlo VaR can capture a wide range of distributional assumptions for asset returns IV. Monte Carlo VaR is less compute intensive than Historical VaR

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

2. Which of the following best describes the concept of marginalVaR of an asset in a portfolio:

A) Marginal VaR is the change in the VaR estimate for the portfolio as a result of including the asset in the portfolio.
B) Marginal VaR describes the change in total VaR resulting from a $1 change in the value of the asset in question.
C) Marginal VaR is the contribution of the asset to portfolio VaR in a way that the sum of such calculations for all the assets in the portfolio adds up to the portfolio VaR.
D) Marginal VaR is the value of the expected losses on occasions where the VaR estimate is exceeded.

3. 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) 15.79%
C) 11.76%
D) 10.00%

4. Which of the following are valid approaches for extreme value analysis given a dataset:
I. The Block Maxima approach
II. Least squares approach
III. Maximum likelihood approach
IV. Peak-over-thresholds approach

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

5. Which of the following statements are true:
I. The sum of unexpected losses for individual loans in a portfolio is equal to the total unexpected loss for the portfolio.
II. The sum of unexpected losses for individual loans in a portfolio is less than the total unexpected loss for the portfolio.
III. The sum of unexpected losses forindividual loans in a portfolio is greater than the total unexpected loss for the portfolio.
IV. The unexpected loss for the portfolio is driven by the unexpected losses of the individual loans in the portfolio and the default correlation between these loans.

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

Solutions: