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PRMIA 8010 Exam Syllabus Topics:

PRMIA Operational Risk Manager (ORM) Sample Questions:

1. When building a operational loss distribution by combining a loss frequency distribution and a loss severity distribution, it is assumed that:
I. The severity of losses is conditional upon the numberof loss events
II. The frequency of losses is independent from the severity of the losses III. Both the frequency and severity of loss events are dependent upon the state of internal controls in the bank

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

2. A stock that follows the Weiner process has its future price determined by:

A) its current price, expected return and standard deviation
B) its standard deviation and past technical movements
C) its expected return alone
D) its expected return and standard deviation

3. Which of the following is the best description of the spread premium puzzle:

A) The spread premium puzzle refers to AAA corporate bonds being priced at almost the same prices as equivalent treasury bonds without offering the same liquidity or guarantee as treasury bonds
B) The spread premium puzzle refers to the moral hazard implicit in the monoline insurance market
C) The spread premium puzzle refers to observed default rates being much less than implied default rates, leading to lower credit bonds being relatively cheap when compared to their actual default probabilities
D) The spread premium puzzle refers to dollar denominated non-US sovereign bonds being priced a at significant discount to other similar USD denominated assets

4. An error by a third party service provider results in a loss to a client that the bank has to make up. Such as loss would be categorized per Basel IIoperational risk categories as:

A) Business disruption and process failure
B) Execution delivery and process management
C) Outsourcing loss
D) Abnormal loss

5. A corporate bond has a cumulative probability of default equal to 20% in the first year, and 45% in the second year. What is the monthly marginal probability of default for the bond in the second year, conditional on there beingno default in the first year?

A) 31.25%
B) 15.00%
C) 3.07%
D) 2.60%

Solutions: