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PRMIA 8010 Exam Syllabus Topics:

PRMIA Operational Risk Manager (ORM) Sample Questions:

1. For a back office function processing 15,000 transactions a day with an error rate of 10 basis points, what is the annual expected loss frequency (assume 250 days in a year)

A) 0.06
B) 37500
C) 3750
D) 375

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

A) 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
B) The spread premium puzzle refers to dollar denominated non-US sovereign bonds being priced a at significant discount to other similar USD denominated assets
C) 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
D) The spread premium puzzle refers to the moral hazard implicit in the monoline insurance market

3. Which of the following data sources are expected to influence operational risk capital under the AMA:
I. Internal Loss Data (ILD)
II. External Loss Data (ELD)
III. Scenario Data (SD)
IV. Business Environment and Internal Control Factors (BEICF)

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

4. Which of the following techniques is used to generate multivariate normal random numbers that are correlated?

A) Simulation
B) Pseudo random number generator
C) Cholesky decomposition of the correlation matrix
D) Markov process

5. A risk management function is best organized as:

A) integrated with the risk taking functions as risk management should be a pervasive activity carried out at all levels of theorganization.
B) a part of the trading desks and other risk taking teams
C) report independently of the risk taking functions
D) reporting directly to the traders, as to be closest to the point at which risks are being taken

Solutions: