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PRMIA 8010 Exam Syllabus Topics:

PRMIA Operational Risk Manager (ORM) Sample Questions:

1. The VaR of a portfolio at the 99% confidence level is $250,000 when mean return is assumed to be zero. If the assumption of zero returns is changed to an assumption of returns of $10,000, what is the revised VaR?

A) 240000
B) 260000
C) 273260
D) 226740

2. If a borrower has a default probability of 12% over one year, what is the probability of default over a month?

A) 12.00%
B) 2.00%
C) 1.06%
D) 1.00%

3. A bank prices retail credit loans based on median default rates. Over the long run, it can expect:

A) Correct pricing of risk in the retail credit portfolio
B) A reduction in the rate of defaults
C) Overestimation of risk and overpricing, leading to lossof market share
D) Underestimation and therefore underpricing of risk in it retail portfolio

4. Which of the following statements is true:
I. When averaging quantiles of two Pareto distributions, the quantiles of theaveraged models are equal to the geometric average of the quantiles of the original models based upon the number of data items in each original model.
II. When modeling severity distributions, we can only use distributions which have fewer parameters thanthe number of datapoints we are modeling from.
III. If an internal loss data based model covers the same risks as a scenario based model, they can can be combined using the weighted average of their parameters.
IV If an internal loss model and a scenario based model address different risks, the models can be combined by taking their sums.

A) III and IV
B) I and II
C) II and III
D) All statements are true

5. Which of the following situations are not suitable for applying parametric VaR:
I. Where the portfolio's valuation is linearlydependent upon risk factors II. Where the portfolio consists of non-linear products such as options and large moves are involved III. Where the returns of risk factors are known to be not normally distributed

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

Solutions: