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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. A risk analyst peforming PCA wishes to explain80% of the variance. The first orthogonal factor has a volatility of 100, and the second 40, and the third 30. Assume there are no other factors. Which of the factors will be included in the final analysis?

A) Insufficient information to answer the question
B) First
C) First, Second and Third
D) First and Second

2. Which of the following is the most important problem to solve for fitting a severity distribution for operational risk capital:

A) Determine plausible scenarios to fill the data gaps inthe internal and external loss data
B) The fit obtained should reduce the combination of the fitting and approximation errors to a minimum
C) Empirical loss data needs to be extended to the ranges below the reporting threshold and above large value losses
D) The risk functional's minimization should lead to a good estimate of the 0.999 quantile

3. Which of the following steps are required for computing the aggregate distribution for a UoM for operational risk once loss frequency and severity curves have been estimated:
I. Simulate number of losses based on the frequency distribution
II. Simulate the dollar value of the losses from the severity distribution III. Simulate random number from the copula used to model dependence between the UoMs IV. Compute dependent losses from aggregate distribution curves

A) None of the above
B) I and II
C) All of the above
D) III and IV

4. 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) 15.00%
B) 31.25%
C) 3.07%
D) 2.60%

5. Which of the following objectives are targeted by rating agencies when assigning ratings:
I. Ratings accuracy
II. Ratings stability
III. High accuracy ratio (AR)
IV. Ranked ratings

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

Solutions: