PRMIA PRM Certification 8010

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Simulation test system

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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. If X represents a matrix with ratings transition probabilities for one year, the transition probabilities for 3 years are given by the matrix:

A) 3 [P]
B) 3 [P ^ (-1)]
C) P x P x P
D) P ^ (-3)

2. For a 10 year interest rate swap, what would be the worst time for a counterparty to default (in terms of the maximum likely credit exposure)

A) 7 years
B) 2 years
C) 10 years
D) Right after inception

3. Which of the following statements are correct?
I. A reliance upon conditional probabilities and a-priori views of probabilities is called the 'frequentist' view II. Knightian uncertainty refers to thingsthat might happen but for which probabilities cannot be evaluated III. Risk mitigation and risk elimination are approaches to reacting to identified risks IV. Confidence accounting is a reference to the accounting frauds that were seen in the past decadeas a reflection of failed governance processes

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

4. Under the actuarial (or CreditRisk+) based modeling of defaults, what is the probability of 4 defaults in a retail portfolio where the number of expected defaults is2?

A) 2%
B) 18%
C) 4%
D) 9%

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

Solutions: