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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following risks and reasons justify the use of scenario analysis in operational riskmodeling:
I. Risks for which no internal loss data is available
II. Risks that are foreseeable but have no precedent, internally or externally III. Risks for which objective assessments can be made by experts IV. Risks that are known to exist, but for which no reliable external or internal losses can be analyzed
V. Reducing the complexity of having to fit statistical models to internal and external loss data VI. Managing the capital estimation process as to produce estimates in line with management's desired capital buffers.

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

2. The sensitivity (delta) of a portfolio to a single point move in the value of the S&P500 is $100. If the current level of the S&P500 is 2000, and has a one day volatility of 1%, what is the value-at-risk for this portfolio at the 99% confidence and a horizon of 10 days? What is this method of calculating VaR called?

A) $14,736, historical simulation VaR
B) $4,660, Monte Carlo simulation VaR
C) $14,736, parametric VaR
D) $4,660, parametric VaR

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. Aderivative contract has a negative current replacement value. Which of the following statements is true about its loan equivalent value for credit risk calculations over a 2-year horizon?

A) The notional value of the derivatives contract should be used for loan equivalence calculations.
B) Since the derivatives contract has a negative current replacementvalue, exposure will be zero.
C) The credit exposure will be a given quintile of the expected distribution of the value of the derivatives contract in the future.
D) The current exposure can be used for loan equivalence calculations as that is an unbiased proxy for the future value.

5. For a corporate bond, which of the following statements is true:
I. The credit spread is equal to the default rate times the recovery rate II. The spread widens when the ratings of the corporate experience an upgrade III. Both recovery rates and probabilities of default are related to the business cycle and move in oppositedirections to each other IV. Corporate bond spreads are affected by both the risk of default and the liquidity of the particular issue

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

Solutions: