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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following is not a limitation of the univariate Gaussian model to capture the codependence structure between risk factros used for VaR calculations?

A) A single covariance matrix is insufficient to describe the fine codependence structure among risk factors as non-linear dependencies or tail correlations are not captured.
B) Determining the covariance matrix becomes an extremely difficult task as the number of risk factors increases.
C) It cannot capture linear relationships between risk factors.
D) The univariate Gaussian model fails to fit to the empirical distributions of risk factors, notably their fat tails and skewness.

2. What isthe risk horizon period used for credit risk as generally used for economic capital calculations and as required by regulation?

A) 10 days
B) 10 years
C) 1 year
D) 1-day

3. The probability of default of a security over a 1 year period is 3%. What is the probability that it would not have defaulted at theend of four years from now?

A) 11.47%
B) 88.53%
C) 88.00%
D) 12.00%

4. Loss provisioning is intended to cover:

A) Expected losses
B) Losses in excessof unexpected losses
C) Both expected and unexpected losses
D) Unexpected losses

5. Which of the following should be included when calculating the Gross Income indicator used to calculate operational risk capital under the basic indicator and standardized approaches underBasel II?

A) Net non-interest income
B) Operating expenses
C) Insurance income
D) Fees paid to outsourcing service proviers

Solutions: