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PRMIA 8010 Exam Syllabus Topics:

Section	Objectives
Mitigation and Control	- Internal controls and control testing - Risk transfer mechanisms including insurance
Measurement and Quantification	- Loss distribution approaches - Key risk indicators (KRIs)
Risk Identification and Assessment	- Risk and control self-assessment (RCSA) - Scenario analysis and risk mapping
Risk Governance and Frameworks	- Risk governance structures and accountability - Three lines of defense model
Operational Risk Fundamentals	- Operational risk within enterprise risk management - Definition and scope of operational risk - Risk taxonomy and loss event types
Regulatory and Industry Standards	- Basel operational risk frameworks - Regulatory expectations for operational risk management

PRMIA Operational Risk Manager (ORM) Sample Questions:

Question #1

Under the contingent claims approach to credit risk, risk increases when:
I. Volatility of the firm's assets increases
II. Risk free rate increases
III. Maturity of the debt increases

A. I and II
B. I, II and III
C. II and III
D. I and III

Question #2

A financial institution is considering shedding a business unit to reduce its economic capital requirements.
Which of the following is an appropriate measure of theresulting reduction in capital requirements?

A. Incremental capital for the business unit in consideration
B. Proportionate capital for the business unit in consideration
C. Marginal capital for the business unit in consideration
D. Percentage of total gross income contributed by the business unit in question

Question #3

A portfolio has two loans, A and B, each worth $1m. The probability of default of loan A is 10% and that of loan B is 15%. Theprobability of both loans defaulting together is 1%. Calculate the expected loss on the portfolio.

A. 250000
B. 240000
C. 1000000
D. 500000

Question #4

If the full notional value of a debt portfolio is $100m, its expected value in a year is $85m, and the worst value of the portfolio in one year's time at 99% confidence level is $60m, then what is the credit VaR?

A. $25m
B. $40m
C. $15m
D. $60m

Question #5

Which of the following decisions need to be made as part of laying down a system for calculating VaR:
I. The confidence level and horizon
II. Whether portfolio valuation is based upon a delta-gamma approximation or a full revaluation III. Whether the VaR is to be disclosed in the quarterly financial statements IV. Whether a 10 day VaR will be calculated based on 10-day return periods, or for 1-day and scaled to 10 days

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

Solutions:

Question #1
Answer: D

Question #2
Answer: A

Question #3
Answer: A

Question #4
Answer: A

Question #5
Answer: D