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PRMIA 8010 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Risk Assessment | 10% | - Risk Identification and Assessment Techniques |
| Operational Risk Capital | 6% | - Capital Concepts & Basel III Context |
| Risk Management Framework | 10% | - Risk Appetite, Policies, Culture |
| Introduction | 2% | - Overview of Operational Risk Management |
| Risk Governance | 6% | - Governance Principles and Risk Roles |
| Operational Resilience | 4% | - Resilience Concepts and Practices |
| Case Studies | 6% | - Applied Operational Risk Scenarios |
| Compliance Risk | 6% | - Compliance Risk Framework |
| Risk Information | 10% | - Loss Data, KRIs and Reporting |
PRMIA Operational Risk Manager (ORM) Sample Questions:
Question 1
Under thebasic indicator approach to determining operational risk capital, operational risk capital is equal to:
A. 15% of the average gross income (considering only the positive years) of the past three years
B. 15% of the average net income (considering only thepositive years) of the past three years
C. 25% of the average gross income (considering only the positive years) of the past three years
D. 15% of the average gross income of the past five years
Question 2
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. 12.00%
B. 88.53%
C. 11.47%
D. 88.00%
Question 3
An investor enters into a 5-year total return swap with Bank A, with the investor paying a fixed rate of 6% annually on a notional value of $100m to the bank and receiving thereturns of the S&P500 index with an identical notional value. The swap is reset monthly, ie the payments are exchanged monthly. On Jan 1 of the fourth year, after settling the last month's payments, the bank enters bankruptcy. What is the legal claim thatthe hedge fund has against the bank in the bankruptcy court?
A. $0, as all payments on the swap are current
B. The replacement value of the swap
C. $100m
D. $6m
Question 4
Which of the following are valid criticisms of value at risk:
I. There are many risks that a VaR framework cannot model
II. VaR does not considerliquidity risk
III. VaR does not account for historical market movements
IV. VaR does not consider the risk of contagion
A. All of the above
B. II and IV
C. I and III
D. I, II and IV
Question 5
Financial institutions need to take volatility clustering into account:
I. To avoid taking on an undesirable level of risk
II. To know the right level of capital they need to hold
III. To meet regulatory requirements
IV. To account for mean reversion in returns
A. II, III and IV
B. I, II and IV
C. I, II and III
D. I & II
Solutions:
| Question 1 Answer: A | Question 2 Answer: B | Question 3 Answer: B | Question 4 Answer: D | Question 5 Answer: D |
