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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Random recovery rates in respectof credit risk can be modeled using:

A) the normal distribution
B) the binomial distribution
C) the omega distribution
D) the beta distribution

2. Under the standardized approach to calculating operational risk capital under Basel II, negative regulatory capital charges for any of the business units:

A) Should be offset againstpositive capital charges from other business units
B) Should be ignored completely
C) Should be included after ignoring the negative sign
D) Should be excluded from capital calculations

3. Which of the following best describes economic capital?

A) Economic capital is a form of provision for market risk losses should adverse conditions arise
B) Economic capital is the amount of regulatory capital mandated for financial institutions in the OECD countries
C) Economic capital reflects the amount of capital required to maintain a firm's target credit rating
D) Economic capital is the amount of regulatory capital that minimizes the cost ofcapital for firm

4. Which of the following statements are true ?
I.Risk governance structures distribute rights and responsibilities among stakeholders in the corporation II. Cybernetics is the multidisciplinary study of cyber risk and control systems underlying information systems in an organization III. Corporate governance is a subset of the larger subject of risk governance IV. The Cadbury report was issued in the early 90s and was one of the early frameworks for corporate governance

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

5. Which of the following statements is true:
I. Recovery rate assumptions can be easily made fairly accurately given past data available from credit rating agencies.
II. Recovery rate assumptions are difficult to make given the effect of the business cycle, nature of the industry and multiple other factors difficult to model.
III. The standard deviation of observed recovery rates is generally very high, making any estimate likely to differ significantly from realized recovery rates.
IV. Estimation errors for recovery rates are not a concern as they are not directionally biased and will cancel each other out over time.

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

Solutions: