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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. When modeling severity of operational risk losses using extreme value theory (EVT), practitioners often use which of the following distributions to model loss severity:
I. The 'Peaks-over-threshold' (POT) model
II. Generalized Pareto distributions
III. Lognormal mixtures
IV. Generalized hyperbolic distributions

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

2. Loss provisioning is intended to cover:

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

3. Which of the following formulae correctly describes Component VaR. (p refers to the portfolio, and i is the i-th constituent of the portfolio. MVaR means Marginal VaR, and other symbols have their usual meanings.)

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

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

5. Company A issues bonds with a face value of $100m, sold at issuance at $98. Bank B holds $10m in face of these bonds acquired at a price of $70. What is Bank B's exposure to the debt issued by Company A?

A) $10m
B) $7m
C) $6.86m
D) $9.8m

Solutions: