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PRMIA 8010 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Risk Identification and Assessment | - Risk and control self-assessment (RCSA) - Scenario analysis and risk mapping |
| Regulatory and Industry Standards | - Regulatory expectations for operational risk management - Basel operational risk frameworks |
| Risk Governance and Frameworks | - Three lines of defense model - Risk governance structures and accountability |
| Measurement and Quantification | - Loss distribution approaches - Key risk indicators (KRIs) |
| Mitigation and Control | - Internal controls and control testing - Risk transfer mechanisms including insurance |
| Operational Risk Fundamentals | - Definition and scope of operational risk - Operational risk within enterprise risk management - Risk taxonomy and loss event types |
PRMIA Operational Risk Manager (ORM) Sample Questions:
1. Identify the correct sequence of events as it unfolded in the credit crisis beginning 2007:
I. Mortgage defaults increased
II. Collapse in prices of unrelated assets as banks tried to create liquidity III. Banks refused to lend or transact with each other IV. Asset prices for CDOs collapsed
A) I, IV, III and II
B) I, III, IV and II
C) III, IV, I and II
D) IV, I, II and III
2. According to the implied capital model, operational risk capital is estimated as:
A) Total capital less market risk capital less credit risk capital
B) Total capital based on the capital asset pricing model
C) Operational risk capital held by similar firms, appropriately scaled
D) Capitalimplied from known risk premiums and the firm's earnings
3. A risk analyst peforming PCA wishes to explain80% of the variance. The first orthogonal factor has a volatility of 100, and the second 40, and the third 30. Assume there are no other factors. Which of the factors will be included in the final analysis?
A) Insufficient information to answer the question
B) First and Second
C) First
D) First, Second and Third
4. The unexpected loss for a credit portfolio at a given VaR estimate is definedas:
A) max(Actual Loss - Expected Loss, 0)
B) VaR - Expected Loss
C) Actual Loss - Expected Loss
D) Actual Loss - VaR
5. If the loss given default is denoted by L, and the recovery rate by R, then which of the following represents the relationship between loss given default and the recovery rate?
A) R = 1 - L
B) R = 1 + L
C) L = 1 + R
D) R = 1 / L
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: A |
