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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which loss event type is the failure to timely deliver collateral classified as under the Basel II framework?

A) Information security
B) External fraud
C) Execution, Delivery & Process Management
D) Clients, products and business practices

2. The CDS quote for the bonds of Bank X is 200 bps. Assuming a recovery rate of 40%, calculate the default hazard rate priced in the CDS quote.

A) 5.00%
B) 2.00%
C) 0.80%
D) 3.33%

3. For creditrisk calculations, correlation between the asset values of two issuers is often proxied with:

A) Equity correlations
B) Default correlations
C) Transition probabilities
D) Credit migration matrices

4. If F be the face value of a firm's debt, V the value of its assets and E the market value of equity, then according to the option pricing approach a default on debt occurs when:

A) V < E
B) F < V
C) F > V
D) F - E < V

5. Which of the following are true:
I. The total of the component VaRs for all components of a portfolio equals the portfolio VaR.
II. The total of the incremental VaRs for each position in a portfolio equals the portfolio VaR.
III. Marginal VaR and incremental VaR are identical for a $1 change in the portfolio.
IV. The VaR for individual components of a portfolio is sub-additive, ie the portfolio VaR is less than (or in extreme cases equal to) the sum of the individual VaRs.
V. The component VaR for individual components of a portfolio is sub-additive, ie the portfolio VaR is less than the sum of the individual component VaRs.

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

Solutions: