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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following statements is true:
I. Basel II requires banks to conduct stress testing in respect of their credit exposures in addition to stress testing for market risk exposures II. Basel II requires pooled probabilities of default (and not individual PDs for each exposure) to be used for credit risk capital calculations

A) I & II
B) II
C) Neither statement is true
D) I

2. Under the CreditPortfolio View approach to credit risk modeling, which of the following best describes the conditional transition matrix:

A) The conditional transition matrix is the transition matrix adjusted for the distribution of the firms' asset returns
B) The conditional transition matrix is the transition matrix adjusted for the risk horizon being different from that of the transition matrix
C) The conditional transition matrix is the unconditional transition matrix adjusted for probabilities of defaults
D) The conditional transition matrix is the unconditional transition matrix adjusted for the state of the economy and other macro economic factors being modeled

3. Which of the following statements is NOT true in relation to the recent financial crisis of 2007-08?

A) Counterparty risk was difficult togauge as it was impossible to know who the counterparty's counterparties were
B) An intention to diversify from their core activities led all market participants to the same activities, which though appearing diversified at the bank's level, created a concentration risk at the systemic level
C) Central banks had data on the interconnections between institutions, but poor understanding and analysis meant this data was never analyzed
D) The existence of central counterparties could have limited the damage caused by the financial crisis

4. Changes in which of the following do not affect the expected default frequencies (EDF) under the KMV Moody's approach to credit risk?

A) Changes in the firm's market capitalization
B) Changes in asset volatility
C) Changes in the risk free rate
D) Changes in the debt level

5. For a given mean, which distribution would you prefer for frequency modeling where operational risk events are considered dependent, or in other words are seen as clustering together (as opposed to being independent)?

A) Gamma
B) Poisson
C) Binomial
D) Negative binomial

Solutions: