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

2. A corporate bond maturing in 1 year yields 8.5% per year,while a similar treasury bond yields 4%. What is the probability of default for the corporate bond assuming the recovery rate is zero?

A) 4.15%
B) 8.50%
C) 4.50%
D) Cannot be determined from the given information

3. 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 the debt level
C) Changes in asset volatility
D) Changes in the risk free rate

4. The generalized Pareto distribution, when used in the context of operational risk, is used to model:

A) Average losses
B) Expected losses
C) Unexpected losses
D) Tail events

5. Which of the following statements are true in relation to Monte Carlo based VaR calculations:
I. Monte Carlo VaR relies upon a full revalution of theportfolio for each simulation II. Monte Carlo VaR relies upon the delta or delta-gamma approximation for valuation III. Monte Carlo VaR can capture a wide range of distributional assumptions for asset returns IV. Monte Carlo VaR is less compute intensive than Historical VaR

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

Solutions: