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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. If the default hazard rate for a company is 10%, and the spread on its bondsover the risk free rate is 800 bps, what is the expected recovery rate?

A) 40.00%
B) 20.00%
C) 8.00%
D) 0.00%

2. What would be the correct order of steps to addressing data quality problems in an organization?

A) Articulate goals, do a 'strategy-fit' analysis and plan for action
B) Call in external consultants
C) Design the future state, perform a gap analysis, analyze the current state and implement the future state
D) Assess the current state, design the future state, determine gaps and the actions required to be implemented to eliminate the gaps

3. Which of the following statements are true:
I. Credit VaR often assumes a one year time horizon, as opposed to a shorter time horizon for market risk as credit activities generally span alonger time period.
II. Credit losses in the banking book should be assessed on the basis of mark-to-market mode as opposed to the default-only mode.
III. The confidence level used in the calculation of credit capital is high when the objective is tomaintain a high credit rating for the institution.
IV. Credit capital calculations for securities with liquid markets and held for proprietary positions should be based on marking positions to market.

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

4. Which of the following does not affect the credit risk facing a lender institution?

A) The degree of geographical or sectoral concentration in the loan book
B) The state of the economy
C) Credit ratings of individual borrowers
D) The applicability or otherwise of mark tomarket accounting to the institution

5. Which of the following statements are true:
I. The three pillars under Basel II are market risk, credit risk and operational risk.
II. Basel II is an improvement over Basel I byincreasing the risk sensitivity of the minimum capital requirements.
III. Basel II encourages disclosure of capital levels and risks

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

Solutions: