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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following credit risk models relies upon theanalysis of credit rating migrations to assess credit risk?

A) The contingent claims approach
B) KMV's EDF based approach
C) The actuarial approach
D) The CreditMetrics approach

2. If P be the transition matrix for 1 year, how can we find the transition matrix for 4 months?

A) By calculating the cube root of P
B) By calculating the matrix P x P x P
C) By dividing P by 3
D) By numerically calculating a matrix M such that M x M x M is equal toP

3. Loss provisioning is intended to cover:

A) Losses in excessof unexpected losses
B) Unexpected losses
C) Expected losses
D) Both expected and unexpected losses

4. Under the actuarial (or CreditRisk+) based modeling of defaults, what is the probability of 4 defaults in a retail portfolio where the number of expected defaults is2?

A) 18%
B) 2%
C) 9%
D) 4%

5. The 99% 10-day VaR for a bank is $200mm. The average VaR for the past 60 days is $250mm, and the bank specific regulatory multiplier is 3. What is the bank's basic VaR based market risk capital charge?

A) $250mm
B) $200mm
C) $600mm
D) $750mm

Solutions: