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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following distributions is generally not used for frequency modeling for operational risk

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

2. Which of the following need to be assumed to convert a transition probability matrix for a given time period to the transition probability matrix for another length of time:
I. Time invariance
II. Markov property
III. Normal distribution
IV. Zero skewness

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

3. Which of the following carry greater counterparty risk: a forward contract on a 10 year note, or a commercial paper carrying a AA credit rating with identicalmaturity and notional?

A) The forward contract has greater credit risk as its future gains are unknown
B) The commercial paper has greater credit risk as the entire notional is outstanding
C) They both carry the same credit risk
D) Credit risk can not be compared in these terms

4. The unexpected loss for a credit portfolio at a given VaR estimate is definedas:

A) VaR - Expected Loss
B) max(Actual Loss - Expected Loss, 0)
C) Actual Loss - Expected Loss
D) Actual Loss - VaR

5. There are two bonds in a portfolio, each with a market value of $50m. The probability of default of the two bonds are 0.03 and 0.08 respectively, over a one year horizon. If the probability of the two bonds defaulting simultaneously is 1.4%, what is the default correlation between the two?

A) 100%
B) 0%
C) 40%
D) 25%

Solutions: