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PRMIA 8010 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Regulatory and Industry Standards | - Regulatory expectations for operational risk management - Basel operational risk frameworks |
| Topic 2: Mitigation and Control | - Risk transfer mechanisms including insurance - Internal controls and control testing |
| Topic 3: Measurement and Quantification | - Key risk indicators (KRIs) - Loss distribution approaches |
| Topic 4: Risk Governance and Frameworks | - Risk governance structures and accountability - Three lines of defense model |
| Topic 5: Risk Identification and Assessment | - Scenario analysis and risk mapping - Risk and control self-assessment (RCSA) |
| Topic 6: Operational Risk Fundamentals | - Risk taxonomy and loss event types - Operational risk within enterprise risk management - Definition and scope of operational risk |
PRMIA Operational Risk Manager (ORM) Sample Questions:
Which of the following is not a parameter to be determined by the risk manager that affects the level of economic credit capital:
- A. Confidence level
- B. Definition of credit losses
- C. Probability of default
- D. Risk horizon
Correct Answer: C 🗳️
Explanation: Only visible for Prep4away members. You can sign-up / login (it's free).
Which of the following does not affect the credit risk facing a lender institution?
- A. The state of the economy
- B. The degree of geographical or sectoral concentration in the loan book
- C. Credit ratings of individual borrowers
- D. The applicability or otherwise of mark tomarket accounting to the institution
Correct Answer: D 🗳️
Explanation: Only visible for Prep4away members. You can sign-up / login (it's free).
Which of the following are valid approaches to calculating potential future exposure (PFE) forcounterparty risk:
I. Add a percentage of the notional to the mark-to-market value
II. Monte Carlo simulation
III. Maximum Likelihood Estimation
IV. Parametric Estimation
- A. I and II
- B. III and IV
- C. All of the able
- D. I, III and IV
Correct Answer: A 🗳️
Explanation: Only visible for Prep4away members. You can sign-up / login (it's free).
A risk management function is best organized as:
- A. reporting directly to the traders, as to be closest to the point at which risks are being taken
- B. integrated with the risk taking functions as risk management should be a pervasive activity carried out at all levels of theorganization.
- C. report independently of the risk taking functions
- D. a part of the trading desks and other risk taking teams
Correct Answer: C 🗳️
Explanation: Only visible for Prep4away members. You can sign-up / login (it's free).
Aderivative contract has a negative current replacement value. Which of the following statements is true about its loan equivalent value for credit risk calculations over a 2-year horizon?
- A. The credit exposure will be a given quintile of the expected distribution of the value of the derivatives contract in the future.
- B. The notional value of the derivatives contract should be used for loan equivalence calculations.
- C. Since the derivatives contract has a negative current replacementvalue, exposure will be zero.
- D. The current exposure can be used for loan equivalence calculations as that is an unbiased proxy for the future value.
Correct Answer: A 🗳️
Explanation: Only visible for Prep4away members. You can sign-up / login (it's free).
