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PRMIA 8010 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Regulatory and Industry Standards | - Basel operational risk frameworks - Regulatory expectations for operational risk management |
| Mitigation and Control | - Internal controls and control testing - Risk transfer mechanisms including insurance |
| Operational Risk Fundamentals | - Definition and scope of operational risk - Operational risk within enterprise risk management - Risk taxonomy and loss event types |
| Measurement and Quantification | - Loss distribution approaches - Key risk indicators (KRIs) |
| Risk Identification and Assessment | - Scenario analysis and risk mapping - Risk and control self-assessment (RCSA) |
| Risk Governance and Frameworks | - Three lines of defense model - Risk governance structures and accountability |
PRMIA Operational Risk Manager (ORM) Sample Questions:
Economic capital under the Earnings Volatility approach is calculated as:
- A. [Expected earningsless Earnings under the worst case scenario at a given confidence level]/Required rate of return for the firm
- B. Earnings under the worst case scenario at a given confidence level/Required rate of return for the firm
- C. Expected earnings/Specific risk premium for the firm
- D. Expected earnings/Required rate of return for the firm
Correct Answer: A 🗳️
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Under the internal ratings based approach for risk weighted assets, for which of the following parameters must each institution make internal estimates (as opposed to relying upon values determined by a national supervisor):
- A. Exposure at default
- B. Probability of default
- C. Loss given default
- D. Effective maturity
Correct Answer: B 🗳️
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There are three bonds in a diversified bond portfolio, whose default probabilities are independent of each other and equal to 1%, 2% and 3% respectively over a 1 year time horizon. Calculate the probability that none of the three bonds will default.
- A. 2%
- B. 0.0006%
- C. 94%
- D. 0.11%
Correct Answer: C 🗳️
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All else remaining the same, an increase in the joint probability of default between two obligors causes the default correlation between the two to:
- A. Cannot be determined from the given information
- B. Increase
- C. Decrease
- D. Stay the same
Correct Answer: B 🗳️
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For a bank using the advanced measurement approach to measuring operational risk, which of the following brings the greatest 'model risk' to its estimates:
- A. Choice of an incorrect distribution for loss event frequencies
- B. Choice of incorrect parameters for loss severity distributions
- C. Insufficient number of simulations when building the loss distribution
- D. Aggregation risk, from selecting an incorrect value of estimated correlations between different operational risk estimates
Correct Answer: D 🗳️
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