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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. An operational loss severity distribution is estimated using 4 data points from a scenario. The management institutes additional controls to reduce the severity of the loss if the risk is realized, and as a result the estimated losses from a 1-in-10-year losses are halved. The 1-in-100 loss estimate however remains the same.
What would be the impact on the 99.9th percentile capital required for this risk as a result of the improvement in controls?

A) Can't say based on the information provided
B) The capital required will increase
C) The capital required will decrease
D) The capital required will stay the same

2. 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) $600mm
B) $250mm
C) $750mm
D) $200mm

3. A bank expects the error rate in transaction data entry for a particular business process to be 0.005%. What is the range of expected errors in a day within +/- 2 standard deviations if there are 2,000,000 such transactions each day?

A) 90 to 110 errors in a day
B) 80 to 120 errors in a day
C) 60 to 80 errors in a day
D) 0 to 200 errors in a day

4. 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) Effective maturity
B) Loss given default
C) Exposure at default
D) Probability of default

5. Which of the following is the most important problem to solve for fitting a severity distribution for operational risk capital:

A) Determine plausible scenarios to fill the data gaps inthe internal and external loss data
B) The fit obtained should reduce the combination of the fitting and approximation errors to a minimum
C) The risk functional's minimization should lead to a good estimate of the 0.999 quantile
D) Empirical loss data needs to be extended to the ranges below the reporting threshold and above large value losses

Solutions: