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PRMIA 8010 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Risk Governance and Frameworks | - Risk governance structures and accountability - Three lines of defense model |
| Operational Risk Fundamentals | - Operational risk within enterprise risk management - Definition and scope of operational risk - Risk taxonomy and loss event types |
| Risk Identification and Assessment | - Scenario analysis and risk mapping - Risk and control self-assessment (RCSA) |
| Mitigation and Control | - Risk transfer mechanisms including insurance - Internal controls and control testing |
| Regulatory and Industry Standards | - Basel operational risk frameworks - Regulatory expectations for operational risk management |
| Measurement and Quantification | - Key risk indicators (KRIs) - Loss distribution approaches |
PRMIA Operational Risk Manager (ORM) Sample Questions:
Under the KMV Moody's approach to credit risk measurement, which of the following expressions describes the expected 'default point' value of assets at which the firm may be expected to default?
- A. Short term debt+ Long term debt
- B. Short term debt + 0.5* Long term debt
- C. Long term debt + 0.5* Short term debt
- D. 2* Short term debt + Long term debt
Correct Answer: B 🗳️
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Which of the following statements is true:
I. Basel II requires banks to conduct stress testing in respect of their credit exposures in addition to stress testing for market risk exposures II. Basel II requires pooled probabilities of default (and not individual PDs for each exposure) to be used for credit risk capital calculations
- A. I
- B. II
- C. I & II
- D. Neither statement is true
Correct Answer: C 🗳️
Explanation: Only visible for RealVCE members. You can sign-up / login (it's free).
The probability of default of a security during the first year after issuance is 3%, that during the second and third years is 4%, and during the fourth year is 5%. What is the probability that it would not have defaulted at the end of four years from now?
- A. 88.53%
- B. 88.00%
- C. 84.93%
- D. 12.00%
Correct Answer: C 🗳️
Explanation: Only visible for RealVCE members. You can sign-up / login (it's free).
Which of the following should be included when calculating the Gross Income indicator used to calculate operational risk capital under the basic indicator and standardized approaches underBasel II?
- A. Net non-interest income
- B. Operating expenses
- C. Insurance income
- D. Fees paid to outsourcing service proviers
Correct Answer: A 🗳️
Explanation: Only visible for RealVCE members. You can sign-up / login (it's free).
Which of the following is not a limitation of the univariate Gaussian model to capture the codependence structure between risk factros used for VaR calculations?
- A. A single covariance matrix is insufficient to describe the fine codependence structure among risk factors as non-linear dependencies or tail correlations are not captured.
- B. Determining the covariance matrix becomes an extremely difficult task as the number of risk factors increases.
- C. It cannot capture linear relationships between risk factors.
- D. The univariate Gaussian model fails to fit to the empirical distributions of risk factors, notably their fat tails and skewness.
Correct Answer: C 🗳️
Explanation: Only visible for RealVCE members. You can sign-up / login (it's free).
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