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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following decisions need to be made as part of laying down a system for calculating VaR:
I. The confidence level and horizon
II. Whether portfolio valuation is based upon a delta-gamma approximation or a full revaluation III. Whether the VaR is to be disclosed in the quarterly financial statements IV. Whether a 10 day VaR will be calculated based on 10-day return periods, or for 1-day and scaled to 10 days

A) II and IV
B) I, II and IV
C) All of the above
D) I and III

2. Which of the following statements are correct:
I. A training set is a set of data used to create a model, while a control set is a set of data is used to prove that the model actually works II. Cleansing, aggregating or ensuring data integrity is a task for the IT department, and is not a risk manager's responsibility III. Lack of information on the quality of underlying securities and assets was a major cause of the collapse in the CDO markets during the credit crisis that started in 2007 IV. The problem of lack of historical data can be addressed reasonably satisfactorily by using analytical approaches

A) II and IV
B) I, III and IV
C) All of the above
D) I and III

3. Company A issues bonds with a face value of $100m, sold at issuance at $98. Bank B holds $10m in face of these bonds acquired at a price of $70. What is Bank B's exposure to the debt issued by Company A?

A) $6.86m
B) $7m
C) $10m
D) $9.8m

4. Which loss event type is the loss of personally identifiableclient information classified as under the Basel II framework?

A) Technology risk
B) Information security
C) External fraud
D) Clients, products and business practices

5. As the persistence parameter under EWMA is lowered, which of the following would be true:

A) High variance from the recent past will persist for longer
B) The model will give lower weight to recent returns
C) The model will react faster to market shocks
D) The model will react slower to market shocks

Solutions: