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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. 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) Aggregation risk, from selecting an incorrect value of estimated correlations between different operational risk estimates
C) Choice of incorrect parameters for loss severity distributions
D) Insufficient number of simulations when building the loss distribution

2. For a loan portfolio, expected losses are charged against:

A) Economic credit capital
B) Economic capital
C) Credit reserves
D) Regulatory capital

3. A bank's detailed portfolio data on positions held in a particular security across the bank does not agree with the aggregate total position for that security for the bank. What data quality attribute is missing in this situation?

A) Auditability
B) Data completeness
C) Data extensibility
D) Data integrity

4. When building a operational loss distribution by combining a loss frequency distribution and a loss severity distribution, it is assumed that:
I. The severity of losses is conditional upon the numberof loss events
II. The frequency of losses is independent from the severity of the losses III. Both the frequency and severity of loss events are dependent upon the state of internal controls in the bank

A) II
B) I, II and III
C) I and II
D) II and III

5. Which of the following are valid approaches to leveraging external loss data for modeling operational risks:
I. Both internal and external losses can be fitted with distributions,and a weighted average approach using these distributions is relied upon for capital calculations.
II. External loss data is used to inform scenario modeling.
III. External loss data is combined with internal loss data points, and distributions fitted to the combined data set.
IV. External loss data is used to replace internal loss data points to create a higher quality data set to fit distributions.

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

Solutions: