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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Economic capital under the Earnings Volatility approach is calculated as:

A) Expected earnings/Specific risk premium for the firm
B) [Expected earningsless Earnings under the worst case scenario at a given confidence level]/Required rate of return for the firm
C) Expected earnings/Required rate of return for the firm
D) Earnings under the worst case scenario at a given confidence level/Required rate of return for the firm

2. A corporate bond has a cumulative probability of default equal to 20% in the first year, and 45% in the second year. What is the monthly marginal probability of default for the bond in the second year, conditional on there beingno default in the first year?

A) 3.07%
B) 31.25%
C) 2.60%
D) 15.00%

3. For a corporate bond, which of the following statements is true:
I. The credit spread is equal to the default rate times the recovery rate II. The spread widens when the ratings of the corporate experience an upgrade III. Both recovery rates and probabilities of default are related to the business cycle and move in oppositedirections to each other IV. Corporate bond spreads are affected by both the risk of default and the liquidity of the particular issue

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

4. The Altman credit risk score considers:

A) A historical database of the firms that have survived
B) A combination of accounting measures and market values
C) A historical database of the firms that have defaulted
D) A quadratic approximation of the credit risk based on underlying risk factors

5. If X represents a matrix with ratings transition probabilities for one year, the transition probabilities for 3 years are given by the matrix:

A) P x P x P
B) 3 [P ^ (-1)]
C) P ^ (-3)
D) 3 [P]

Solutions: