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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Which of the following is not an approach proposed by the Basel II framework to compute operational riskcapital?

A) Standardized approach
B) Basic indicator approach
C) Factor based approach
D) Advanced measurement approach

2. Which of the following statements are true:
I. Credit risk and counterparty risk are synonymous
II. Counterparty risk is the contingent risk from a counterparty's default in derivative transactions III. Counterparty risk is the risk of a loan default or the risk from moneys lent directly IV. The exposure at default is difficult to estimate for credit risk as it depends upon market movements

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

3. A bank extends a loan of $1m to a home buyer to buy a house currently worth $1.5m, with the house serving as the collateral. The volatility of returns (assumed normally distributed) on house prices in that neighborhood is assessed at 10% annually. The expected probability of default of the home buyer is 5%.
What is the probability that the bank will recover less than the principal advanced on this loan; assuming the probability of the home buyer's default is independent of the value of the house?

A) 0
B) Less than 1%
C) More than 1%
D) More than 5%

4. What would be the correct order of steps to addressing data quality problems in an organization?

A) Articulate goals, do a 'strategy-fit' analysis and plan for action
B) Assess the current state, design the future state, determine gaps and the actions required to be implemented to eliminate the gaps
C) Call in external consultants
D) Design the future state, perform a gap analysis, analyze the current state and implement the future state

5. Which of the following is NOT true in respect of bilateral close out netting:

A) The net amount due is immediately receivable or payable
B) All transactions are netted against each other
C) All transactions are immediatelyclosed out upon the occurrence of a credit event for either of the counterparties
D) Transactions are separated by transaction type and immediately settled separately at each's replacement value

Solutions: