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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. 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 immediatelyclosed out upon the occurrence of a credit event for either of the counterparties
C) Transactions are separated by transaction type and immediately settled separately at each's replacement value
D) All transactions are netted against each other

2. Which of the following is closest to the description of a 'risk functional'?

A) A risk functional is a model distribution that is an approximation of the true loss distribution of a risk
B) Risk functional refers to the Kolmogorov-Smirnov distance
C) A risk functional assigns a penalty value for the difference between a model distribution and a risk's severity distribution
D) A risk functional is the distribution thatmodels the severity of a risk

3. The difference between true severity and the best approximation of the true severity is called:

A) Total error
B) Approximation error
C) Fitting error
D) Estimation error

4. The risk that a counterparty fails to deliver its obligation upon settlement while having received the leg owed to it is called:

A) Replacement risk
B) Settlement risk
C) Pre-settlement risk
D) Credit risk

5. Which of the following steps are required for computing the aggregate distribution for a UoM for operational risk once loss frequency and severity curves have been estimated:
I. Simulate number of losses based on the frequency distribution
II. Simulate the dollar value of the losses from the severity distribution III. Simulate random number from the copula used to model dependence between the UoMs IV. Compute dependent losses from aggregate distribution curves

A) I and II
B) III and IV
C) All of the above
D) None of the above

Solutions: