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PRMIA 8010 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Risk Governance and Frameworks | - Risk governance structures and accountability - Three lines of defense model |
| Topic 2: Operational Risk Fundamentals | - Definition and scope of operational risk - Risk taxonomy and loss event types - Operational risk within enterprise risk management |
| Topic 3: Risk Identification and Assessment | - Scenario analysis and risk mapping - Risk and control self-assessment (RCSA) |
| Topic 4: Regulatory and Industry Standards | - Basel operational risk frameworks - Regulatory expectations for operational risk management |
| Topic 5: Measurement and Quantification | - Loss distribution approaches - Key risk indicators (KRIs) |
| Topic 6: Mitigation and Control | - Internal controls and control testing - Risk transfer mechanisms including insurance |
PRMIA Operational Risk Manager (ORM) Sample Questions:
1. Which of the following statements is true in respect of a non financial manufacturing firm?
I. Market risk is not relevant to the manufacturing firm as it does not take proprietary positions II. The firm faces market risks as an externality which it must bear and has no control over III. Market risks can make a comparative assessment of profitability over time difficult IV. Market risks for a manufacturing firm are not directionally biased and do not increase the overall risk of the firm as they net to zero over a long term time horizon
A) III only
B) III and IV
C) I and II
D) IV only
2. According to the Basel II framework, subordinated term debt that was originally issued 4 years ago with amaturity of 6 years is considered a part of:
A) Tier 1 capital
B) Tier 2 capital
C) None of the above
D) Tier 3 capital
3. A portfolio has two loans, A and B, each worth $1m. The probability of default of loan A is 10% and that of loan B is 15%. Theprobability of both loans defaulting together is 1%. Calculate the expected loss on the portfolio.
A) 250000
B) 240000
C) 1000000
D) 500000
4. If two bonds with identical credit ratings, coupon and maturity but from different issuers trade at different spreads to treasury rates, which of the following is a possible explanation:
I. The bonds differ in liquidity
II. Events have happened that have changed investor perceptions but these are not yet reflected in the ratings III. The bonds carry different market risk IV. The bonds differ in their convexity
A) III and IV
B) I, II and IV
C) I and II
D) II and IV
5. Which of the following statements are correct?
I. A reliance upon conditional probabilities and a-priori views of probabilities is called the 'frequentist' view II. Knightian uncertainty refers to thingsthat might happen but for which probabilities cannot be evaluated III. Risk mitigation and risk elimination are approaches to reacting to identified risks IV. Confidence accounting is a reference to the accounting frauds that were seen in the past decadeas a reflection of failed governance processes
A) All of the above
B) II, III and IV
C) II and III
D) I and IV
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: B | Question # 3 Answer: A | Question # 4 Answer: C | Question # 5 Answer: C |
Tess -
With the help of this 8010 practice test, i found appearing for the exam rather straightforward. I could answer much and have passed the exam. Thanks!