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PRMIA 8010 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Introduction to Operational Risk Management | 10% | - Embedding risk management practices - Risk management frameworks and principles - ESG and climate risk considerations |
| Topic 2: Risk Information & Monitoring | 15% | - Key Risk Indicators (KRIs) - Risk reporting and communication - Loss data collection and analysis |
| Topic 3: Risk Governance | 15% | - Risk culture and ethical conduct - Roles of first, second, and third lines of defense - Governance structures and responsibilities |
| Topic 4: Compliance & Regulatory Risk | 10% | - Enterprise compliance frameworks - Basel Accords and global regulations - Compliance risk types and controls |
| Topic 5: Risk Management Framework | 15% | - Risk capacity and risk appetite - Risk policies, limits, and pricing - Strategy and framework implementation |
| Topic 6: Operational Resilience | 5% | - Business continuity and recovery - DORA and resilience regulations - Third-party/vendor risk management |
| Topic 7: Operational Risk Capital & Modeling | 10% | - Basel III and recent developments - Capital requirements and approaches - Basic and advanced measurement methods |
| Topic 8: Risk Assessment | 20% | - Residual risk and issue management - Bottom-up process modeling - Risk and Control Self-Assessment (RCSA) - Top-down scenario analysis |
PRMIA Operational Risk Manager (ORM) Sample Questions:
Question #1
Which of the following best describes the concept of marginalVaR of an asset in a portfolio:
A. Marginal VaR describes the change in total VaR resulting from a $1 change in the value of the asset in question.
B. Marginal VaR is the value of the expected losses on occasions where the VaR estimate is exceeded.
C. Marginal VaR is the change in the VaR estimate for the portfolio as a result of including the asset in the portfolio.
D. Marginal VaR is the contribution of the asset to portfolio VaR in a way that the sum of such calculations for all the assets in the portfolio adds up to the portfolio VaR.
Question #2
Concentration risk in a creditportfolio arises due to:
A. Independence of individual default losses for the assets in the portfolio
B. A high degree of correlation between the default probabilities of the credit securities in the portfolio
C. Issuers of the securities in the portfolio being located in the same country
D. A low degree of correlation between the default probabilities of the credit securities in the portfolio
Question #3
A bank expects the error rate in transaction data entry for a particular business process to be 0.005%. What is the range of expected errors in a day within +/- 2 standard deviations if there are 2,000,000 such transactions each day?
A. 80 to 120 errors in a day
B. 60 to 80 errors in a day
C. 90 to 110 errors in a day
D. 0 to 200 errors in a day
Question #4
Which of the following belong to the family of generalized extreme value distributions:
I. Frechet
II. Gumbel
III. Weibull
IV. Exponential
A. All of the above
B. I, II and III
C. IV
D. II and III
Question #5
Which of the following represents a riskier exposure for a bank: A LIBOR based loan, or an Overnight Indexed Swap? Which of the two rates is expected to be higher?
Assume the same counterparty and the same notional.
A. Overnight Index Swap; LIBOR rate will be higher
B. A LIBOR based loan; LIBOR rate will be higher
C. Overnight Index Swap; OIS rate will be higher
D. A LIBOR based loan; OIS rate will be higher
Solutions:
| Question #1 Correct Answer: A | Question #2 Correct Answer: C | Question #3 Correct Answer: A | Question #4 Correct Answer: B | Question #5 Correct Answer: B |
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