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PRMIA 8010 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Risk Information & Monitoring | 15% | - Loss data collection and analysis - Key Risk Indicators (KRIs) - Risk reporting and communication |
| Risk Management Framework | 15% | - Risk policies, limits, and pricing - Strategy and framework implementation - Risk capacity and risk appetite |
| Introduction to Operational Risk Management | 10% | - ESG and climate risk considerations - Risk management frameworks and principles - Embedding risk management practices |
| Operational Risk Capital & Modeling | 10% | - Capital requirements and approaches - Basic and advanced measurement methods - Basel III and recent developments |
| Risk Governance | 15% | - Roles of first, second, and third lines of defense - Risk culture and ethical conduct - Governance structures and responsibilities |
| Compliance & Regulatory Risk | 10% | - Enterprise compliance frameworks - Basel Accords and global regulations - Compliance risk types and controls |
| Risk Assessment | 20% | - Bottom-up process modeling - Top-down scenario analysis - Risk and Control Self-Assessment (RCSA) - Residual risk and issue management |
| Operational Resilience | 5% | - Third-party/vendor risk management - Business continuity and recovery - DORA and resilience regulations |
PRMIA Operational Risk Manager (ORM) Sample Questions:
1. The frequency distribution for operational risk loss events can be modeled by which of the following distributions:
I. The binomial distribution
II. The Poisson distribution
III. The negative binomial distribution
IV. The omega distribution
A) I, II, III and IV
B) I, III and IV
C) I and III
D) I, II and III
2. Which of the following is true in relation to the application of Extreme Value Theory when applied to operational risk measurement?
I. EVT focuses on extreme losses that are generally not covered by standard distribution assumptions II. EVT considers the distribution of losses in the tails III. The Peaks-over-thresholds (POT) and the generalized Pareto distributions are used to model extreme value distributions IV. EVT is concerned with average losses beyond a given level of confidence
A) I, II and IV
B) I and IV
C) II and III
D) I, II and III
3. Which of the following best describes the concept of marginalVaR of an asset in a portfolio:
A) 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.
B) Marginal VaR describes the change in total VaR resulting from a $1 change in the value of the asset in question.
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 value of the expected losses on occasions where the VaR estimate is exceeded.
4. Which of the following statements is true:
I. When averaging quantiles of two Pareto distributions, the quantiles of theaveraged models are equal to the geometric average of the quantiles of the original models based upon the number of data items in each original model.
II. When modeling severity distributions, we can only use distributions which have fewer parameters thanthe number of datapoints we are modeling from.
III. If an internal loss data based model covers the same risks as a scenario based model, they can can be combined using the weighted average of their parameters.
IV If an internal loss model and a scenario based model address different risks, the models can be combined by taking their sums.
A) I and II
B) All statements are true
C) III and IV
D) II and III
5. A risk management function is best organized as:
A) report independently of the risk taking functions
B) reporting directly to the traders, as to be closest to the point at which risks are being taken
C) integrated with the risk taking functions as risk management should be a pervasive activity carried out at all levels of theorganization.
D) a part of the trading desks and other risk taking teams
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: A |
