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PRMIA 8010 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Governance | 15% | - Risk culture and ethical conduct - Governance structures and responsibilities - Roles of first, second, and third lines of defense |
| Topic 2: Risk Information & Monitoring | 15% | - Key Risk Indicators (KRIs) - Risk reporting and communication - Loss data collection and analysis |
| Topic 3: Risk Assessment | 20% | - Bottom-up process modeling - Risk and Control Self-Assessment (RCSA) - Residual risk and issue management - Top-down scenario analysis |
| Topic 4: Risk Management Framework | 15% | - Risk capacity and risk appetite - Strategy and framework implementation - Risk policies, limits, and pricing |
| Topic 5: Operational Risk Capital & Modeling | 10% | - Capital requirements and approaches - Basic and advanced measurement methods - Basel III and recent developments |
| Topic 6: Compliance & Regulatory Risk | 10% | - Basel Accords and global regulations - Compliance risk types and controls - Enterprise compliance frameworks |
| Topic 7: Operational Resilience | 5% | - DORA and resilience regulations - Business continuity and recovery - Third-party/vendor risk management |
| Topic 8: Introduction to Operational Risk Management | 10% | - Risk management frameworks and principles - ESG and climate risk considerations - Embedding risk management practices |
PRMIA Operational Risk Manager (ORM) Sample Questions:
1. Which of the following best describes Altman's Z-score
A) A numerical computation based upon accounting ratios
B) A calculation of defaultprobabilities
C) A standardized z based upon the normal distribution
D) A regression of probability of survival against a given set of factors
2. A Bank Holding Company (BHC) is invested in an investment bank and a retail bank. The BHC defaults for certain if either the investment bank or the retail bank defaults. However, the BHC can also default on its own without either the investment bank or the retail bank defaulting. The investment bank and the retail bank's defaults are independent of each other, with a probability of default of 0.05 each. The BHC's probability of default is 0.11.
What is the probabilityof default of both the BHC and the investment bank? What is the probability of the BHC's default provided both the investment bank and the retail bank survive?
A) 0.08 and 0.0475
B) 0.11 and 0
C) 0.05 and 0.0125
D) 0.0475 and 0.10
3. Which of the following carry greater counterparty risk: a forward contract on a 10 year note, or a commercial paper carrying a AA credit rating with identicalmaturity and notional?
A) The commercial paper has greater credit risk as the entire notional is outstanding
B) The forward contract has greater credit risk as its future gains are unknown
C) They both carry the same credit risk
D) Credit risk can not be compared in these terms
4. Which of the following is a cause ofmodel risk in risk management?
A) Incorrect parameter estimation
B) Programming errors
C) Misspecification of the model
D) All of the above
5. Which of the following is not an approach proposed by the Basel II framework to compute operational riskcapital?
A) Standardized approach
B) Factor based approach
C) Advanced measurement approach
D) Basic indicator approach
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: C | Question # 3 Answer: A | Question # 4 Answer: D | Question # 5 Answer: B |
