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PRMIA 8010 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk Assessment | 20% | - Residual risk and issue management - Risk and Control Self-Assessment (RCSA) - Top-down scenario analysis - Bottom-up process modeling |
| Topic 2: Operational Risk Capital & Modeling | 10% | - Basic and advanced measurement methods - Capital requirements and approaches - Basel III and recent developments |
| Topic 3: Introduction to Operational Risk Management | 10% | - Embedding risk management practices - Risk management frameworks and principles - ESG and climate risk considerations |
| Topic 4: Risk Information & Monitoring | 15% | - Risk reporting and communication - Key Risk Indicators (KRIs) - Loss data collection and analysis |
| Topic 5: Compliance & Regulatory Risk | 10% | - Basel Accords and global regulations - Compliance risk types and controls - Enterprise compliance frameworks |
| Topic 6: Operational Resilience | 5% | - DORA and resilience regulations - Third-party/vendor risk management - Business continuity and recovery |
| Topic 7: Risk Governance | 15% | - Roles of first, second, and third lines of defense - Risk culture and ethical conduct - Governance structures and responsibilities |
| Topic 8: Risk Management Framework | 15% | - Risk capacity and risk appetite - Strategy and framework implementation - Risk policies, limits, and pricing |
PRMIA Operational Risk Manager (ORM) Sample Questions:
1. Which of the following decisions need to be made as part of laying down a system for calculating VaR:
I. How returns are calculated, eg absoluted returns, log returns or relative/percentage returns II. Whether VaR is calculated based on historical simulation, Monte Carlo, or is computed parametrically III. Whether binary/digital options are included in the portfolio positions IV. How volatility is estimated
A) All of the above
B) II and IV
C) I, II and IV
D) I and III
2. Which of the following are true:
I. The total of the component VaRs for all components of a portfolio equals the portfolio VaR.
II. The total of the incremental VaRs for each position in a portfolio equals the portfolio VaR.
III. Marginal VaR and incremental VaR are identical for a $1 change in the portfolio.
IV. The VaR for individual components of a portfolio is sub-additive, ie the portfolio VaR is less than (or in extreme cases equal to) the sum of the individual VaRs.
V. The component VaR for individual components of a portfolio is sub-additive, ie the portfolio VaR is less than the sum of the individual component VaRs.
A) II and IV
B) I and II
C) II and V
D) I,III and IV
3. If the cumulative default probabilities of default for years 1 and 2 for a portfolio of credit risky assets is 5% and 15% respectively, what is the marginal probability of default in year 2 alone?
A) 11.76%
B) 10.00%
C) 10.53%
D) 15.79%
4. Altman's Z-score does not consider which of the following ratios:
A) Sales to total assets
B) Market capitalization to debt
C) Working capital to totalassets
D) Net income to total assets
5. For a bank using the advanced measurement approach to measuring operational risk, which of the following brings the greatest 'model risk' to its estimates:
A) Insufficient number of simulations when building the loss distribution
B) Choice of an incorrect distribution for loss event frequencies
C) Aggregation risk, from selecting an incorrect value of estimated correlations between different operational risk estimates
D) Choice of incorrect parameters for loss severity distributions
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: C |
