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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. The CDS rate on a defaultable bond is approximated by which of the following expressions:

A) Hazard rate / (1 - Recovery rate)
B) Credit spread x Loss given default
C) Loss given default x Default hazard rate
D) Hazard rate x Recovery rate

2. Which of the following are considered properties of a 'coherent' risk measure:
I. Monotonicity
II. Homogeneity
III. Translation Invariance
IV. Sub-additivity

A) All of theabove
B) II and IV
C) I and III
D) II and III

3. What isthe risk horizon period used for credit risk as generally used for economic capital calculations and as required by regulation?

A) 1 year
B) 10 years
C) 10 days
D) 1-day

4. 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) 0.0475 and 0.10
B) 0.08 and 0.0475
C) 0.11 and 0
D) 0.05 and 0.0125

5. If the default hazard rate for a company is 10%, and the spread on its bondsover the risk free rate is 800 bps, what is the expected recovery rate?

A) 8.00%
B) 0.00%
C) 20.00%
D) 40.00%

Solutions: