PRMIA PRM Certification 8010

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PRMIA Operational Risk Manager (ORM) Sample Questions:

1. Under the CreditPortfolio View model of credit risk, the conditional probability of default will be:

A) the same as the unconditional probability of default in an economic expansion
B) lower than the unconditional probability of default in an economic expansion
C) lower than the unconditional probability of default in an economic contraction
D) higherthan the unconditional probability of default in an economic expansion

2. Identify the correct sequence of events as it unfolded in the credit crisis beginning 2007:
I. Mortgage defaults increased
II. Collapse in prices of unrelated assets as banks tried to create liquidity III. Banks refused to lend or transact with each other IV. Asset prices for CDOs collapsed

A) IV, I, II and III
B) I, IV, III and II
C) I, III, IV and II
D) III, IV, I and II

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 forward contract has greater credit risk as its future gains are unknown
B) The commercial paper has greater credit risk as the entire notional is outstanding
C) Credit risk can not be compared in these terms
D) They both carry the same credit risk

4. A bank extends a loan of $1m to a home buyer to buy a house currently worth $1.5m, with the house serving as the collateral. The volatility of returns (assumed normally distributed) on house prices in that neighborhood is assessed at 10% annually. The expected probability of default of the home buyer is 5%.
What is the probability that the bank will recover less than the principal advanced on this loan; assuming the probability of the home buyer's default is independent of the value of the house?

A) Less than 1%
B) 0
C) More than 5%
D) More than 1%

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

Solutions: