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PRMIA 8010 Exam Syllabus Topics:

Section	Weight	Objectives
Risk Information & Monitoring	15%	- Key Risk Indicators (KRIs) - Loss data collection and analysis - Risk reporting and communication
Risk Management Framework	15%	- Risk capacity and risk appetite - Strategy and framework implementation - Risk policies, limits, and pricing
Introduction to Operational Risk Management	10%	- ESG and climate risk considerations - Risk management frameworks and principles - Embedding risk management practices
Operational Resilience	5%	- DORA and resilience regulations - Business continuity and recovery - Third-party/vendor risk management
Risk Governance	15%	- Risk culture and ethical conduct - Roles of first, second, and third lines of defense - Governance structures and responsibilities
Risk Assessment	20%	- Bottom-up process modeling - Residual risk and issue management - Top-down scenario analysis - Risk and Control Self-Assessment (RCSA)
Compliance & Regulatory Risk	10%	- Compliance risk types and controls - Basel Accords and global regulations - Enterprise compliance frameworks
Operational Risk Capital & Modeling	10%	- Basic and advanced measurement methods - Basel III and recent developments - Capital requirements and approaches

PRMIA Operational Risk Manager (ORM) Sample Questions:

1. The unexpected loss for a credit portfolio at a given VaR estimate is definedas:

A) VaR - Expected Loss
B) Actual Loss - Expected Loss
C) Actual Loss - VaR
D) max(Actual Loss - Expected Loss, 0)

2. The Altman credit risk score considers:

A) A combination of accounting measures and market values
B) A quadratic approximation of the credit risk based on underlying risk factors
C) A historical database of the firms that have defaulted
D) A historical database of the firms that have survived

3. Which of the following is true for the actuarial approach to credit risk modeling (CreditRisk+):

A) The approach considers only default risk, and ignores the risk to portfolio value from credit downgrades
B) Default correlations between obligors are accounted for using a multivariate normal model
C) The number ofdefaults is modeled using a binomial distribution where the number of defaults are considered discrete events
D) The approach is based upon historical rating transition matrices

4. As opposed to traditional accounting based measures, risk adjusted performance measures use which of the following approaches to measure performance:

A) adjust capital employed to reflect the risk undertaken
B) adjust returns based on the level of risk undertaken to earn that return
C) Any or all of the above
D) adjust both return and the capital employed to account for the risk undertaken

5. Which of the following are valid approaches to leveraging external loss data for modeling operational risks:
I. Both internal and external losses can be fitted with distributions,and a weighted average approach using these distributions is relied upon for capital calculations.
II. External loss data is used to inform scenario modeling.
III. External loss data is combined with internal loss data points, and distributions fitted to the combined data set.
IV. External loss data is used to replace internal loss data points to create a higher quality data set to fit distributions.

A) II and IV
B) I, II and III
C) I and III
D) All of the above

Solutions:

Question # 1 Answer: A

Question # 2 Answer: A

Question # 3 Answer: A

Question # 4 Answer: C

Question # 5 Answer: B