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Download Operational Risk Manager (ORM) Exam Exam Dumps
NEW QUESTION 37
Which of the following are ordered correctly in the order of debt seniority in a bankruptcy situation?
I. Equity, Subordinate debt, Senior debt
II. Senior debt, Preferred stock, Equity
III.Secured debt, Accounts payable, Preferred stock
IV. Secured debt, DIP financing, Equity
- A. I
- B. I and IV
- C. II, III and IV
- D. II and III
Answer: D
Explanation:
Explanation
In a bankruptcy, equity ranks last. Preferred equity is one level above equity. Senior debt gets paid outfirst compared to junior debt, and secured debt is paid out first to the extent of the asset securing it (after which it counts as unsecured debt). Accounts payable and other short term liabilities are treated like unsecured creditors. Debtor-in-possession(DIP) financing ranks higher than any other asset as it is financing secured after the bankruptcy to continue the business.
Based on the above, statement I does not represent a correct ordering of seniority as equity is paid last.
Similarly, DIP financingreceives higher priority than even secured debt, and therefore statement IV is incorrect. Therefore the only correct statements are II and III and Choice 'a' is the correct answer.
NEW QUESTION 38
Loss from a lawsuit from an employee due to physical harm caused while at work is categorized per Basel II as:
- A. Unsafe working environment
- B. Execution delivery and process management
- C. Employment practices and workplace safety
- D. Damage to physical assets
Answer: C
Explanation:
Explanation
Choice 'a' is the correct answer. Refer to the detailed loss event type classification under Basel II (see Annex 9 of the accord). You should know the exact names of all loss event types, and examples of each.
NEW QUESTION 39
Company A issues bonds with a face value of$100m, sold at $98. Bank B holds $10m in face of these bonds acquired at a price of $70. Company A then defaults, and the recovery rate is expected to be 30%. What is Bank B's loss?
- A. $7m
- B. $4m
- C. $4.9m
- D. $2.1m
Answer: B
Explanation:
Explanation
The bank paid $7m for the bonds,and expected recovery is $3m (30% x $10m face). Therefore Bank B's loss is
$4m ($7m - $3m). Choice 'b' is the correct answer. All other answers are incorrect.
NEW QUESTION 40
If the full notional value of a debt portfolio is $100m, its expected value in a year is $85m, and the worst value of the portfolio in one year's time at 99% confidence level is $60m, then what is the credit VaR?
- A. $60m
- B. $15m
- C. $25m
- D. $40m
Answer: C
Explanation:
Explanation
Credit VaR is the difference between the expected value of the portfolio and the value of the portfolio at the given confidence level. Therefore the credit VaR is $85m - $ 60m = $25m. Choice 'b' is the correctanswer.
Note that economic capital and credit VaR are identical at a risk horizon of one year. Therefore if the question asks for economic capital, the answer would be the same.
[Again, an alternative way to look at this is to consider the explanation given in III.B.6.2.2: Credit Var = Q(L)
- EL where Q(L) is the total loss at a given confidence interval, and EL is the expected loss. In this case Q(L) -
$100-$60 = $40, and EL = $100-$85=$15. Therefore Credit VaR = $40-$15=$25.]
NEW QUESTION 41
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. Credit risk can not be compared in these terms
- B. The commercial paper has greater credit risk as the entire notional is outstanding
- C. The forward contract has greater credit risk as its future gains are unknown
- D. They both carry the same credit risk
Answer: B
Explanation:
Explanation
The commercial paper has greater credit risk as the entire notional is outstanding. On the forward contract, only the replacement value of the contract, which normally would be a mere fraction of the notional, would be at risk.
Therefore Choice 'd' is the correct answer.
NEW QUESTION 42
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