FRM 2026 Part II Operational Risk and Resilience Operational Risk Models Free Quiz 2

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FRM 2026 Part II Operational Risk and Resilience Operational Risk Models Free Quiz 2

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FRM 2026 Part II Operational Risk and Resilience Operational Risk Models Free Quiz 2

Practice FRM 2026 Part II Operational Risk and Resilience MCQs from Operational Risk Models. Get instant results with Explanation.

General10 MCQs

1. What is the process for developing an operational risk model?

A. Operational risk model development includes data, frequency/severity modelling, and capital calculationB. Operational risk model development is a one-step processC. Documentation is not required for operational risk modelsD. Governance is not needed for operational risk models

2. What is the typical shape of the loss severity distribution in operational risk?

A. Operational risk losses are normally distributedB. Operational risk losses are not heavy-tailedC. The normal distribution is the best fit for operational risk lossesD. Operational risk losses are often heavy-tailed, requiring fat-tailed distributions

3. How does scenario analysis help in operational risk modelling?

A. Scenario analysis is not useful for data scarcityB. Scenario analysis helps address data scarcity by capturing plausible extreme eventsC. Scenario analysis replaces historical data entirelyD. Scenario analysis is only for regulatory purposes

4. How often should operational risk models be recalibrated?

A. Operational risk models never need recalibrationB. Recalibration is done only when there is a crisisC. Operational risk models should be recalibrated periodicallyD. Recalibration is the same as model development

5. How is machine learning used in operational risk models?

A. Machine learning is increasingly used in operational risk modellingB. Machine learning is not used in operational riskC. Machine learning models are always more accurate than traditional modelsD. Machine learning is only for fraud detection

General10 MCQs

6. How is operational risk loss data categorised?

A. Operational risk loss data is not categorisedB. Loss data categorisation is optionalC. Loss data is categorised by business line onlyD. Loss data is categorised by Basel event type categories

7. How is operational risk capital calculated under the standardised approach?

A. The standardised approach uses internal loss data directlyB. The standardised approach uses a business indicator and a multiplierC. The standardised approach is the same as LDAD. The standardised approach does not use the business indicator

8. What is model risk in operational risk modelling?

A. Model risk is not relevant to operational riskB. Model risk is the same as operational riskC. Model risk is the risk of incorrect or misused models in operational riskD. Model risk is only for market risk

9. Why should operational risk models be independently validated?

A. Operational risk models should be independently validatedB. Operational risk models can be validated by the model developerC. Validation is optionalD. Validation is only for regulatory compliance

10. What are the regulatory standards for operational risk models?

A. Operational risk models are not regulatedB. Operational risk models are subject to regulatory standards like BaselC. Regulatory standards only apply to market risk modelsD. Operational risk models are exempt from regulation

📋 FRM - Test Online Practice Quizzes

FRM

Conducting Body: Global Association of Risk Professionals GARP

Frequency: three times a year: May, August, and November | Time: 240 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 100 MCQs):

Subject breakdown not available.

Merit Formula: -

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