Answer: Mean of losses beyond VaR level

**Explanation:** - A is incorrect: This is the minimum - B is incorrect: This is the maximum - C is incorrect: This is the median - D is correct: Conditional VaR is the "mean" of the losses beyond the VaR level **Calculation:** Conditional VaR = (9 + 10 + 11 + 13 + 15 + 18 + 21 + 24 + 32) / 9 = 17 million This represents the average loss that occurs when the VaR threshold is exceeded.

Author: LeetQuiz Editorial Team