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PRMIA PRM Certification - Exam III: Risk Management Frameworks, Operational Risk, Credit Risk, Counterparty Risk, Market Risk, ALM, FTP - 2015 Edition Sample Questions:

1. 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 identical maturity and notional?

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

2. For an equity portfolio valued at V whose beta is , the value at risk at a 99% level of confidence is represented by which of the following expressions? Assume represents the market volatility.

A) 1.64 x x V x
B) 2.326 x x V x
C) 2.326 x V x /
D) 1.64 x V x /

3. In setting confidence levels for VaR estimates for internal limit setting, it is generally desirable:

A) that actual losses exceed the VaR estimates with some reasonably observable frequency that is neither too high nor too low
B) that actual losses exceed the VaR estimates on only the rarest of occasions
C) that actual losses very frequently exceed the VaR estimates
D) that actual losses never exceed the VaR estimates

4. A long position in a credit sensitive bond can be synthetically replicated using:

A) a short position in a treasury bond and a short position in a CDS
B) a long position in a treasury bond and a long position in a CDS
C) a long position in a treasury bond and a short position in a CDS
D) a short position in a treasury bond and a long position in a CDS

5. Which of the following statements are true:
I. Stress tests should consider simultaneous pressures in funding and asset markets, and the impact of a reduction in liquidity II. Judging the effectiveness of risk mitigation techniques is not a part of stress testing III. A reverse stress test is useful for discovering hidden vulnerabilities and inconsistencies in hedging strategies IV. Reputational risk, which is explicitly excluded from the definition of operational risk under Basel II, should still be considered as part of stress tests.

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

Solutions: