PRMIA 8008 : PRM Certification - Exam III: Risk Management Frameworks, Operational Risk, Credit Risk, Counterparty Risk, Market Risk, ALM, FTP - 2015 Edition

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PRMIA 8008 Exam Syllabus Topics:

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

1. There are three bonds in a diversified bond portfolio, whose default probabilities are independent of each other and equal to 1%, 2% and 3% respectively over a 1 year time horizon. Calculate the probability that exactly 1 of the three bonds will default.

A) 5.8%
B) .011%
C) 2%
D) 0%

2. Which of the following is closest to the description of a 'risk functional'?

A) A risk functional is the distribution that models the severity of a risk
B) A risk functional is a model distribution that is an approximation of the true loss distribution of a risk
C) Risk functional refers to the Kolmogorov-Smirnov distance
D) A risk functional assigns a penalty value for the difference between a model distribution and a risk's severity distribution

3. For a bank using the advanced measurement approach to measuring operational risk, which of the following brings the greatest 'model risk' to its estimates:

A) Insufficient number of simulations when building the loss distribution
B) Choice of incorrect parameters for loss severity distributions
C) Choice of an incorrect distribution for loss event frequencies
D) Aggregation risk, from selecting an incorrect value of estimated correlations between different operational risk estimates

4. For a FX forward contract, what would be the worst time for a counterparty to default (in terms of the maximum likely credit exposure)

A) Roughly three-quarters of the way towards maturity
B) Indeterminate from the given information
C) Right after inception
D) At maturity

5. Under the contingent claims approach to measuring credit risk, which of the following factors does NOT affect credit risk:

A) Volatility of the firm's asset values
B) Maturity of the debt
C) Cash flows of the firm
D) Leverage in the capital structure

Solutions: