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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. In respect of operational risk capital calculations, the Basel II accord recommends a confidence level and time horizon of:

A) 99% confidence level over a 10 year time horizon
B) 99% confidence level over a 1 year time horizon
C) 99.9% confidence level over a 10 day time horizon
D) 99.9% confidence level over a 1 year time horizon

2. Which of the following is a valid approach to determining the magnitude of a shock for a given risk factor as part of a historical stress testing exercise?
I. Determine the maximum peak-to-trough change in the risk factor over the defined period of the historical event II. Determine the minimum peak-to-trough change in the risk factor over the defined period of the historical event III. Determine the total change in the risk factor between the start date and the finish date of the event regardless of peaks and troughs in between IV. Determine the maximum single day change in the risk factor and multiply by the number of days covered by the stress event

A) I, II and IV
B) I and III
C) II and IV
D) IV only

3. The standard error of a Monte Carlo simulation is:

A) The same as that for a lognormal distribution
B) Zero
C) C
D) Proportional to the inverse of the square root of the sample size
E) None of the above

4. An investor enters into a 5-year total return swap with Bank A, with the investor paying a fixed rate of 6% annually on a notional value of $100m to the bank and receiving the returns of the S&P500 index with an identical notional value. The swap is reset monthly, ie the payments are exchanged monthly. On Jan 1 of the fourth year, after settling the last month's payments, the bank enters bankruptcy. What is the legal claim that the hedge fund has against the bank in the bankruptcy court?

A) The replacement value of the swap
B) $0, as all payments on the swap are current
C) $6m
D) $100m

5. Which of the following is not a consideration in determining the liquidity needs of a firm (as opposed to determining the time horizon for liquidity risk)?

A) Off balance sheet items
B) The firm's business model
C) Collateral
D) Speed with which new equity can be issued to the owners

Solutions: