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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. Which of the following statements are true in relation to Principal Component Analysis (PCA) as applied to a system of term structures?
I. The factor weights on the first principal component will show whether there is common trend in the system II. The factors to be applied to principal components are obtained from eigenvectors of the correlation matrix III. PCA is a standard method for reducing dimensionality in data when considering a large number of correlated variables IV. The smallest absolute eigenvalues and their associated eigenvectors are the most useful for explaining most of the variation

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

2. When compared to a high severity low frequency risk, the operational risk capital requirement for a low severity high frequency risk is likely to be:

A) Unaffected by differences in frequency or severity
B) Zero
C) Higher
D) Lower

3. What is the annualized steady state volatility under a GARCH model where alpha is 0.1, beta is 0.8 and omega is 0.00025?

A) 0.0025
B) 0.1
C) 0.05
D) 0.08

4. A risk analyst peforming PCA wishes to explain 80% of the variance. The first orthogonal factor has a volatility of 100, and the second 40, and the third 30. Assume there are no other factors. Which of the factors will be included in the final analysis?

A) First and Second
B) First
C) First, Second and Third
D) Insufficient information to answer the question

5. Which of the following is true for the actuarial approach to credit risk modeling (CreditRisk+):

A) Default correlations between obligors are accounted for using a multivariate normal model
B) The approach considers only default risk, and ignores the risk to portfolio value from credit downgrades
C) The number of defaults is modeled using a binomial distribution where the number of defaults are considered discrete events
D) The approach is based upon historical rating transition matrices

Solutions: