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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. A Bank Holding Company (BHC) is invested in an investment bank and a retail bank. The BHC defaults for certain if either the investment bank or the retail bank defaults. However, the BHC can also default on its own without either the investment bank or the retail bank defaulting. The investment bank and the retail bank's defaults are independent of each other, with a probability of default of 0.05 each. The BHC's probability of default is 0.11.
What is the probability of default of both the BHC and the investment bank? What is the probability of the BHC's default provided both the investment bank and the retail bank survive?

A) 0.05 and 0.0125
B) 0.08 and 0.0475
C) 0.0475 and 0.10
D) 0.11 and 0

2. Which of the following statements is NOT true in relation to the recent financial crisis of 2007-08?

A) Central banks had data on the interconnections between institutions, but poor understanding and analysis meant this data was never analyzed
B) Counterparty risk was difficult to gauge as it was impossible to know who the counterparty's counterparties were
C) An intention to diversify from their core activities led all market participants to the same activities, which though appearing diversified at the bank's level, created a concentration risk at the systemic level
D) The existence of central counterparties could have limited the damage caused by the financial crisis

3. Which of the following formulae describes Marginal VaR for a portfolio p, where V_i is the value of the i-th asset in the portfolio? (All other notation and symbols have their usual meaning.) A)

B)

C)

D)
All of the above

A) Option D
B) Option B
C) Option A
D) Option C

4. Which of the following statements are correct?
I. A reliance upon conditional probabilities and a-priori views of probabilities is called the 'frequentist' view II. Knightian uncertainty refers to things that might happen but for which probabilities cannot be evaluated III. Risk mitigation and risk elimination are approaches to reacting to identified risks IV. Confidence accounting is a reference to the accounting frauds that were seen in the past decade as a reflection of failed governance processes

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

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: