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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. If A and B be two uncorrelated securities, VaR(A) and VaR(B) be their values-at-risk, then which of the following is true for a portfolio that includes A and B in any proportion. Assume the prices of A and B are log-normally distributed.

A) VaR(A+B) = VaR(A) + VaR(B)
B) VaR(A+B) > VaR(A) + VaR(B)
C) VaR(A+B) < VaR(A) + VaR(B)
D) The combined VaR cannot be predicted till the correlation is known

2. Which of the following statements is true:
I. Confidence levels for economic capital calculations are driven by desired credit ratings II. Loss distributions for operational risk are affected more by the severity distribution than the frequency distribution III. The Advanced Measurement Approach (AMA) referred to in the Basel II standard is a type of a Loss Distribution Approach (LDA) IV. The loss distribution for operational risk under the LDA (Loss Distribution Approach) is estimated by separately estimating the frequency and severity distributions.

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

3. The probability of default of a security during the first year after issuance is 3%, that during the second and third years is 4%, and during the fourth year is 5%. What is the probability that it would not have defaulted at the end of four years from now?

A) 12.00%
B) 88.00%
C) 88.53%
D) 84.93%

4. Which of the following statements is correct?

A) Market liquidity risks present themselves in the form of higher bid offer spreads
B) Dynamic simulations of liquidity needs require an assumption of counterparty risk remaining constant
C) Market liquidity risk is idiosyncratic while funding liquidity risk is not
D) Funding liquidity risks present themselves in the form of an adverse market impact on prices from a trade

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

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

Solutions: