PRMIA 8008 Exam : 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:

Question 1

Which of the following is a cause of model risk in risk management?

A. All of the above
B. Programming errors
C. Misspecification of the model
D. Incorrect parameter estimation

Question 2

Which of the following is not a limitation of the univariate Gaussian model to capture the codependence structure between risk factros used for VaR calculations?

A. A single covariance matrix is insufficient to describe the fine codependence structure among risk factors as non-linear dependencies or tail correlations are not captured.
B. It cannot capture linear relationships between risk factors.
C. Determining the covariance matrix becomes an extremely difficult task as the number of risk factors increases.
D. The univariate Gaussian model fails to fit to the empirical distributions of risk factors, notably their fat tails and skewness.

Question 3

Which of the following techniques is used to generate multivariate normal random numbers that are correlated?

A. Markov process
B. Pseudo random number generator
C. Simulation
D. Cholesky decomposition of the correlation matrix

Question 4

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

Question 5

Company A issues bonds with a face value of $100m, sold at issuance at $98. Bank B holds $10m in face of these bonds acquired at a price of $70. What is Bank B's exposure to the debt issued by Company A?

A. $9.8m
B. $7m
C. $10m
D. $6.86m

Solutions: