PRMIA PRM Certification - Exam III: Risk Management Frameworks, Operational Risk, Credit Risk, Counterparty Risk, Market Risk, ALM, FTP - 2015 Edition : 8008

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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. The EWMA and GARCH approaches to volatility clustering can be applied to VaR calculations using:

A) Monte Carlo simulations
B) analytical VaR
C) all of the above
D) historical simulations

2. If the loss given default is denoted by L, and the recovery rate by R, then which of the following represents the relationship between loss given default and the recovery rate?

A) R = 1 - L
B) R = 1 + L
C) L = 1 + R
D) R = 1 / L

3. What is the 1-day VaR at the 99% confidence interval for a cash flow of $10m due in 6 months time? The risk free interest rate is 5% per annum and its annual volatility is 15%. Assume a 250 day year.

A) 5500
B) 1744500
C) 109031
D) 85123

4. Which of the following describes rating transition matrices published by credit rating firms:

A) Realized frequencies of migration from one credit rating to another over a one year period
B) Probabilities of ratings transition from one rating to another for a given set of issuers
C) Probabilities of default for each credit rating class
D) Expected ex-ante frequencies of migration from one credit rating to another over a one year period

5. What would be the consequences of a model of economic risk capital calculation that weighs all loans equally regardless of the credit rating of the counterparty?
I. Create an incentive to lend to the riskiest borrowers
II. Create an incentive to lend to the safest borrowers
III. Overstate economic capital requirements
IV. Understate economic capital requirements

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

Solutions: