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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. If E denotes the expected value of a loan portfolio at the end on one year and U the value of the portfolio in the worst case scenario at the 99% confidence level, which of the following expressions correctly describes economic capital required in respect of credit risk?

A) U/E
B) E
C) U
D) E - U

2. For an investor with a long position in market index futures, which of the following is a primary risk:

A) Risk that expected dividends will differ from realized dividend yields
B) Movement in interest rates underlying the futures prices
C) Increase or decrease in the level of the underlying index
D) Basis risk between futures and spot prices

3. Under the actuarial (or CreditRisk+) based modeling of defaults, what is the probability of 4 defaults in a retail portfolio where the number of expected defaults is 2?

A) 18%
B) 4%
C) 9%
D) 2%

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

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

5. Which of the following is true in relation to the application of Extreme Value Theory when applied to operational risk measurement?
I. EVT focuses on extreme losses that are generally not covered by standard distribution assumptions II. EVT considers the distribution of losses in the tails III. The Peaks-over-thresholds (POT) and the generalized Pareto distributions are used to model extreme value distributions IV. EVT is concerned with average losses beyond a given level of confidence

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

Solutions: