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:

1. Pick underlying risk factors for a position in an equity index option:
I. Spot value for the index
II. Risk free interest rate
III. Volatility of the underlying
IV. Strike price for the option

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

2. Stress testing is useful for which of the following purposes:
I. For providing the risk manager with an intuitive check on his risk estimates II. Providing a means of communicating risk implications using plausible scenarios that can be easily explained to a non-technical audience III. Guarding against major errors in the form of model risk IV. Complying with the requirements of Basel II.

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

3. The key difference between 'top down models' and 'bottom up models' for operational risk assessment is:

A) Top down approaches to operational risk are based upon an analysis of key risk drivers, while bottom up approaches consider causality in risk scenarios.
B) Bottom up approaches to operational risk calculate the implied operational risk using available data such as income volatility, capital etc; while top down approaches use causal factors, risk drivers and other factors to get an aggregated estimate of risk.
C) Bottom up approaches to operational risk are based upon an analysis of key risk drivers, while top down approaches consider causality in risk scenarios.
D) Top down approaches to operational risk calculate the implied operational risk using available data such as income volatility, capital etc; while bottom up approaches use causal factors, risk drivers and other factors to get an aggregated estimate of risk.

4. For a given mean, which distribution would you prefer for frequency modeling where operational risk events are considered dependent, or in other words are seen as clustering together (as opposed to being independent)?

A) Negative binomial
B) Binomial
C) Gamma
D) Poisson

5. The probability of default of a security over a 1 year period is 3%. What is the probability that it would have defaulted within 6 months?

A) 98.49%
B) 3.00%
C) 1.51%
D) 17.32%

Solutions: