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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 results of 'desk-level' stress tests cannot be added together to arrive at institution wide estimates because:

A) All of the above
B) Desk-level stress tests focus on desk specific risks that may be minor or irrelevant in the larger scheme at the institution level.
C) Desk-level stress tests tend to focus on extreme movements in risk parameters (such as volatility) without considering economy wide scenarios that may represent more realistic and consistent situations for the institution.
D) Desk-level stress tests tend to ignore higher level risks that are relevant to the institution but completely outside the control of the individual desks.

2. Which of the following are valid approaches to calculating potential future exposure (PFE) for counterparty risk:
I. Add a percentage of the notional to the mark-to-market value
II. Monte Carlo simulation
III. Maximum Likelihood Estimation
IV. Parametric Estimation

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

3. Which of the following statements is NOT true in relation to the recent financial crisis of 2007-08?

A) The existence of central counterparties could have limited the damage caused by the financial crisis
B) Central banks had data on the interconnections between institutions, but poor understanding and analysis meant this data was never analyzed
C) An intention to diversify from their core activities led all market participants to the same activities, which though appearing diversified at the bank's level, created a concentration risk at the systemic level
D) Counterparty risk was difficult to gauge as it was impossible to know who the counterparty's counterparties were

4. The standalone economic capital estimates for the three uncorrelated business units of a bank are $100, $200 and $150 respectively. What is the combined economic capital for the bank?

A) 450
B) 269
C) 72500
D) 21

5. Which of the following statements is true:
I. Basel II requires banks to conduct stress testing in respect of their credit exposures in addition to stress testing for market risk exposures II. Basel II requires pooled probabilities of default (and not individual PDs for each exposure) to be used for credit risk capital calculations

A) Neither statement is true
B) II
C) I
D) I & II

Solutions: