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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 unexpected loss for a credit portfolio at a given VaR estimate is defined as:

A) max(Actual Loss - Expected Loss, 0)
B) Actual Loss - Expected Loss
C) Actual Loss - VaR
D) VaR - Expected Loss

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

A) Desk-level stress tests focus on desk specific risks that may be minor or irrelevant in the larger scheme at the institution level.
B) 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.
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) All of the above

3. Which of the following is not a consideration in determining the liquidity needs of a firm (as opposed to determining the time horizon for liquidity risk)?

A) Off balance sheet items
B) Speed with which new equity can be issued to the owners
C) The firm's business model
D) Collateral

4. Which of the following statements are true:
I. Credit VaR often assumes a one year time horizon, as opposed to a shorter time horizon for market risk as credit activities generally span a longer time period.
II. Credit losses in the banking book should be assessed on the basis of mark-to-market mode as opposed to the default-only mode.
III. The confidence level used in the calculation of credit capital is high when the objective is to maintain a high credit rating for the institution.
IV. Credit capital calculations for securities with liquid markets and held for proprietary positions should be based on marking positions to market.

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

5. For a 10 year interest rate swap, what would be the worst time for a counterparty to default (in terms of the maximum likely credit exposure)

A) 10 years
B) 2 years
C) 7 years
D) Right after inception

Solutions: