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

2. Which of the following is the most important problem to solve for fitting a severity distribution for operational risk capital:

A) The fit obtained should reduce the combination of the fitting and approximation errors to a minimum
B) Determine plausible scenarios to fill the data gaps in the internal and external loss data
C) Empirical loss data needs to be extended to the ranges below the reporting threshold and above large value losses
D) The risk functional's minimization should lead to a good estimate of the 0.999 quantile

3. Which of the following best describes the concept of marginal VaR of an asset in a portfolio:

A) Marginal VaR describes the change in total VaR resulting from a $1 change in the value of the asset in question.
B) Marginal VaR is the contribution of the asset to portfolio VaR in a way that the sum of such calculations for all the assets in the portfolio adds up to the portfolio VaR.
C) Marginal VaR is the change in the VaR estimate for the portfolio as a result of including the asset in the portfolio.
D) Marginal VaR is the value of the expected losses on occasions where the VaR estimate is exceeded.

4. A derivative contract has a negative current replacement value. Which of the following statements is true about its loan equivalent value for credit risk calculations over a 2-year horizon?

A) Since the derivatives contract has a negative current replacement value, exposure will be zero.
B) The notional value of the derivatives contract should be used for loan equivalence calculations.
C) The current exposure can be used for loan equivalence calculations as that is an unbiased proxy for the future value.
D) The credit exposure will be a given quintile of the expected distribution of the value of the derivatives contract in the future.

5. Which of the following are valid objectives of a reverse stress test:
I. Ensure that a firm can survive for long enough after risks have materialized for it to either regain market confidence, restructure or be sold, or be closed down in an orderly manner, II. Discover the vulnerabilities of the current business plan, III. Better integrate business and capital planning, IV. Create a 'zero-failure' environment at the systemic level in the financial sector

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

Solutions: