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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. Which of the following credit risk models relies upon the analysis of credit rating migrations to assess credit risk?

A) The CreditMetrics approach
B) The actuarial approach
C) The contingent claims approach
D) KMV's EDF based approach

2. The returns for a stock have a monthly volatilty of 5%. Calculate the volatility of the stock over a two month period, assuming returns between months have an autocorrelation of 0.3.

A) 10%
B) 7.071%
C) 8.062%
D) 5%

3. A statement in the annual report of a bank states that the 10-day VaR at the 95% level of confidence at the end of the year is $253m. Which of the following is true:
I. The maximum loss that the bank is exposed to over a 10-day period is $253m.
II. There is a 5% probability that the bank's losses will not exceed $253m III. The maximum loss in value that is expected to be equaled or exceeded only 5% of the time is $253m IV. The bank's regulatory capital assets are equal to $253m

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

4. Which of the following is NOT true in respect of bilateral close out netting:

A) The net amount due is immediately receivable or payable
B) Transactions are separated by transaction type and immediately settled separately at each's replacement value
C) All transactions are immediately closed out upon the occurrence of a credit event for either of the counterparties
D) All transactions are netted against each other

5. Which of the following is the most accurate description of EPE (Expected Positive Exposure):

A) Weighted average of the future positive expected exposure across a time horizon.
B) The average of the distribution of positive exposures at a specified future date
C) The maximum average credit exposure over a period of time
D) The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date

Solutions: