PRMIA 8008 : 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. A cumulative accuracy plot:

A) measures accuracy of default probabilities observed empirically
B) measures rating accuracy
C) measures the accuracy of credit risk estimates
D) is a measure of the correctness of VaR calculations

2. Which of the following is a most complete measure of the liquidity gap facing a firm?

A) Cumulative liquidity gap
B) Liquidity at Risk
C) Marginal liquidity gap
D) Residual liquidity gap

3. As the persistence parameter under EWMA is lowered, which of the following would be true:

A) The model will react faster to market shocks
B) High variance from the recent past will persist for longer
C) The model will react slower to market shocks
D) The model will give lower weight to recent returns

4. Once the frequency and severity distributions for loss events have been determined, which of the following is an accurate description of the process to determine a full loss distribution for operational risk?

A) A firm wide operational risk distribution is generated using Monte Carlo simulations
B) A firm wide operational risk distribution is generated by adding together the frequency and severity distributions
C) The frequency distribution alone forms the basis for the loss distribution for operational risk
D) A firm wide operational risk distribution is set to be equal to the product of the frequency and severity distributions

5. What is the 1-day VaR at the 99% confidence interval for a cash flow of $10m due in 6 months time? The risk free interest rate is 5% per annum and its annual volatility is 15%. Assume a 250 day year.

A) 85123
B) 1744500
C) 109031
D) 5500

Solutions: