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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. In respect of operational risk capital calculations, the Basel II accord recommends a confidence level and time horizon of:

A) 99% confidence level over a 1 year time horizon
B) 99% confidence level over a 10 year time horizon
C) 99.9% confidence level over a 1 year time horizon
D) 99.9% confidence level over a 10 day time horizon

2. Which of the following statements are true:
I. Top down approaches help focus management attention on the frequency and severity of loss events, while bottom up approaches do not.
II. Top down approaches rely upon high level data while bottom up approaches need firm specific risk data to estimate risk.
III. Scenario analysis can help capture both qualitative and quantitative dimensions of operational risk.

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

3. The EWMA and GARCH approaches to volatility clustering can be applied to VaR calculations using:

A) all of the above
B) historical simulations
C) Monte Carlo simulations
D) analytical VaR

4. Which of the following statements are true:
I. Stress tests should consider simultaneous pressures in funding and asset markets, and the impact of a reduction in liquidity II. Judging the effectiveness of risk mitigation techniques is not a part of stress testing III. A reverse stress test is useful for discovering hidden vulnerabilities and inconsistencies in hedging strategies IV. Reputational risk, which is explicitly excluded from the definition of operational risk under Basel II, should still be considered as part of stress tests.

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

5. What ensures that firms are not able to selectively default on some obligations without being considered in default on the others?

A) Chapter 11 regulations
B) The bankruptcy code
C) Cross-default clauses in debt covenants
D) Exchange listing requirements

Solutions: