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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. An assumption of normality when returns data have fat tails leads to:
I. underestimation of VaR at high confidence levels
II. overestimation of VaR at low confidence levels
III. overestimation of VaR at high confidence levels
IV. underestimation of VaR at low confidence levels

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

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. Which of the following belong to the family of generalized extreme value distributions:
I. Frechet
II. Gumbel
III. Weibull
IV. Exponential

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

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

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

5. What percentage of average annual gross income is to be held as capital for operational risk under the basic indicator approach specified under Basel II?

A) 0.12
B) 0.15
C) 0.125
D) 0.08

Solutions: