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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 the full notional value of a debt portfolio is $100m, its expected value in a year is $85m, and the worst value of the portfolio in one year's time at 99% confidence level is $60m, then what is the credit VaR?

A) $15m
B) $40m
C) $60m
D) $25m

2. Under the CreditPortfolio View model of credit risk, the conditional probability of default will be:

A) lower than the unconditional probability of default in an economic contraction
B) lower than the unconditional probability of default in an economic expansion
C) higher than the unconditional probability of default in an economic expansion
D) the same as the unconditional probability of default in an economic expansion

3. Which of the following statements is true?
I. Real Time Gross Systems (RTGS) for large value payments consume less system liquidity than Deferred Net Systems (DNS) II. The US Fedwire is an example of a Real Time Gross System III. Current disclosure requirements in relation to liquidity risk as laid down in the Basel framework require banks to disclose how liquidity stress scenarios were formulated IV. A CFP (Contingency Funding Plan) provides access to Central Bank financing

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

4. The diversification effect is responsible for:

A) VaR being applicable only to short term horizons
B) the sub-additivity property of market risk VaR assessments
C) total VaR numbers being greater than the sum of the individual VaRs for underlying portfolios
D) the super-additivity property of market risk VaR assessments

5. Which of the following statements are true in relation to Historical Simulation VaR?
I. Historical Simulation VaR assumes returns are normally distributed but have fat tails II. It uses full revaluation, as opposed to delta or delta-gamma approximations III. A correlation matrix is constructed using historical scenarios IV. It particularly suits new products that may not have a long time series of historical data available

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

Solutions: