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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. A corporate bond maturing in 1 year yields 8.5% per year, while a similar treasury bond yields 4%. What is the probability of default for the corporate bond assuming the recovery rate is zero?

A) 4.15%
B) 8.50%
C) Cannot be determined from the given information
D) 4.50%

2. Which of the following are valid approaches to calculating potential future exposure (PFE) for counterparty risk:
I. Add a percentage of the notional to the mark-to-market value
II. Monte Carlo simulation
III. Maximum Likelihood Estimation
IV. Parametric Estimation

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

3. When combining separate bottom up estimates of market, credit and operational risk measures, a most conservative economic capital estimate results from which of the following assumptions:

A) Assuming that market, credit and operational risk estimates are perfectly negatively correlated
B) Assuming that market, credit and operational risk estimates are perfectly positively correlated
C) Assuming that the resulting distributions have a correlation between 0 and 1
D) Assuming that market, credit and operational risk estimates are uncorrelated

4. The 10-day VaR of a diversified portfolio is $100m. What is the 20-day VaR of the same portfolio assuming the market shows a trend and the autocorrelation between consecutive periods is 0.2?

A) 200
B) 154.92
C) 100
D) 141.42

5. Which of the following statements is true in relation to collateral management?
I. A collateral management system need not consider the failure by counterparties to return collateral when due II. The extent to which counterparties may have rehypothecated collateral is not a consideration for a collateral management system III. Cash is an acceptable substitute for any type of collateral required to be posted IV. Haircuts do not apply to treasury issued instruments posted as collateral

A) None of the statements is true
B) I, II and III
C) II and III
D) I, II, III and IV

Solutions: