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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:

Question 1

Which of the following statements are true:
I. It is usual to set a very high confidence level when estimating VaR for capital requirements.
II. For model validation, very high VaR confidence levels are used to minimize excess losses.
III. For limit setting for managing day to day positions, it is usual to set VaR confidence levels that are neither too low to be exceeded too often, nor too high as to be never exceeded.
IV. The Basel accord requirements for market risk capital require the use of a time horizon of 1 year.

A. I and III
B. III and IV
C. II and III
D. I and IV

Question 2

If the duration of a bond yielding 10% is 6 years, the volatility of the underlying interest rates 5% per annum, what is the 10-day VaR at 99% confidence of a bond position comprising just this bond with a value of $10m?
Assume there are 250 days in a year.

A. 233000
B. 139800
C. 279600
D. 984000

Question 3

Which of the following is the most important problem to solve for fitting a severity distribution for operational risk capital:

A. The risk functional's minimization should lead to a good estimate of the 0.999 quantile
B. Empirical loss data needs to be extended to the ranges below the reporting threshold and above large value losses
C. The fit obtained should reduce the combination of the fitting and approximation errors to a minimum
D. Determine plausible scenarios to fill the data gaps in the internal and external loss data

Question 4

Which of the following statements is true:
I. Recovery rate assumptions can be easily made fairly accurately given past data available from credit rating agencies.
II. Recovery rate assumptions are difficult to make given the effect of the business cycle, nature of the industry and multiple other factors difficult to model.
III. The standard deviation of observed recovery rates is generally very high, making any estimate likely to differ significantly from realized recovery rates.
IV. Estimation errors for recovery rates are not a concern as they are not directionally biased and will cancel each other out over time.

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

Question 5

Which loss event type is the loss of personally identifiable client information classified as under the Basel II framework?

A. External fraud
B. Technology risk
C. Information security
D. Clients, products and business practices

Solutions: