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

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

2. The estimate of historical VaR at 99% confidence based on a set of data with 100 observations will end up being:

A) the weighted average of the top 2.33 observations
B) None of the above
C) the worst single observation in the data set
D) the extrapolated returns of the last 1.64 observations

3. A stock's volatility under EWMA is estimated at 3.5% on a day its price is $10. The next day, the price moves to $11. What is the EWMA estimate of the volatility the next day? Assume the persistence parameter = 0.93.

A) 0.0224
B) 0.0018
C) 0.0429
D) 0.0421

4. Which of the following risks were not covered in detail in most stress tests prior to the current crisis:
I. The behavior of complex structured products under stressed liquidity conditions II. Pipeline or securitization risk III. Basis risk in relation to hedging strategies IV. Counterparty credit risk
V. Contingent risks
VI. Funding liquidity risk

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

5. Which of the following is true in relation to a Contingency Funding Plan (CFP)?
I. A CFP is like a disaster recovery plan to deal with a liquidity crisis II. A CFP should consider market stress conditions, but failures of payment systems are not relevant as they fall under the remit of operational risk III. Reputational damage may result if the market finds out that a firm has had to execute its CFP IV. Sources of emergency funding considered in the CFP should include the role of the central bank as the lender of last resort

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

Solutions: