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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. The loss severity distribution for operational risk loss events is generally modeled by which of the following distributions:
I. the lognormal distribution
II. The gamma density function
III. Generalized hyperbolic distributions
IV. Lognormal mixtures

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

2. 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) 4.50%
D) Cannot be determined from the given information

3. Which of the following decisions need to be made as part of laying down a system for calculating VaR:
I. The confidence level and horizon
II. Whether portfolio valuation is based upon a delta-gamma approximation or a full revaluation III. Whether the VaR is to be disclosed in the quarterly financial statements IV. Whether a 10 day VaR will be calculated based on 10-day return periods, or for 1-day and scaled to 10 days

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

4. 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) 139800
B) 279600
C) 984000
D) 233000

5. When compared to a high severity low frequency risk, the operational risk capital requirement for a low severity high frequency risk is likely to be:

A) Higher
B) Lower
C) Zero
D) Unaffected by differences in frequency or severity

Solutions: