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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. 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 positively correlated
B) Assuming that market, credit and operational risk estimates are perfectly negatively 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

2. Under the internal ratings based approach for risk weighted assets, for which of the following parameters must each institution make internal estimates (as opposed to relying upon values determined by a national supervisor):

A) Loss given default
B) Probability of default
C) Exposure at default
D) Effective maturity

3. Which of the following statements are true:
I. Stress tests should consider simultaneous pressures in funding and asset markets, and the impact of a reduction in liquidity II. Judging the effectiveness of risk mitigation techniques is not a part of stress testing III. A reverse stress test is useful for discovering hidden vulnerabilities and inconsistencies in hedging strategies IV. Reputational risk, which is explicitly excluded from the definition of operational risk under Basel II, should still be considered as part of stress tests.

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

4. Which of the following statements are true:
I. A transition matrix is the probability of a security migrating from one rating class to another during its lifetime.
II. Marginal default probabilities refer to probabilities of default in a particular period, given survival at the beginning of that period.
III. Marginal default probabilities will always be greater than the corresponding cumulative default probability.
IV. Loss given default is generally greater when recovery rates are low.

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

5. Which of the following is closest to the description of a 'risk functional'?

A) A risk functional is the distribution that models the severity of a risk
B) A risk functional is a model distribution that is an approximation of the true loss distribution of a risk
C) A risk functional assigns a penalty value for the difference between a model distribution and a risk's severity distribution
D) Risk functional refers to the Kolmogorov-Smirnov distance

Solutions: