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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 Bank Holding Company (BHC) is invested in an investment bank and a retail bank. The BHC defaults for certain if either the investment bank or the retail bank defaults. However, the BHC can also default on its own without either the investment bank or the retail bank defaulting. The investment bank and the retail bank's defaults are independent of each other, with a probability of default of 0.05 each. The BHC's probability of default is 0.11.
What is the probability of default of both the BHC and the investment bank? What is the probability of the BHC's default provided both the investment bank and the retail bank survive?

A) 0.08 and 0.0475
B) 0.11 and 0
C) 0.05 and 0.0125
D) 0.0475 and 0.10

2. Which of the following are true:
I. Delta hedges need to be rebalanced frequently as deltas fluctuate with fluctuating prices.
II. Portfolio managers are right to focus on primary risks over secondary risks.
III. Increasing the hedge rebalance frequency reduces residual risks but increases transaction costs.
IV. Vega risk can be hedged using options.

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

3. 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) II and III
B) III and IV
C) I and IV
D) I and III

4. Conditional VaR refers to:

A) expected average losses above a given VaR estimate
B) expected average losses conditional on the VaR estimates not being exceeded
C) value at risk when certain conditions are satisfied
D) the value at risk estimate for non-normal distributions

5. If the annual default hazard rate for a borrower is 10%, what is the probability that there is no default at the end of 5 years?

A) 39.35%
B) 60.65%
C) 50.00%
D) 59.05%

Solutions: