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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:

1. Which of the following formulae describes CVA (Credit Valuation Adjustment)? All acronyms have their usual meanings (LGD=Loss Given Default, ENE=Expected Negative Exposure, EE=Expected Exposure, PD=Probability of Default, EPE=Expected Positive Exposure, PFE=Potential Future Exposure)

A) LGD * PFE * PD
B) LGD * ENE * PD
C) LGD * EE * PD
D) LGD * EPE * PD

2. As part of designing a reverse stress test, at what point should a bank's business plan be considered unviable (ie the point where it can be considered to have failed)?

A) Where EBITDA for the year is forecast to be negative
B) When the regulatory capital of the bank has been exhausted
C) When the realization of risks leads market participants to lose confidence in the bank as a counterparty or a business worthy of funding
D) Where large known losses have been incurred on the bank's positions

3. The backtesting of VaR estimates under the Basel accord requires comparing the ex-ante VaR to:

A) hypothetical profit and loss keeping the positions constant
B) realized profit and loss for the period
C) ex-ante VaR calculated for the subsequent periods
D) the Basel accord does not require banks to backtest VaR estimates

4. A derivative contract has a negative current replacement value. Which of the following statements is true about its loan equivalent value for credit risk calculations over a 2-year horizon?

A) The notional value of the derivatives contract should be used for loan equivalence calculations.
B) The credit exposure will be a given quintile of the expected distribution of the value of the derivatives contract in the future.
C) Since the derivatives contract has a negative current replacement value, exposure will be zero.
D) The current exposure can be used for loan equivalence calculations as that is an unbiased proxy for the future value.

5. Which of the following statements is true in relation to a normal mixture distribution:
I. Normal mixtures represent one possible solution to the problem of volatility clustering II. A normal mixture VaR will always be greater than that under the assumption of normally distributed returns III. Normal mixtures can be applied to situations where a number of different market scenarios with different probabilities can be expected

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

Solutions: