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PRMIA PRM Certification - Exam IV: Case Studies; Standards: Governance, Best Practices and Ethics Sample Questions:

1. Which of the following is part of the Group of 30 Report's market risk and stress testing recommendations?

A) Market risk VaR measures should be multiplied by 3 to get to a stress test figure, as long as the VaR model has been back-tested
B) Historic simulations are not effective methods of stress testing
C) Stress tests should incorporate changes in liquidity
D) To be consistent with regulatory capital measures, 10-day holding periods should be standardized for VaR reporting

2. Unlike the case at Barings Bank, National Australia Bank:

A) Was not dealing in derivatives
B) Had a separation of duties between trading and back office
C) Had a risk management infrastructure that was credited with doing its' job well, despite the losses
D) Had a Board of Directors that was unaware of the true nature of trading activities

3. A risk manager has just completed a risk assessment project. The report has been given to the risk manager's direct supervisor, who refuses to escalate the material issues raised in the report. Further, the direct supervisor edits the report to remove the section describing the material risk, who then submits it to the firm's Executive Committee.
According to the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct), which of the following actions is most appropriate:

A) Escalation of the issue is against the Code of Conduct because one should respect the administrative structure of the organization
B) The risk manager should attempt to resolve the conflict with the direct supervisor, but if that does not work, they should contact the Whistle-Blowing Hotline of the organization. If no such hot-line is in place, they should contact the PRMIA Ethics Committee
C) If the risk manager deems it appropriate, he / she should send a copy of the original report to the CEO
D) The risk manager has submitted the report to their direct supervisor and their obligation ends at this point, nothing further should be done

4. John Smith wants to run for election to the Board of Directors of PRMIA. To be nominated, he needs:

A) To go through a screening process conducted by the Nominations Committee
B) The backing of five other members and to be serving on at least one PRMIA Committee
C) The backing of 6% of local members
D) The backing of three other members

5. Which of the following was NOT a factor in the National Australia Bank case?

A) Inadequate back office procedures
B) Rogue traders
C) Improper or insufficient Board-level communication regarding the importance of risk management and oversight
D) Money laundering using foreign exchange trades for political leaders

Solutions: