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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. An assumption regarding the absence of ratings momentum is referred to as:

A) Herstatt risk
B) Markov property
C) Time invariance
D) Ratings stability

2. Which of the following formulae correctly describes Component VaR. (p refers to the portfolio, and i is the i-th constituent of the portfolio. MVaR means Marginal VaR, and other symbols have their usual meanings.)

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

3. Which of the following statements is the most appropriate description of feedback effects:

A) The spread of contagion from the bankruptcy of one participant leading to a similar outcome for other market participants
B) The amplification of smaller initial shocks to one risk factor creating larger subsequent shocks through system-wide interactions between other risks, creating self-perpetuating downward stresses in the markets
C) The lack of a comprehensive view of risk across credit, market and liquidity risks leading to an underestimation of correlations that tend to spike up in the event of a crisis
D) The revision of stress testing scenarios based upon management, business unit and regulatory feedback on the plausibility or otherwise of stress scenarios.

4. Which of the following situations are not suitable for applying parametric VaR:
I. Where the portfolio's valuation is linearly dependent upon risk factors II. Where the portfolio consists of non-linear products such as options and large moves are involved III. Where the returns of risk factors are known to be not normally distributed

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

5. A bank's detailed portfolio data on positions held in a particular security across the bank does not agree with the aggregate total position for that security for the bank. What data quality attribute is missing in this situation?

A) Data completeness
B) Auditability
C) Data integrity
D) Data extensibility

Solutions: