PRMIA 8004 Exam Questions : PRM Certification - Exam IV: Case Studies; Standards: Governance, Best Practices and Ethics

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PRMIA 8004 Exam Syllabus Topics:

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

1. The Fortress Re accounting risk transfer procedures

A) made it difficult for TFMI to determine whether risk had actually been transferred so they had to take out additional catastrophe insurance cover
B) made it straightforward for TFMI to determine when the risk had been transferred and to take out additional catastrophe insurance cover
C) made it difficult for TFMI to determine whether risk had actually been transferred and whether it had sufficient catastrophe insurance cover
D) made it straightforward for TFMI to determine whether risk had actually been transferred and they decided not to take out more catastrophe insurance cover

2. Which of the following is FALSE?

A) SIMEX made inquiries to Barings Bank about large margin calls on its positions
B) Nick Leeson claimed to be running an arbitrage book
C) Nick Leeson also ran the back office for his trading area
D) Nick Leeson dealt in complex derivatives lacking transparency of pricing

3. A risk manager is asked to analyze the credit risk of a convertible bond. The risk manager has never analyzed convertible bonds, but does have significant expertise in credit risk. The risk manager accepts the assignment, finds a paper on the subject through the PRMIA web site and copies the method used there. The risk manager completes the assignment and delivers a report to his or her direct supervisor and the supervisor is quite pleased.
According to the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct), this was acceptable behavior if the following conditions were met:
I The risk manager disclosed the lack of knowledge about convertible bonds II The methodology employed is disclosed and explained III The report was just to be used for analysis and not in practice IV The risk manager was sure of his/her understanding of the paper found on the web

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

4. Barings failed to recognize that Nick Leeson's losses were increasing because:

A) The margin report sent to London did not show the true margin needs
B) Leeson hid his trades in a suspense account
C) Leeson ran the front office
D) The London office did not ask for any reports

5. The Chief Risk Officer is responsible for the management of the Risk Management Infrastructure, and as such helps the Board define, and then implements throughout the organization, the risk appetite of the organization.
Which of the following is also the responsibility of the Chief Risk Officer?

A) Maintaining appropriate assurance measures to ensure that the Governance and Risk framework of the organization is effective, and, if any shortcomings are discovered, to escalate these to the Board so that remedial action can be taken in an appropriate and timely manner
B) Ensures that reporting of risk and governance-related matters are produced in a timely and accurate manner
C) Acts as sponsor for risk throughout the organization and ensures that a risk culture is implemented, and maintained
D) ensuring that all employees understand the rules and regulations (both internal and external) with which they must comply and the implications, for them and for the organization, of non-compliance

Solutions: