PRMIA PRM Certification - Exam III: Risk Management Frameworks, Operational Risk, Credit Risk, Counterparty Risk, Market Risk, ALM, FTP - 2015 Edition : 8008 Exam Questions

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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. The key difference between 'top down models' and 'bottom up models' for operational risk assessment is:

A) Top down approaches to operational risk are based upon an analysis of key risk drivers, while bottom up approaches consider causality in risk scenarios.
B) Bottom up approaches to operational risk calculate the implied operational risk using available data such as income volatility, capital etc; while top down approaches use causal factors, risk drivers and other factors to get an aggregated estimate of risk.
C) Top down approaches to operational risk calculate the implied operational risk using available data such as income volatility, capital etc; while bottom up approaches use causal factors, risk drivers and other factors to get an aggregated estimate of risk.
D) Bottom up approaches to operational risk are based upon an analysis of key risk drivers, while top down approaches consider causality in risk scenarios.

2. If X represents a matrix with ratings transition probabilities for one year, the transition probabilities for 3 years are given by the matrix:

A) P ^ (-3)
B) 3 [P]
C) 3 [P ^ (-1)]
D) P x P x P

3. An investor holds a bond portfolio with three bonds with a modified duration of 5, 10 and 12 years respectively. The bonds are currently valued at $100, $120 and $150. If the daily volatility of interest rates is
2%, what is the 1-day VaR of the portfolio at a 95% confidence level?

A) 370
B) 165
C) 115.51
D) 163.11

4. Which of the following is a most complete measure of the liquidity gap facing a firm?

A) Cumulative liquidity gap
B) Marginal liquidity gap
C) Liquidity at Risk
D) Residual liquidity gap

5. Which of the following are valid criticisms of value at risk:
I. There are many risks that a VaR framework cannot model
II. VaR does not consider liquidity risk
III. VaR does not account for historical market movements
IV. VaR does not consider the risk of contagion

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

Solutions: