PRMIA 8008

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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. If the duration of a bond yielding 10% is 6 years, the volatility of the underlying interest rates 5% per annum, what is the 10-day VaR at 99% confidence of a bond position comprising just this bond with a value of $10m?
Assume there are 250 days in a year.

A) 279600
B) 139800
C) 984000
D) 233000

2. For a loan portfolio, unexpected losses are charged against:

A) Credit reserves
B) Economic capital
C) Regulatory capital
D) Economic credit capital

3. If the default hazard rate for a company is 10%, and the spread on its bonds over the risk free rate is 800 bps, what is the expected recovery rate?

A) 40.00%
B) 8.00%
C) 0.00%
D) 20.00%

4. Under the contingent claims approach to credit risk, risk increases when:
I. Volatility of the firm's assets increases
II. Risk free rate increases
III. Maturity of the debt increases

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

5. Which of the following statements is correct in relation to liquidity risk management?
I. Pricing for products that do not impact the balance sheet need not reflect the cost of maintaining liquidity II. Time horizons for liquidity risk management are impacted by both regulatory requirements and the speed at which new sources of liquidity can be tapped III. Collateral management is an important aspect of liquidity risk management IV. The maturity period of various instruments in the capital structure has a significant impact on liquidity needs

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

Solutions: