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

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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. Which of the following credit risk models relies upon the analysis of credit rating migrations to assess credit risk?

A) The contingent claims approach
B) The CreditMetrics approach
C) The actuarial approach
D) KMV's EDF based approach

2. A derivative contract has a negative current replacement value. Which of the following statements is true about its loan equivalent value for credit risk calculations over a 2-year horizon?

A) The current exposure can be used for loan equivalence calculations as that is an unbiased proxy for the future value.
B) Since the derivatives contract has a negative current replacement value, exposure will be zero.
C) The notional value of the derivatives contract should be used for loan equivalence calculations.
D) The credit exposure will be a given quintile of the expected distribution of the value of the derivatives contract in the future.

3. If two bonds with identical credit ratings, coupon and maturity but from different issuers trade at different spreads to treasury rates, which of the following is a possible explanation:
I. The bonds differ in liquidity
II. Events have happened that have changed investor perceptions but these are not yet reflected in the ratings III. The bonds carry different market risk IV. The bonds differ in their convexity

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

4. Which of the following statements is true in respect of a non financial manufacturing firm?
I. Market risk is not relevant to the manufacturing firm as it does not take proprietary positions II. The firm faces market risks as an externality which it must bear and has no control over III. Market risks can make a comparative assessment of profitability over time difficult IV. Market risks for a manufacturing firm are not directionally biased and do not increase the overall risk of the firm as they net to zero over a long term time horizon

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

5. If the full notional value of a debt portfolio is $100m, its expected value in a year is $85m, and the worst value of the portfolio in one year's time at 99% confidence level is $60m, then what is the credit VaR?

A) $25m
B) $15m
C) $60m
D) $40m

Solutions: