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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. Which of the following cannot be used as an internal credit rating model to assess an individual borrower:

A) Altman's Z-score
B) Logit model
C) Probit model
D) Distance to default model

2. Monte Carlo simulation based VaR is suitable in which of the following scenarios:
I. When no assumption can be made about the distribution of underlying risk factors II. When underlying risk factors are discontinuous, show heavy tails or are otherwise difficult to model III. When the portfolio consists of a heterogeneous mix of disparate financial instruments with complex correlations and non-linear payoffs IV. A picture of the complete distribution is desired in addition to the VaR estimate

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

3. In respect of operational risk capital calculations, the Basel II accord recommends a confidence level and time horizon of:

A) 99% confidence level over a 1 year time horizon
B) 99.9% confidence level over a 10 day time horizon
C) 99.9% confidence level over a 1 year time horizon
D) 99% confidence level over a 10 year time horizon

4. Which of the following statements are true in relation to Monte Carlo based VaR calculations:
I. Monte Carlo VaR relies upon a full revalution of the portfolio for each simulation II. Monte Carlo VaR relies upon the delta or delta-gamma approximation for valuation III. Monte Carlo VaR can capture a wide range of distributional assumptions for asset returns IV. Monte Carlo VaR is less compute intensive than Historical VaR

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

5. There are three bonds in a diversified bond portfolio, whose default probabilities are independent of each other and equal to 1%, 2% and 3% respectively over a 1 year time horizon. Calculate the probability that none of the three bonds will default.

A) 94%
B) 0.11%
C) 2%
D) 0.0006%

Solutions: