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

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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 is not a credit event under ISDA definitions?

A) Obligation accelerations
B) Restructuring
C) Rating downgrade
D) Failure to pay

2. Which of the following statements is true in relation to a normal mixture distribution:
I. Normal mixtures represent one possible solution to the problem of volatility clustering II. A normal mixture VaR will always be greater than that under the assumption of normally distributed returns III. Normal mixtures can be applied to situations where a number of different market scenarios with different probabilities can be expected

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

3. What is the risk horizon period used for credit risk as generally used for economic capital calculations and as required by regulation?

A) 1 year
B) 10 years
C) 10 days
D) 1-day

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

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

5. Which of the following are true:
I. Monte Carlo estimates of VaR can be expected to be identical or very close to those obtained using analytical methods if both are based on the same parameters.
II. Non-normality of returns does not pose a problem if we use Monte Carlo simulations based upon parameters and a distribution assumed to be normal.
III. Historical VaR estimates do not require any distribution assumptions.
IV. Historical simulations by definition limit VaR estimation only to the range of possibilities that have already occurred.

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

Solutions: