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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 are considered counterparty based credit enhancements?
I. Collateral
II. Credit default swaps
III. Close out netting arrangements
IV. Guarantees

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

2. What is the 1-day VaR at the 99% confidence interval for a cash flow of $10m due in 6 months time? The risk free interest rate is 5% per annum and its annual volatility is 15%. Assume a 250 day year.

A) 85123
B) 109031
C) 5500
D) 1744500

3. Credit exposure for derivatives is measured using

A) Forward looking exposure profile of the derivative
B) Standard normal distribution
C) Current replacement value
D) Notional value of the derivative

4. Between two options positions with the same delta and based upon the same underlying, which would have a smaller VaR?

A) the position with a higher theta
B) the position with a lower gamma
C) the position with a higher gamma
D) both positions would have an identical VaR

5. Concentration risk in a credit portfolio arises due to:

A) Issuers of the securities in the portfolio being located in the same country
B) Independence of individual default losses for the assets in the portfolio
C) A high degree of correlation between the default probabilities of the credit securities in the portfolio
D) A low degree of correlation between the default probabilities of the credit securities in the portfolio

Solutions: