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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 is a cause of model risk in risk management?

A) Incorrect parameter estimation
B) All of the above
C) Programming errors
D) Misspecification of the model

2. An investor holds a bond portfolio with three bonds with a modified duration of 5, 10 and 12 years respectively. The bonds are currently valued at $100, $120 and $150. If the daily volatility of interest rates is
2%, what is the 1-day VaR of the portfolio at a 95% confidence level?

A) 115.51
B) 163.11
C) 370
D) 165

3. When building a operational loss distribution by combining a loss frequency distribution and a loss severity distribution, it is assumed that:
I. The severity of losses is conditional upon the number of loss events II. The frequency of losses is independent from the severity of the losses III. Both the frequency and severity of loss events are dependent upon the state of internal controls in the bank

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

4. Which of the following statements is true in respect of different approaches to calculating VaR?
I. Linear or parametric VaR does not take correlations into account
II. For large portfolios with little or no optionality or other non-linear attributes, parametric VaR is an efficient approach to calculating VaR III. For large portfolios with complex sources of risk and embedded optionalities, the full revaluation method of calculating VaR should be preferred IV. Delta normal local revaluation based VaR is suitable for fixed income and option portfolios only

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

5. 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) II, III and IV
B) D
C) III and IV
D) I, II and III
E) I, III and IV

Solutions: