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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. If A and B be two debt securities, which of the following is true?

A) The probability of simultaneous default of A and B is greatest when their default correlation is +1
B) The probability of simultaneous default of A and B is greatest when their default correlation is negative
C) The probability of simultaneous default of A and B is not dependent upon their default correlations, but on their marginal probabilities of default
D) The probability of simultaneous default of A and B is greatest when their default correlation is 0

2. If the marginal probabilities of default for a corporate bond for years 1, 2 and 3 are 2%, 3% and 4% respectively, what is the cumulative probability of default at the end of year 3?

A) 8.74%
B) 9.00%
C) 91.26%
D) 9.58%

3. What percentage of average annual gross income is to be held as capital for operational risk under the basic indicator approach specified under Basel II?

A) 0.12
B) 0.08
C) 0.15
D) 0.125

4. Which of the following are valid approaches to calculating potential future exposure (PFE) for counterparty risk:
I. Add a percentage of the notional to the mark-to-market value
II. Monte Carlo simulation
III. Maximum Likelihood Estimation
IV. Parametric Estimation

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

5. A long position in a credit sensitive bond can be synthetically replicated using:

A) a long position in a treasury bond and a long position in a CDS
B) a long position in a treasury bond and a short position in a CDS
C) a short position in a treasury bond and a short position in a CDS
D) a short position in a treasury bond and a long position in a CDS

Solutions: