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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 distributions is generally not used for frequency modeling for operational risk

A) Negative binomial
B) Binomial
C) Gamma
D) Poisson

2. Random recovery rates in respect of credit risk can be modeled using:

A) the binomial distribution
B) the normal distribution
C) the beta distribution
D) the omega distribution

3. Which of the following is the best description of the spread premium puzzle:

A) The spread premium puzzle refers to observed default rates being much less than implied default rates, leading to lower credit bonds being relatively cheap when compared to their actual default probabilities
B) The spread premium puzzle refers to the moral hazard implicit in the monoline insurance market
C) The spread premium puzzle refers to AAA corporate bonds being priced at almost the same prices as equivalent treasury bonds without offering the same liquidity or guarantee as treasury bonds
D) The spread premium puzzle refers to dollar denominated non-US sovereign bonds being priced a at significant discount to other similar USD denominated assets

4. Which of the following correctly describes a reverse stress test:

A) A stress test that considers only qualitative factors that go beyond mathematical modeling to examine feedback loops and the effect of macro-economic fundamentals
B) Stress tests that are prescribed and conducted by a regulator in addition to the tests done by a bank
C) A stress test that requires a role reversal between risk managers and the risk taking business units in order to determine credible scenarios
D) Stress tests that start from a known stress test outcome and then ask what events could lead to such an outcome for the bank

5. Which of the following formulae describes CVA (Credit Valuation Adjustment)? All acronyms have their usual meanings (LGD=Loss Given Default, ENE=Expected Negative Exposure, EE=Expected Exposure, PD=Probability of Default, EPE=Expected Positive Exposure, PFE=Potential Future Exposure)

A) LGD * ENE * PD
B) LGD * PFE * PD
C) LGD * EPE * PD
D) LGD * EE * PD

Solutions: