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GARP International Certificate in Banking Risk and Regulation (ICBRR) Sample Questions:

1. What are some of the drawbacks of correlation estimates? Which of the following statements identifies major problems with correlation calculations?
I. Correlation estimates are not able to capture increases in factor co-movements in extreme market scenarios.
II. Correlation estimates tend to be unstable.
III. Historical correlations may not forecast future correlations correctly.
IV.
Correlation estimates assume normally distributed returns.

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

2. Securitization is the process by which banks
I. Issue bonds where the payment of interest and repayment of principal on the bonds depends on the cash flow generated by a pool of bank assets.
II. Issue bonds where the bank has transferred its legal right to payment of interest and repayment of principal to bondholders.
III.
Sell illiquid assets.

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

3. A risk manager analyzes a long position with a USD 10 million value. To hedge the portfolio, it seeks to use options that decrease JPY 0.50 in value for every JPY 1 increase in the long position. At first approximation, what is the overall exposure to USD depreciation?

A) His overall portfolio has the same exposure to USD as a portfolio that is short USD 10 million.
B) His overall portfolio has the same exposure to USD as a portfolio that is short USD 5 million.
C) His overall portfolio has the same exposure to USD as a portfolio that is long USD 5 million.
D) His overall portfolio has the same exposure to USD as a portfolio that is long USD 10 million.

4. DeltaFin wants to develop a control scoring method for its RCSA program. Which of the following statements regarding scoring methods are correct?
I. DeltaFin can develop a control scoring method that assesses both the design and the performance of the control.
II. DeltaFin can combine the design and performance scores for each control to produce an overall control effectiveness score.
III. DeltaFin can use the control performance scores to compute an overall risk severity score.
IV.
DeltaFin can determine its own appropriate control scoring method.

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

5. To estimate the required risk-adjusted rate of return on a highly volatile energy stock, a risk associate compiled the following statistics:
Risk-free rate = 5%
Beta = 2.5
Market Risk = 8%
Using the Capital Asset Pricing Model, she estimates the rate of return to be equal:

A) 25%
B) 10%
C) 40%
D) 15%

Solutions: