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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. The CDS rate on a defaultable bond is approximated by which of the following expressions:

A) Hazard rate x Recovery rate
B) Loss given default x Default hazard rate
C) Credit spread x Loss given default
D) Hazard rate / (1 - Recovery rate)

2. If A and B be two uncorrelated securities, VaR(A) and VaR(B) be their values-at-risk, then which of the following is true for a portfolio that includes A and B in any proportion. Assume the prices of A and B are log-normally distributed.

A) The combined VaR cannot be predicted till the correlation is known
B) VaR(A+B) < VaR(A) + VaR(B)
C) VaR(A+B) > VaR(A) + VaR(B)
D) VaR(A+B) = VaR(A) + VaR(B)

3. Which of the following is the most important problem to solve for fitting a severity distribution for operational risk capital:

A) The risk functional's minimization should lead to a good estimate of the 0.999 quantile
B) Empirical loss data needs to be extended to the ranges below the reporting threshold and above large value losses
C) Determine plausible scenarios to fill the data gaps in the internal and external loss data
D) The fit obtained should reduce the combination of the fitting and approximation errors to a minimum

4. Which of the following is not a measure of risk sensitivity of some kind?

A) Convexity
B) Delta
C) PL01
D) CR01

5. The degree distribution of the nodes of the financial network is:

A) normally distributed
B) non-linear
C) long tailed
D) best approximated by a beta distribution

Solutions: