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PRMIA 8008 Exam Syllabus Topics:

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 statements are true:
I. The three pillars under Basel II are market risk, credit risk and operational risk.
II. Basel II is an improvement over Basel I by increasing the risk sensitivity of the minimum capital requirements.
III. Basel II encourages disclosure of capital levels and risks

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

2. Which of the following best describes Altman's Z-score

A) A regression of probability of survival against a given set of factors
B) A standardized z based upon the normal distribution
C) A calculation of default probabilities
D) A numerical computation based upon accounting ratios

3. Which of the following credit risk models includes a consideration of macro economic variables such as unemployment, balance of payments etc to assess credit risk?

A) The actuarial approach
B) CreditPortfolio View
C) KMV's EDF based approach
D) The CreditMetrics approach

4. A bank prices retail credit loans based on median default rates. Over the long run, it can expect:

A) A reduction in the rate of defaults
B) Underestimation and therefore underpricing of risk in it retail portfolio
C) Overestimation of risk and overpricing, leading to loss of market share
D) Correct pricing of risk in the retail credit portfolio

5. Which of the following is not a limitation of the univariate Gaussian model to capture the codependence structure between risk factros used for VaR calculations?

A) It cannot capture linear relationships between risk factors.
B) The univariate Gaussian model fails to fit to the empirical distributions of risk factors, notably their fat tails and skewness.
C) A single covariance matrix is insufficient to describe the fine codependence structure among risk factors as non-linear dependencies or tail correlations are not captured.
D) Determining the covariance matrix becomes an extremely difficult task as the number of risk factors increases.

Solutions: