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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. A bank extends a loan of $1m to a home buyer to buy a house currently worth $1.5m, with the house serving as the collateral. The volatility of returns (assumed normally distributed) on house prices in that neighborhood is assessed at 10% annually. The expected probability of default of the home buyer is 5%.
What is the probability that the bank will recover less than the principal advanced on this loan; assuming the probability of the home buyer's default is independent of the value of the house?

A) More than 5%
B) Less than 1%
C) 0
D) More than 1%

2. Which of the following is not an approach used for stress testing:

A) Algorithmic approaches
B) Monte Carlo simulation
C) Hypothetical scenarios
D) Historical scenarios

3. The CDS quote for the bonds of Bank X is 200 bps. Assuming a recovery rate of 40%, calculate the default hazard rate priced in the CDS quote.

A) 0.80%
B) 3.33%
C) 5.00%
D) 2.00%

4. Under the contingent claims approach to credit risk, risk increases when:
I. Volatility of the firm's assets increases
II. Risk free rate increases
III. Maturity of the debt increases

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

5. Once the frequency and severity distributions for loss events have been determined, which of the following is an accurate description of the process to determine a full loss distribution for operational risk?

A) A firm wide operational risk distribution is generated using Monte Carlo simulations
B) The frequency distribution alone forms the basis for the loss distribution for operational risk
C) A firm wide operational risk distribution is generated by adding together the frequency and severity distributions
D) A firm wide operational risk distribution is set to be equal to the product of the frequency and severity distributions

Solutions: