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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:

Question 1

Which of the following statements is true in relation to collateral management?
I. A collateral management system need not consider the failure by counterparties to return collateral when due II. The extent to which counterparties may have rehypothecated collateral is not a consideration for a collateral management system III. Cash is an acceptable substitute for any type of collateral required to be posted IV. Haircuts do not apply to treasury issued instruments posted as collateral

A. I, II and III
B. I, II, III and IV
C. II and III
D. None of the statements is true

Question 2

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

A. The spread premium puzzle refers to the moral hazard implicit in the monoline insurance market
B. 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
C. 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
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

Question 3

An investor holds a bond portfolio with three bonds with a modified duration of 5, 10 and 12 years respectively. The bonds are currently valued at $100, $120 and $150. If the daily volatility of interest rates is
2%, what is the 1-day VaR of the portfolio at a 95% confidence level?

A. 165
B. 370
C. 163.11
D. 115.51

Question 4

When modeling severity of operational risk losses using extreme value theory (EVT), practitioners often use which of the following distributions to model loss severity:
I. The 'Peaks-over-threshold' (POT) model
II. Generalized Pareto distributions
III. Lognormal mixtures
IV. Generalized hyperbolic distributions

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

Question 5

If P be the transition matrix for 1 year, how can we find the transition matrix for 4 months?

A. By calculating the cube root of P
B. By numerically calculating a matrix M such that M x M x M is equal to P
C. By calculating the matrix P x P x P
D. By dividing P by 3

Solutions: