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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 correctly describes a reverse stress test:

A) A stress test that considers only qualitative factors that go beyond mathematical modeling to examine feedback loops and the effect of macro-economic fundamentals
B) A stress test that requires a role reversal between risk managers and the risk taking business units in order to determine credible scenarios
C) Stress tests that are prescribed and conducted by a regulator in addition to the tests done by a bank
D) Stress tests that start from a known stress test outcome and then ask what events could lead to such an outcome for the bank

2. A portfolio's 1-day VaR at the 99% confidence level is $250m. What is the annual volatility of the portfolio?
(assuming 250 days in the year)

A) $107.5m
B) $3,952.8m
C) $1,699.4m
D) $2,410.3m

3. The difference between true severity and the best approximation of the true severity is called:

A) Total error
B) Fitting error
C) Estimation error
D) Approximation error

4. The 99% 10-day VaR for a bank is $200mm. The average VaR for the past 60 days is $250mm, and the bank specific regulatory multiplier is 3. What is the bank's basic VaR based market risk capital charge?

A) $250mm
B) $600mm
C) $200mm
D) $750mm

5. If X represents a matrix with ratings transition probabilities for one year, the transition probabilities for 3 years are given by the matrix:

A) P x P x P
B) 3 [P]
C) 3 [P ^ (-1)]
D) P ^ (-3)

Solutions: