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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

The frequency distribution for operational risk loss events can be modeled by which of the following distributions:
I. The binomial distribution
II. The Poisson distribution
III. The negative binomial distribution
IV. The omega distribution

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

Question 2

Stress testing is useful for which of the following purposes:
I. For providing the risk manager with an intuitive check on his risk estimates II. Providing a means of communicating risk implications using plausible scenarios that can be easily explained to a non-technical audience III. Guarding against major errors in the form of model risk IV. Complying with the requirements of Basel II.

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

Question 3

Which of the following is not true about the ISDA master agreement (ISDA MA):

A. The ISDA MA describes events of default, and termination events
B. The ISDA MA describes the close out process
C. The CSA (Credit Support Annex) is one of the parts of the ISDA MA
D. All transactions under the ISDA MA are considered separate obligations

Question 4

Which of the following statements are true:
I. Heavy tailed parametric distributions are a good choice for severity modeling in operational risk.
II. Heavy tailed body-tail distributions are a good choice for severity modeling in operational risk.
III. Log-likelihood is a means to estimate parameters for a distribution.
IV. Body-tail distributions allow modeling small losses differently from large ones.

A. I and IV
B. II and III
C. II, III and IV
D. All of the above

Question 5

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

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

Solutions: