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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. Which of the following statements are correct:
I. A training set is a set of data used to create a model, while a control set is a set of data is used to prove that the model actually works II. Cleansing, aggregating or ensuring data integrity is a task for the IT department, and is not a risk manager's responsibility III. Lack of information on the quality of underlying securities and assets was a major cause of the collapse in the CDO markets during the credit crisis that started in 2007 IV. The problem of lack of historical data can be addressed reasonably satisfactorily by using analytical approaches

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

2. The generalized Pareto distribution, when used in the context of operational risk, is used to model:

A) Unexpected losses
B) Tail events
C) Average losses
D) Expected losses

3. Conditional VaR refers to:

A) expected average losses conditional on the VaR estimates not being exceeded
B) expected average losses above a given VaR estimate
C) value at risk when certain conditions are satisfied
D) the value at risk estimate for non-normal distributions

4. Which of the following is a cause of model risk in risk management?

A) All of the above
B) Misspecification of the model
C) Incorrect parameter estimation
D) Programming errors

5. Which of the following are true:
I. The total of the component VaRs for all components of a portfolio equals the portfolio VaR.
II. The total of the incremental VaRs for each position in a portfolio equals the portfolio VaR.
III. Marginal VaR and incremental VaR are identical for a $1 change in the portfolio.
IV. The VaR for individual components of a portfolio is sub-additive, ie the portfolio VaR is less than (or in extreme cases equal to) the sum of the individual VaRs.
V. The component VaR for individual components of a portfolio is sub-additive, ie the portfolio VaR is less than the sum of the individual component VaRs.

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

Solutions: