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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. There are two bonds in a portfolio, each with a market value of $50m. The probability of default of the two bonds are 0.03 and 0.08 respectively, over a one year horizon. If the default correlation is 25%, what is the one year expected loss on this portfolio?

A) $5.5mc
B) $5.26m
C) $11m
D) $1.38m

2. Which of the following is not a possible early warning indicator in relation to the health of a counterparty?

A) A decline in the counterparty's corporate debt yield
B) Credit rating downgrade
C) Negative publicity
D) Falling stock price

3. For a US based investor, what is the 10-day value-at risk at the 95% confidence level of a long spot position of EUR 15m, where the volatility of the underlying exchange rate is 16% annually. The current spot rate for EUR is 1.5. (Assume 250 trading days in a year).

A) 526400
B) 1184400
C) 2632000
D) 5922000

4. The principle underlying the contingent claims approach to measuring credit risk equates the cost of eliminating credit risk for a firm to be equal to:

A) the market valuation of the firm's equity less the value of its liabilities
B) the probability of the firm's assets falling below the critical value for default
C) the cost of a call on the firm's assets with a strike equal to the value of the debt
D) the value of a put on the firm's assets with a strike equal to the value of the debt

5. In the case of historical volatility weighted VaR, a higher current volatility when compared to historical volatility:

A) will not affect the VaR estimate
B) will increase the VaR estimate
C) will decrease the VaR estimate
D) will increase the confidence interval

Solutions: