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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. Credit exposure for derivatives is measured using

A) Standard normal distribution
B) Notional value of the derivative
C) Current replacement value
D) Forward looking exposure profile of the derivative

2. For a corporate issuer, which of the following can be used to calculate market implied default probabilities?
I. CDS spreads
II. Bond prices
III. Credit rating issued by S&P
IV. Altman's scoring model

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

3. An investor enters into a 5-year total return swap with Bank A, with the investor paying a fixed rate of 6% annually on a notional value of $100m to the bank and receiving the returns of the S&P500 index with an identical notional value. The swap is reset monthly, ie the payments are exchanged monthly. On Jan 1 of the fourth year, after settling the last month's payments, the bank enters bankruptcy. What is the legal claim that the hedge fund has against the bank in the bankruptcy court?

A) $0, as all payments on the swap are current
B) $6m
C) The replacement value of the swap
D) $100m

4. A bank expects the error rate in transaction data entry for a particular business process to be 0.005%. What is the range of expected errors in a day within +/- 2 standard deviations if there are 2,000,000 such transactions each day?

A) 0 to 200 errors in a day
B) 80 to 120 errors in a day
C) 60 to 80 errors in a day
D) 90 to 110 errors in a day

5. A bullet bond and an amortizing loan are issued at the same time with the same maturity and with the same principal. Which of these would have a greater credit exposure halfway through their life?

A) Indeterminate with the given information
B) They would have identical exposure half way through their lives
C) The bullet bond
D) The amortizing loan

Solutions: