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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 assumptions underlie the 'square root of time' rule used for computing VaR estimates over different time horizons?
I. the portfolio is static from day to day
II. asset returns are independent and identically distributed (i.i.d.)
III. volatility is constant over time
IV. no serial correlation in the forward projection of volatility
V. negative serial correlations exist in the time series of returns
VI. returns data display volatility clustering

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

2. Between two options positions with the same delta and based upon the same underlying, which would have a smaller VaR?

A) both positions would have an identical VaR
B) the position with a higher gamma
C) the position with a lower gamma
D) the position with a higher theta

3. All else remaining the same, an increase in the joint probability of default between two obligors causes the default correlation between the two to:

A) Cannot be determined from the given information
B) Stay the same
C) Increase
D) Decrease

4. Which of the following is additive, ie equal to the sum of its components

A) Incremental VaR
B) Conditional VaR
C) Specific VaR
D) Component VaR

5. A statement in the annual report of a bank states that the 10-day VaR at the 95% level of confidence at the end of the year is $253m. Which of the following is true:
I. The maximum loss that the bank is exposed to over a 10-day period is $253m.
II. There is a 5% probability that the bank's losses will not exceed $253m III. The maximum loss in value that is expected to be equaled or exceeded only 5% of the time is $253m IV. The bank's regulatory capital assets are equal to $253m

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

Solutions: