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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. A risk analyst attempting to model the tail of a loss distribution using EVT divides the available dataset into blocks of data, and picks the maximum of each block as a data point to consider.
Which approach is the risk analyst using?

A) Peak-over-thresholds approach
B) Expected loss approach
C) Block Maxima approach
D) Fourier transformation

2. If A and B be two uncorrelated securities, VaR(A) and VaR(B) be their values-at-risk, then which of the following is true for a portfolio that includes A and B in any proportion. Assume the prices of A and B are log-normally distributed.

A) VaR(A+B) > VaR(A) + VaR(B)
B) VaR(A+B) < VaR(A) + VaR(B)
C) The combined VaR cannot be predicted till the correlation is known
D) VaR(A+B) = VaR(A) + VaR(B)

3. The Basel framework does not permit which of the following Units of Measure (UoM) for operational risk modeling:
I. UoM based on legal entity
II. UoM based on event type
III. UoM based on geography
IV. UoM based on line of business

A) II only
B) III only
C) None of the above
D) I and IV

4. The probability of default of a security over a 1 year period is 3%. What is the probability that it would not have defaulted at the end of four years from now?

A) 88.00%
B) 88.53%
C) 11.47%
D) 12.00%

5. When fitting a distribution in excess of a threshold as part of the body-tail distribution method described by the equation below, how is the parameter 'p' calculated.

Here, F(x) is the severity distribution. F(Tail) and F(Body) are the parametric distributions selected for the tail and the body, and T is the threshold in excess of which the tail is considered to begin.

A) If there are N observations, of which K are up to T, then p = k/N
B) p is a function of the reporting threshold and determined by the log-likelihood functional
C) p is a parameter estimated using either the sum of least squares or maximum likelihood estimation
D) If there are K observations up to the tail threshold, then p = k*n

Solutions: