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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. 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)

2. 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) 80 to 120 errors in a day
B) 0 to 200 errors in a day
C) 90 to 110 errors in a day
D) 60 to 80 errors in a day

3. The standalone economic capital estimates for the three business units of a bank are $100, $200 and $150 respectively. What is the combined economic capital for the bank, assuming the risks of the three business units are perfectly correlated?

A) 269
B) 72500
C) 450
D) 21

4. The definition of operational risk per Basel II includes which of the following:
I. Risk of loss resulting from inadequate or failed internal processes, people and systems or from external events II. Legal risk III. Strategic risk IV. Reputational risk

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

5. A bank's detailed portfolio data on positions held in a particular security across the bank does not agree with the aggregate total position for that security for the bank. What data quality attribute is missing in this situation?

A) Data extensibility
B) Data integrity
C) Data completeness
D) Auditability

Solutions: