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PRMIA 8008 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Risk Management Frameworks | 20% | - Regulatory Frameworks & Basel Accords - Enterprise Risk Management Principles - Risk Governance & Culture - Risk Measurement Methodologies |
| Operational Risk | 20% | - Definition & Scope - Risk Identification & Assessment - Capital Requirements & Advanced Measurement Approaches - Control & Mitigation Techniques |
| Counterparty Risk | 15% | - Potential Future Exposure - Netting, Collateral & Margining - Counterparty Credit Risk Fundamentals - Credit Value Adjustment (CVA) & Wrong-way Risk |
| Market Risk | 15% | - Regulatory Capital for Market Risk - Market Risk Factors & Drivers - Interest Rate, Equity, FX & Commodity Risk - Value-at-Risk (VaR) & Stress Testing |
| ALM & FTP | 10% | - Liquidity Risk Management - Asset-Liability Management Principles - Funds Transfer Pricing Methodology & Application - Interest Rate Risk in the Banking Book |
| Credit Risk | 20% | - Credit Risk Concepts - Exposure & Probability of Default - Loss Given Default & Credit Valuation Adjustment - Credit Risk Modeling & Capital Calculation |
PRMIA PRM Certification - Exam III: Risk Management Frameworks, Operational Risk, Credit Risk, Counterparty Risk, Market Risk, ALM, FTP - 2015 Edition Sample Questions:
A Bank Holding Company (BHC) is invested in an investment bank and a retail bank. The BHC defaults for certain if either the investment bank or the retail bank defaults. However, the BHC can also default on its own without either the investment bank or the retail bank defaulting. The investment bank and the retail bank's defaults are independent of each other, with a probability of default of 0.05 each. The BHC's probability of default is 0.11.
What is the probability of default of both the BHC and the investment bank? What is the probability of the BHC's default provided both the investment bank and the retail bank survive?
- A. 0.0475 and 0.10
- B. 0.05 and 0.0125
- C. 0.11 and 0
- D. 0.08 and 0.0475
Correct Answer: B π³οΈ
Explanation: Only visible for Prep4pass members. You can sign-up / login (it's free).
For a group of assets known to be positively correlated, what is the impact on economic capital calculations if we assume the assets to be independent (or uncorrelated)?
- A. The impact on economic capital cannot be determined in the absence of volatility information
- B. Estimates of economic capital go down
- C. Economic capital estimates remain the same
- D. Estimates of economic capital go up
Correct Answer: B π³οΈ
Explanation: Only visible for Prep4pass members. You can sign-up / login (it's free).
An investor holds a bond portfolio with three bonds with a modified duration of 5, 10 and 12 years respectively. The bonds are currently valued at $100, $120 and $150. If the daily volatility of interest rates is
2%, what is the 1-day VaR of the portfolio at a 95% confidence level?
- A. 165
- B. 163.11
- C. 370
- D. 115.51
Correct Answer: D π³οΈ
Explanation: Only visible for Prep4pass members. You can sign-up / login (it's free).
A risk management function is best organized as:
- A. integrated with the risk taking functions as risk management should be a pervasive activity carried out at all levels of the organization.
- B. reporting directly to the traders, as to be closest to the point at which risks are being taken
- C. a part of the trading desks and other risk taking teams
- D. report independently of the risk taking functions
Correct Answer: D π³οΈ
Explanation: Only visible for Prep4pass members. You can sign-up / login (it's free).
Which of the following are a CRO's responsibilities:
I. Statutory financial reporting
II. Reporting to the audit committee
III. Compliance with risk regulatory standards
IV. Operational risk
- A. All of the above
- B. I and II
- C. III and IV
- D. II and IV
Correct Answer: C π³οΈ
Explanation: Only visible for Prep4pass members. You can sign-up / login (it's free).
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