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PRMIA 8008 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Counterparty Risk	15%	- Netting, Collateral & Margining - Potential Future Exposure - Counterparty Credit Risk Fundamentals - Credit Value Adjustment (CVA) & Wrong-way Risk
Topic 2: Credit Risk	20%	- Credit Risk Modeling & Capital Calculation - Credit Risk Concepts - Exposure & Probability of Default - Loss Given Default & Credit Valuation Adjustment
Topic 3: ALM & FTP	10%	- Asset-Liability Management Principles - Interest Rate Risk in the Banking Book - Liquidity Risk Management - Funds Transfer Pricing Methodology & Application
Topic 4: Operational Risk	20%	- Control & Mitigation Techniques - Capital Requirements & Advanced Measurement Approaches - Definition & Scope - Risk Identification & Assessment
Topic 5: Market Risk	15%	- Interest Rate, Equity, FX & Commodity Risk - Value-at-Risk (VaR) & Stress Testing - Regulatory Capital for Market Risk - Market Risk Factors & Drivers
Topic 6: Risk Management Frameworks	20%	- Risk Governance & Culture - Risk Measurement Methodologies - Regulatory Frameworks & Basel Accords - Enterprise Risk Management Principles

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 is the best description of the spread premium puzzle:

A) The spread premium puzzle refers to observed default rates being much less than implied default rates, leading to lower credit bonds being relatively cheap when compared to their actual default probabilities
B) The spread premium puzzle refers to AAA corporate bonds being priced at almost the same prices as equivalent treasury bonds without offering the same liquidity or guarantee as treasury bonds
C) The spread premium puzzle refers to dollar denominated non-US sovereign bonds being priced a at significant discount to other similar USD denominated assets
D) The spread premium puzzle refers to the moral hazard implicit in the monoline insurance market

2. Under the contingent claims approach to credit risk, risk increases when:
I. Volatility of the firm's assets increases
II. Risk free rate increases
III. Maturity of the debt increases

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

3. The probability of default of a security during the first year after issuance is 3%, that during the second and third years is 4%, and during the fourth year is 5%. What is the probability that it would not have defaulted at the end of four years from now?

A) 88.53%
B) 12.00%
C) 84.93%
D) 88.00%

4. When modeling severity of operational risk losses using extreme value theory (EVT), practitioners often use which of the following distributions to model loss severity:
I. The 'Peaks-over-threshold' (POT) model
II. Generalized Pareto distributions
III. Lognormal mixtures
IV. Generalized hyperbolic distributions

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

5. Which of the following statements are true:
I. A high score according to Altman's Z-Score methodology indicates a lower default risk II. A high score according to the Probit or Logit models indicates a higher default risk III. A high score according to Altman's Z-Score methodology indicates a higher default risk IV. A high score according to the Probit or Logit models indicates a lower default risk

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

Solutions:

Question # 1
Answer: A

Question # 2
Answer: D

Question # 3
Answer: C

Question # 4
Answer: B

Question # 5
Answer: C