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PRMIA 8004 Exam Syllabus Topics:

PRMIA PRM Certification - Exam IV: Case Studies; Standards: Governance, Best Practices and Ethics Sample Questions:

1. According to the Northern Rock Case Study, what is Forced Insolvency?

A) The bank is legally solvent but if, because it cannot fund its operations, it is forced to liquidate assets it could do so only at less than nominal values (fire sale) and this would make it legally insolvent (value of assets falls below those of liabilities)
B) The bank is legally solvent but its current funding costs (which are likely to continue) exceed the average rate of return on its assets and hence it would soon become insolvent as it would be making losses and would eventually exhaust its equity capital
C) The bank is solvent in that the current value of its assets (measured at book value) is more than the value of its liabilities; so even if the bank were to liquidate all of its assets it would be able to repay all depositors and other creditors
D) The bank is insolvent in that the current value of its assets (measured at book value) is less than the value of its liabilities; thus even if the bank were to liquidate all of its assets it would not be able to repay all depositors and other creditors

2. The "Renewing the Dream" program signed into law by President George W Bush in 2002 was designed to

A) Recapitalise Fannie Mae and Freddie Mac with US$2.4 billion of additional capital to ensure they weathered the risks associated with any future downturn in the housing markets
B) Allow risky, high-cost loans to be credited towards affordable housing goals
C) Provide grants of US$800 million to help home buyers with down-payment and closing costs
D) Provide tax credits of nearly US$2.4 billion over the next 5 years to investors and builders who developed affordable single-family housing in poor and distressed areas

3. A risk manager has just completed a risk assessment project. The report has been given to the risk manager's direct supervisor, who refuses to escalate the material issues raised in the report. Further, the direct supervisor edits the report to remove the section describing the material risk, who then submits it to the firm's Executive Committee.
According to the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct), which of the following actions is most appropriate:

A) The risk manager should attempt to resolve the conflict with the direct supervisor, but if that does not work, they should contact the Whistle-Blowing Hotline of the organization. If no such hot-line is in place, they should contact the PRMIA Ethics Committee
B) If the risk manager deems it appropriate, he / she should send a copy of the original report to the CEO
C) Escalation of the issue is against the Code of Conduct because one should respect the administrative structure of the organization
D) The risk manager has submitted the report to their direct supervisor and their obligation ends at this point, nothing further should be done

4. A VaR model for managing market risk at Barings Bank in London would most likely have:

A) Alerted senior management to the problems before the major losses occurred
B) Been used if senior management had ever seen it
C) Not correctly assessed the risk in Nick Leeson's option trades as they have non-linear price characteristics
D) Helped very little as Nick Leeson hid many trades

5. A PRMIA member is offered a highly paid work assignment on the condition that some aspects of assignment are not to be done according to PRMIA standards.
What should they do?

A) Perform the assignment, noting in the final report the standards to which the assignment was done
B) Accept the assignment, produce and deliver two reports according to both standards
C) The PRMIA member should place the integrity of the risk management profession and users of risk management above their own personal interests, and refuse the work
D) Accept the assignment, and prior to doing any work, report the conflict of interest to the organization's compliance department

Solutions: