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PRMIA 8004 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Standards & Practices | - Principles of Good Governance Principles, PRMIA - Standards of Best Practice, Conduct and Ethics, PRMIA Ethics Committee - Group of Thirty Best Practices, Global Derivatives Study Group - Bylaws of Professional Risk Managers' International Association, PRMIA |
| Topic 2: Case Studies | - Fannie Mae and Freddie Mac - WorldCom - Barings - Silicon Valley Bank - Bankers Trust - Lehman Brothers - Long Term Capital Management (LTCM) - American Insurance Group (AIG) - Northern Rock - FTX - Orange County - Washington Mutual (Wamu) - National Australia Bank (NAB) - FX Options - Metallgesellschaft - Operational Resilience at TSB |
PRMIA PRM Certification - Exam IV: Case Studies; Standards: Governance, Best Practices and Ethics Sample Questions:
Question 1
A risk manager finds that a client is engaged in a practice that looks like money laundering.
According to the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct), the risk manager should:
A. Respect the client's confidentiality as that takes precedence
B. Report the findings immediately to authorities
C. Report this conduct to their immediate supervisor
D. Approach the client about the concern, regardless of what their reaction might be
Question 2
According to LTCM managers:
A. Stress Testing was elaborate, complex and conducted on their entire portfolio. It included the assumptions of a major breakdown in historical correlations
B. Stress Testing was not necessary because their trades were hedged
C. Stress Testing looked at the 12 biggest deals with each of their top 20 counterparties
D. Stress Testing was not conducted
Question 3
Which of the following was NOT a factor in the Long Term Capital Management case?
A. Unwinding of liquid positions at the beginning of major losses
B. Inadequate separation of front and back offices
C. Changes/breakdowns in historical correlations
D. Model risk
Question 4
TMFI's internal procedures and management were
A. fully aware of the uninsured risks Fortress Re were taking
B. aware that they had some uninsured liabilities but thought they had enough capital to withstand any uninsured losses
C. absolutely unaware of their uninsured liabilities
D. None of the above
Question 5
Unlike the case at Barings Bank, National Australia Bank:
A. Had a risk management infrastructure that was credited with doing its' job well, despite the losses
B. Had a separation of duties between trading and back office
C. Was not dealing in derivatives
D. Had a Board of Directors that was unaware of the true nature of trading activities
Solutions:
| Question 1 Answer: C | Question 2 Answer: C | Question 3 Answer: B | Question 4 Answer: C | Question 5 Answer: B |
