8009 시험 - PRMIA실제시험문제와 답 - 110문항

Question No : 1

Which of the following does NOT relate to the Orange County case?

A.Where there are excess rewards, there must be risks
B.The Know Your Customer rule
C.Strategies that are not possible to explain to third parties should not be employed by the risk averse
D.Fractured organisational structure and poor risk oversight mechanism make it easy for powerful individuals to hide risk in the gaps

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Question No : 2

The financial intermediary services provided by Fannie Mae and Freddie Mac were designed to

A.Offer loans directly to the consumer
B.Compete directly with banks in selling mortgaged to would-be home owners
C.Repackage mortgage loans made by banks and sell them on to investors as asset backed securities
D.Buy mortgage-backed loans for banks and keep them all on their books, using them as collateral for the US government to borrow

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Question No : 3

The problems in the Orange County case can best be characterized as failures related to:

A.Market Risk
B.Credit Risk
C.Operational and Regulatory Compliance Risk
D.All of the Above

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Question No : 4

An Organization as a Whole must:
I. Provide an environment in which an Escalation Policy can be effective
II. Commit itself to actual enforcement of corporate governance policies
III. Provide ongoing education and training to all employees on the role of risk management and corporate governance in the organization
IV. Publish an external auditor's opinion that the corporation is in compliance with the Board's publicly stated Standards of Corporate Governance

A.I, II and III only
B.I, III and IV only
C.I, II and IV only
D.All of these are expectations of the Organization as a Whole

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Question No : 5

According to the Group of 30 Report, option contracts:

A.Always generate credit risk to both counterparties
B.Create credit risk only for the buyer (due to default by the seller) provided the premium is due, and paid, at contract initiation
C.Create no credit risk, since the buyer need not exercise the option
D.Usually create credit risk only for the seller (to default by the buyer)

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Question No : 6

What is (are) the lesson(s) of the Barings' failure?

A.Incentive plans have risk management implications
B.Front and back offices need to be independent
C.Large profits can be an indicator of risk
D.All of the above

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Question No : 7

The hedging strategy employed by MG Refining & Marketing has been called:

A.Dynamic hedging
B.A stacked hedge
C.A differential hedge
D.Nothing because MG Refining & Marketing did not hedge its position

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Question No : 8

The "normal" credit loss profile of Washington Mutual was increased by which of the following?

A.The general downturn in the economy of the US
B.By lowering its own credit underwriting standards
C.Acquisitions like Long Beach and Providian
D.Catastrophic losses in its own credit card division

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Question No : 9

Which is NOT part of the guidance on Professional Conduct in the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct)?

A.Know and abide by applicable rules and regulations
B.Clearly inform all affected parties of any apparent or actual conflicts of interest
C.Report to the Regulator any departures from generally accepted methodology or practices
D.Provide advice that is clear and accurate

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Question No : 10

The Risk Management Infrastructure of an organization must:
I. To the extent possible, avoid silos of control and oversight
II. Have budgets set by the business unit leaders
III. Actively provide ongoing professional development for risk management staff and require them to be committed to standards of best practice, conduct and ethics in their work
IV. Provide general risk management and related corporate governance training for employees of the organization as a Whole

A.I only
B.I, III and IV only
C.I and III only
D.All of these are expected of the Risk Management Infrastructure

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Question No : 11

According to the Group of 30 Report, deriving aggregate potential credit exposure for a counterparty by adding up the potential exposure of multiple transactions:

A.Gives an accurate result in most cases
B.Captures portfolio effects but not tenor differences
C.Can easily reflect the impact of netting
D.Overstates exposure in most cases

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Question No : 12

Which of the following regarding Orange County is FALSE?

A.Bob Citron engaged in risky strategies to benefit personally
B.Bob Citron tried to "ride the yield curve"
C.Bob Citron heavily leveraged his positions using repos
D.Citron's losses were eventually exposed by massive margin calls

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Question No : 13

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.Approach the client about the concern, regardless of what their reaction might be
B.Respect the client's confidentiality as that takes precedence
C.Report this conduct to their immediate supervisor
D.Report the findings immediately to authorities

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Question No : 14

Select the one correct statement relative to Barings Bank.

A.Proprietary and agency trading were combined and therefore did not increase risk.
B.Proprietary and agency trading were separate and therefore did not increase risk.
C.Proprietary and agency trading were combined and therefore did increase risk.
D.Proprietary and agency trading were separate and did increase risk.

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Question No : 15

Taisei Fire and Marine Insurance Co

A.relied almost entirely on Fortress Re's management team for information on the risks in its portfolio
B.relied on the information it received from other members of the reinsurance pool to manage its risks
C.had a full understanding from Fortress Re of the risks in the pool
D.had a full understanding from other members of the pool of the pool's liabilities

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PRMIA 8009 시험