PRMIA 8004

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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. Which of the following was a key problem in the Barings Bank case?

A) Leeson was executing an arbitrage strategy even though he was not authorized to do so
B) Having the back office and front office operations under the same person
C) Difference in the contract sizes in the OSE and SIMEX
D) The different time zones that the office was trading in

2. MGRM's losses due to "stacking" started to increase when

A) the oil market went from strong contango to weak contango
B) the oil market went from weak backwardation to strong backwardation
C) the oil market went from contango to backwardation
D) the oil market went from backwardation to contango

3. Barings Bank and Orange County have many similarities. Which of the following is NOT a similarity?

A) Both relied on a star manger, supposedly in a low risk business.
B) Both losses grew over time, but were not discovered by management until too late.
C) Both traded in illiquid and obscure markets that were easy to manipulate.
D) Both losses were eventually exposed by massive margin calls.

4. According to the Group of 30 Report, option contracts:

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

5. Unlike the case at Barings Bank, National Australia Bank:

A) Had a separation of duties between trading and back office
B) Had a Board of Directors that was unaware of the true nature of trading activities
C) Had a risk management infrastructure that was credited with doing its' job well, despite the losses
D) Was not dealing in derivatives

Solutions: