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GARP International Certificate in Banking Risk and Regulation (ICBRR) Sample Questions:

1. A corporate bond was trading with 2%probability of default and 60% loss given default. Due to the credit crisis the probability of default increased to 10% and the loss given default increased to 100%. Assuming that the risk premium remained the same how did the credit spread change?

A) Increased by 1000 basis points
B) Increased by 1120 basis points
C) Decreased by 880 basis points
D) Increased by 880 basis points

2. Which one of the following four statements correctly defines an option's delta?

A) Delta measures the impact of volatility on the price of an option.
B) Delta measures the expected decline in option with time and is usually expressed in years.
C) Delta is the multiplier that best approximates the short-term change in the value of an option.
D) Delta measures the effect of 1 bp in interest rate change on the option price.

3. A risk analyst is considering how to reduce the bank's exposure to rising interest rates. Which of the following strategies will help her achieve this objective?
I. Reducing the average repricing time of its loans
II. Increasing the average repricing time of its deposits
III. Entering into interest rate swaps
IV.
Improving earnings capacity and increasing intermediated funds

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

4. Which of the following risk measures are based on the underlying assumption that interest rates across all maturities change by exactly the same amount?
I. Present value of a basis point.
II. Yield volatility.
III. Macaulay's duration.
IV.
Modified duration.

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

5. In analyzing market option pricing dynamics, a risk manager evaluates option value changes throughout the entire trading day. Which of the following factors would most likely affect foreign exchange option values?
I. Change in the value of the underlying
II. Change in the perception of future volatility
III. Change in interest rates
IV.
Passage of time

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

Solutions: