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

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

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

2. 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) Was not dealing in derivatives
D) Had a risk management infrastructure that was credited with doing its' job well, despite the losses

3. Washington Mutual's acquisition of Long Beach Financial changed its business model and increased its credit loss profile because

A) Of a general deterioration of credit quality generally
B) the two banks were focussed in different markets
C) Long Beach Financial had losses which it hadn't realized at the time of the takeover
D) The resulting loss rate for Washington Mutual was more than 3 times higher than other mortgage lenders tracked by the FDIC

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

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

5. Which of the following are PRMIA Governance Principles?
I Sufficiency of Key Resources and Process
II State of the Art Risk Management Technology
III Ongoing Education and Discernment
IV Sufficiency of Key Competencies

A) I, III and IV only
B) I, II and IV only
C) I and II only
D) All of these are PRMIA Governance Principles

Solutions: