[2026] PRMIA Exam IV: Case Studies: Standards: Governance, Best Practices and Ethics - 2015 Edition

문제1

Boards, including Audit and Risk Committees must:
I. Clearly articulate the corporate risk appetite to senior management
II. Thoroughly review compensation plans of potentially "highly compensated positions" for consistency with corporate risk appetite, competitive market conditions and fiduciary responsibility to shareholders III. Have a single member formally given responsibility for understanding and reporting the effectiveness of the corporation's risk management infrastructure IV. Be fully accountable to shareholders and work to the benefit of public good and financial stability

A. I, II and IV only

B. All of these are responsibilities of Board and Audit Committees

C. I and II only

D. I, II and III only

정답: B

문제2

Which of the following was not received by Northern Rock as official support from the UK banking and government authorities?

A. The Bank of England's role as Lender-Of-Last-resort was activated at a penalty interest rate of 150 basis points above the Bank Rate

B. The Bank of England provided an additional unlimited facility secured on the collateral of all Northern Rock assets

C. The UK government offered to guarantee all existing and new retail deposits, and to most other creditors

D. A covert money market support operation designed to cover up the difficulties Northern Rock was facing

정답: D

문제3

Barings failed to recognize that Nick Leeson's losses were increasing because:

A. The London office did not ask for any reports

B. The margin report sent to London did not show the true margin needs

C. Leeson hid his trades in a suspense account

D. Leeson ran the front office

정답: C

문제4

Which of the following best characterizes the problems that developed at Bankgesellschaft Berlin?

A. A company culture where profits may justify "excesses."

B. Volume growth at the expense of margin.

C. Excessive reliance on volatile trading income.

D. Banking is a "for-profit" business, not a means of fulfilling political goals.

정답: D

문제5

The Chief Risk Officer is responsible for the management of the Risk Management Infrastructure, and as such helps the Board define, and then implements throughout the organization, the risk appetite of the organization.
Which of the following is also the responsibility of the Chief Risk Officer?

A. Acts as sponsor for risk throughout the organization and ensures that a risk culture is implemented, and maintained

B. ensuring that all employees understand the rules and regulations (both internal and external) with which they must comply and the implications, for them and for the organization, of non-compliance

C. Maintaining appropriate assurance measures to ensure that the Governance and Risk framework of the organization is effective, and, if any shortcomings are discovered, to escalate these to the Board so that remedial action can be taken in an appropriate and timely manner

D. Ensures that reporting of risk and governance-related matters are produced in a timely and accurate manner

정답: D

문제6

According to the PwC report China Aviation Oil, in order to avoid recording and reporting losses, the company adopted which approach covering up its losses?

A. selling long-term options with extremely high-risk profiles to generate premiums to cover the cost of closing out loss-making option positions

B. selling long-term options with extremely low-risk profiles to generate premiums to cover the cost of closing out loss-making option positions

C. selling short-term options with extremely low-risk profiles to generate premiums to cover the cost of closing out loss-making option positions

D. selling short-term options with extremely high-risk profiles to generate premiums to cover the cost of closing out loss-making option positions

정답: A

문제7

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. Can easily reflect the impact of netting

B. Overstates exposure in most cases

C. Captures portfolio effects but not tenor differences

D. Gives an accurate result in most cases

정답: B

문제8

According to the Group of 30 Report, important risks associated with dynamic hedging are:

A. Greater volatility than expected over the life of an option

B. Neither A nor B

C. Sudden gaps in market prices

D. Both A and B

정답: D

문제9

Which of the following should NOT be part of the Risk Management Infrastructure?

A. Be independently staffed and report to an employee who is on the Executive Committee (Operating Committee) but who is NOT a business unit leader

B. Include financial risk management, compliance and external reporting and, to the extent that resources allow, should exclude legal or accounting

C. Review continually the application of the Principles of Good Governance to the Risk Management Infrastructure, financial accounting and reporting infrastructure and the organization as a whole

D. Define the organization's definition of risk management as articulated by the Board in clear and uncertain terms

정답: C

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