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PRMIA Exam IV: Case Studies: Standards: Governance, Best Practices and Ethics - 2015 Edition Sample Questions:

1. According to the Northern Rock Case Study, what is Forced Insolvency?

A) The bank is legally solvent but its current funding costs (which are likely to continue) exceed the average rate of return on its assets and hence it would soon become insolvent as it would be making losses and would eventually exhaust its equity capital
B) The bank is insolvent in that the current value of its assets (measured at book value) is less than the value of its liabilities; thus even if the bank were to liquidate all of its assets it would not be able to repay all depositors and other creditors
C) The bank is legally solvent but if, because it cannot fund its operations, it is forced to liquidate assets it could do so only at less than nominal values (fire sale) and this would make it legally insolvent (value of assets falls below those of liabilities)
D) The bank is solvent in that the current value of its assets (measured at book value) is more than the value of its liabilities; so even if the bank were to liquidate all of its assets it would be able to repay all depositors and other creditors

2. Mary Jones wants the Bylaws of PRMIA to be changed so that people can't join PRMIA unless they meet a set of criteria she has devised with her colleagues. She can do this by getting which of the following approvals:

A) The Board of Directors and a majority of the Members
B) The Board of Directors, but only if the Blue Ribbon Panel affirms the change
C) 34 of all Members
D) The Board of Directors alone

3. When describing the reasons for the collapse of China Aviation Oil, which of the following was not cited?

A) No properly defined risk management policies in place and general lack of oversight by senior management
B) Time value was not taken into account during the contract valuation process
C) Loss generating positions were rolled over by selling options on larger positions to generate cash premiums' to settle existing position losses
D) Senior management in China were aware of the positions but did not understand the complexities of risk managing them

4. The Fortress Re accounting risk transfer procedures

A) made it straightforward for TFMI to determine whether risk had actually been transferred and they decided not to take out more catastrophe insurance cover
B) made it difficult for TFMI to determine whether risk had actually been transferred so they had to take out additional catastrophe insurance cover
C) made it straightforward for TFMI to determine when the risk had been transferred and to take out additional catastrophe insurance cover
D) made it difficult for TFMI to determine whether risk had actually been transferred and whether it had sufficient catastrophe insurance cover

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

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

Solutions: