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

1. With respect to the Purpose of Professional Standards, in the event of any difference in standards between local laws/rules and those of PRMIA, members must

A) use their best judgment
B) abide by the applicable laws, rules, and regulations of PRMIA and any government and/or regulatory bodies
C) refer the matter to their supervisor
D) comply with the higher standard under all circumstances

2. The problems which initiated the crisis at Northern Rock during the summer of 2007 were:

A) A general lack of confidence in mortgage backed securities associated in large part with developments in the US sub-prime mortgage market, and doubts emerging about the viability of the Northern Rock business model
B) A depositor run on the bank, following doubts about the viability of the Northern Rock business model
C) Doubts arising about the viability of the business model which necessitated Bank of England intervention
D) Large customer withdrawals despite the UK regulator and the UK Treasury giving assurances that the bank was solvent

3. A risk manager is asked to analyze the credit risk of a convertible bond. The risk manager has never analyzed convertible bonds, but does have significant expertise in credit risk. The risk manager accepts the assignment, finds a paper on the subject through the PRMIA web site and copies the method used there. The risk manager completes the assignment and delivers a report to his or her direct supervisor and the supervisor is quite pleased.
According to the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct), this was acceptable behavior if the following conditions were met:
I. The risk manager disclosed the lack of knowledge about convertible bonds II. The methodology employed is disclosed and explained III. The report was just to be used for analysis and not in practice IV. The risk manager was sure of his/her understanding of the paper found on the web

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

4. The Financial Accounting and Reporting Infrastructure of any organization must:
I. Accurately represent the corporation's current and known financial condition in a timely manner II. Only use off-balance sheet transactions which have a legitimate economic, tax, risk transfer or risk mitigating purpose III. Provide a detailed description of the Risk Management Infrastructure in the organization's Annual Report to Shareholders IV. Provide an auditable Annual Statement of Compliance with the Board's publicly stated Standards of Corporate Governance to the Board and Audit Committee

A) I and III only
B) All of these are expected of the Financial Accounting and Reporting Infrastructure
C) I, III and IV only
D) I, II and III only

5. According to the Group of 30 Report, dealers and end-users are encouraged to:

A) Use a single master trading agreement as widely as possible with each counter party.
B) Use one trading agreement for foreign exchange forwards and another for foreign exchange options.
C) Use separate trading agreements for interest rate derivatives, equity derivatives and foreign exchange transactions.
D) Use a common trading agreement for interest rate and equity derivatives but a separate agreement for foreign exchange transactions.

Solutions: