PRMIA 8009 : Exam IV: Case Studies: Standards: Governance, Best Practices and Ethics - 2015 Edition

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

1. Which of the following is FALSE?

A) SIMEX made inquiries to Barings Bank about large margin calls on its positions
B) Nick Leeson claimed to be running an arbitrage book
C) Nick Leeson dealt in complex derivatives lacking transparency of pricing
D) Nick Leeson also ran the back office for his trading area

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

3. 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 and II only
B) I, II and IV only
C) I, II and III only
D) All of these are responsibilities of Board and Audit Committees

4. Which of the following was NOT a factor in the WorldCom collapse?

A) Over stating actual sales
B) Failed corporate governance
C) Unfair pricing to customers
D) Accounting abuses

5. Taisei Fire and Marine Insurance Co

A) relied on the information it received from other members of the reinsurance pool to manage its risks
B) had a full understanding from Fortress Re of the risks in the pool
C) had a full understanding from other members of the pool of the pool's liabilities
D) relied almost entirely on Fortress Re's management team for information on the risks in its portfolio

Solutions: