PRMIA 8004 : PRM Certification - Exam IV: Case Studies; Standards: Governance, Best Practices and Ethics

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PRMIA 8004 Exam Syllabus Topics:

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

Question 1

A risk assessment report generated by a PRMIA member creates an apparent conflict of interest between the PRMIA standards and those of the client organization.
Of the following, which is the correct hierarchy to follow to resolve the conflict?
I The decision of a superior within the organization
II PRMIA Standards
III Guidelines from the regulators in which the organization operates
IV The laws of the country

A. IV, III, II, and I
B. I, II, III, and IV
C. III, II, IV, and I
D. II, I, IV, and III

Question 2

PwC concluded that the accounting policy adopted by China Aviation Oil was incorrect because it

A. used neither the intrinsic value nor the time value
B. only took into account the time value of the option (which includes recognizing the time left to maturity of the option, the volatility of the spot price of the underlying commodity, interest rates and other factors)
C. only regarded the intrinsic value (i.e. the difference between the strike price and the forward price of the underlying commodity) as the fair value of its options
D. took into account both the intrinsic value and the time value

Question 3

Which is NOT part of the guidance on Professional Conduct in the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct)?

A. Provide advice that is clear and accurate
B. Report to the Regulator any departures from generally accepted methodology or practices
C. Clearly inform all affected parties of any apparent or actual conflicts of interest
D. Know and abide by applicable rules and regulations

Question 4

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

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

Question 5

The Q4 2003 trading strategy of China Aviation Oil was

A. to sell puts and buy calls
B. to buy calls and sell puts
C. to buy puts and sell calls
D. to sell calls and buy puts

Solutions: