Ultimate 2016-FRR Prep Guide & Exam 2016-FRR Simulator Free
Ultimate 2016-FRR Prep Guide & Exam 2016-FRR Simulator Free
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The FRR Series offered by GARP is an essential certification for professionals working in financial risk management or regulatory compliance. It covers a wide range of topics and is recognized as a mark of excellence by employers and colleagues. While preparing for the exams can be challenging, the knowledge and skills gained from studying for the FRR exams can help professionals improve their decision-making and risk management abilities.
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GARP Financial Risk and Regulation (FRR) Series Sample Questions (Q132-Q137):
NEW QUESTION # 132
Which one of the following four features is NOT a typical characteristic of futures contracts?
- A. Daily margin calls
- B. Fixed notional amount per contract
- C. Traded Over-the-counter only
- D. Fixed dates for delivery
Answer: C
NEW QUESTION # 133
Gamma Bank provides a $100,000 loan to Big Bath retail stores at 5% interest rate (paid annually). The loan is collateralized with $55,000. The loan also has an annual expected default rate of 2%, and loss given default at
50%. In this case, what will the bank's expected loss be?
- A. $1,300
- B. $500
- C. $1,000
- D. $750
Answer: C
Explanation:
To determine the bank's expected loss, we need to calculate the expected loss given default (LGD) and then use the annual expected default rate to find the total expected loss.
* Loan Amount (Exposure at Default, EAD): $100,000
* Collateral: $55,000
* Net Exposure (EAD - Collateral): $100,000 - $55,000 = $45,000
* Loss Given Default (LGD): 50% of Net Exposure =50%×$45,000=$22,500LGD
=50%×$45,000=$22,500
* Annual Expected Default Rate: 2%
* Expected Loss: Annual Expected Default Rate × LGD
Expected Loss=2%×$22,500=0.02×22,500=$450Expected Loss=2%×$22,500=0.02×22,500=$450 Hence, the expected loss due to default is $450, but we need to find the total expected loss including the interest, which is typically considered the exposure part.
Total expected loss is primarily focusing on the loan risk and the direct calculation of LGD × Default Rate.
NEW QUESTION # 134
Which of the following factors are typically included in standard operational risk definitions?
I. Human errors
II. Process failure
III. Systems failure
IV. Unexpected events
- A. I and II
- B. II and III
- C. I, II and III
- D. I and IV
Answer: C
Explanation:
Standard operational risk definitions typically include human errors (I), process failure (II), and systems failure (III). Unexpected events (IV) are generally considered in broader risk categories but are not standard elements of operational risk definitions.References:Standard operational risk definitions from Financial Risk and Regulation documents.
NEW QUESTION # 135
Which one of the following four statements about preferred shares is INCORRECT?
- A. Preferred shares refer to a class of securities that is a cross between equity and debt.
- B. Preferred shares represent residual of a corporation after its other liabilities have been paid.
- C. Preferred shares are subordinated to debt.
- D. Preferred shares can be perpetual or have maturities far exceeding debt maturities.
Answer: B
Explanation:
Preferred shares have specific characteristics that distinguish them from both common equity and debt:
* Cross between Equity and Debt: Preferred shares have features of both equity and debt. They typically pay fixed dividends (similar to interest payments on debt) but do not have voting rights (similar to debt holders).
* Subordination to Debt: In the event of liquidation, preferred shareholders are paid after debt holders but before common shareholders.
* Perpetual or Long Maturities: Preferred shares can be perpetual, meaning they have no maturity date, or
* have long maturities, often exceeding those of typical corporate bonds.
* Incorrect Statement - Residual Claim: The incorrect statement is that preferred shares represent the residual interest in the corporation after all other liabilities have been paid. In reality, this is the characteristic of common equity. Preferred shares have a higher claim on assets than common shares but are subordinate to all forms of debt.
NEW QUESTION # 136
The operational risk policy should include:
I. The firm's definition of risk
II. The governance of operational risk including who owns it, what it owns, and how issues should be
escalated
III. The main activities and elements that are managed by the operational risk function
- A. II, III
- B. I, II
- C. I, II, III
- D. I, III
Answer: C
NEW QUESTION # 137
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