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The Global Association of Risk Professionals (GARP) offers an exam series known as the Financial Risk and Regulation (FRR) Series. The FRR Series is designed for professionals looking to enhance their knowledge in financial risk management and regulatory compliance. 2016-FRR exam series covers topics such as financial risk management, credit risk, market risk, operational risk, and regulatory compliance.

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GARP Financial Risk and Regulation (FRR) Series Sample Questions (Q129-Q134):

NEW QUESTION # 129
Which of the following attributes of duration gap model typically cause criticism?
I. Basis risk
II. Errors in the linear model
III. Costs of immunization
IV. Constant nature of calculation

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

Answer: D

Explanation:
The duration gap model often faces criticism due to basis risk (differences between the instruments used for hedging and the actual exposures), errors in the linear model (assuming a linear relationship between changes in interest rates and changes in bond prices), and costs of immunization (the expense associated with adjusting the portfolio to maintain a zero duration gap).

NEW QUESTION # 130
According to the principles of the Basel II Accord, which one of the following influences the implementation and relative weights of the elements of the operational risk framework?

A. The bank's culture
B. The bank's regulatory capital level
C. The bank's reporting currency
D. The bank's economic capital level

Answer: A

Explanation:
Comprehensive and Detailed In-Depth Explanation:
Basel II's operational risk framework (Pillar 1) emphasizes that a bank's culture significantly influences the design, implementation, and weighting of operational risk management elements (e.g., risk identification, controls, reporting). A strong risk-aware culture ensures effective governance and compliance with the framework's qualitative requirements (e.g., risk and control self-assessments). While regulatory capital (B) and economic capital (D) are outcomes of the framework, they don't drive its structure. The reporting currency (A) is irrelevant to operational risk management principles. GARP's FRR highlights culture as a foundational factor.
Reference:BCBS, "Basel II: International Convergence of Capital Measurement and Capital Standards," June
2006, para. 644-645; GARP FRR Study Notes, Operational Risk Section.

NEW QUESTION # 131
BetaFin has decided to use the hybrid RCSA approach because it believes that it fits its operational framework. Which of the following could be reasons to use the hybrid RCSA method?
I. BetaFin has previously created series of RCSA workshops, and the results of these workshops can be used to design the questionnaires.
II. BetaFin believes that using the questionnaire approach should be more useful.
III. BetaFin had used the questionnaire approach successfully for certain businesses and the workshop approach for others.
IV. BetaFin had already implemented a sophisticated RCSA IT-system.

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

Answer: C

Explanation:
BetaFin decided to use the hybrid RCSA approach because:
* They have previously created a series of RCSA workshops, and the results of these workshops can be used to design the questionnaires (I).
* They have successfully used the questionnaire approach for certain businesses and the workshop approach for others (III).

NEW QUESTION # 132
A bank customer expecting to pay its Brazilian supplier BRL 100 million asks Alpha Bank to buy Australian dollars and sell Brazilian reals. Alpha bank does not hold reals so it asks for a quote to buy Brazilian reals in the market. The market rate is 100. The bank quotes a selling rate of 101 to its customer and sells the reals at this quoted price. Then the bank immediately buys the real at the market rate and completes foreign exchange matched transaction. What is the financial impact of this transaction for Alpha bank?

A. This transaction leaves the bank a profit of BRL 10,101.
B. This transaction leaves the bank a loss of AUD 10,101.
C. This transaction leaves the bank a profit of AUD 10,101.
D. This transaction leaves the bank a loss of BRL 10,101.

Answer: C

Explanation:
To calculate the financial impact of this transaction for Alpha Bank, follow these steps:
* Customer Transaction:
* Alpha Bank sells BRL 100 million at a quoted rate of 101 to the customer.
* The customer pays in AUD: BRL100,000,000101=AUD990,099.0099rac{BRL 100,000,000}{101} = AUD 990,099.0099101BRL100,000,000=AUD990,099.0099.
* Market Transaction:
* Alpha Bank buys BRL 100 million at the market rate of 100.
* The cost in AUD is: BRL100,000,000100=AUD1,000,000rac{BRL 100,000,000}{100} = AUD
1,000,000100BRL100,000,000=AUD1,000,000.
* Profit Calculation:
* Alpha Bank's profit = Amount received from customer - Cost in the market
* Profit = AUD1,010,000#AUD1,000,000=AUD10,000AUD 1,010,000 - AUD 1,000,000 = AUD
10,000AUD1,010,000#AUD1,000,000=AUD10,000.
Thus, Alpha Bank makes a profit of AUD 10,000 from this transaction.
References
Source: How Finance Works

NEW QUESTION # 133
Which one of the following four statements regarding commodity derivative risks is INCORRECT?

A. Some commodities can be both in backwardation and a have a strong seasonal element.
B. Because of the different demand/supply balance in each region and the cost of transporting the oil
between regions, a tanker of Brent crude oil in the UK will have a different value to a UK buyer than a
tanker of Arab light crude oil in Singapore, which results in the basis risk.
C. Calendar spreads represent a special case of basis risk and occur when the relative prices of commodity
futures do not come in alignment and the trader becomes exposed to the absolute price movements.
D. In most commodities, the longest term contracts are the most volatile, while the shortest term forward
contract are the least volatile.

Answer: D

NEW QUESTION # 134
......

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