NO.1 Which one of the following four variables of the Black-Scholes model is typically NOT known at
a point in time?
A. The underlying relevant exchange rates
B. The underlying interest rates
C. The future volatility of the exchange rates
D. The time to maturity
Answer: C

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NO.2 To estimate the responsiveness of a particular equity portfolio to the overall market, a trader
should use the portfolio's
A. Alpha
B. Beta
C. CVaR
D. VaR
Answer: B

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NO.3 Which one of the four following non-statistical risk measures are typically not used to quantify
market risk?
A. Option sensitivities
B. Net closed positions
C. Convexity
D. Basis point values
Answer: B

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NO.4 Which of the following statements about endogenous and external types of liquidity are
accurate?
I. Endogenous liquidity is the liquidity inherent in the bank's assets themselves.
II. External liquidity is the liquidity provided by the bank's liquidity structure to fund its assets and
maturing liabilities.
III. External liquidity is the non-contractual and contingent capital supplied by investors to support
the bank in times of liquidity stress.
IV. Endogenous liquidity is the same as funding liquidity.
A. I, II
B. I, III
C. II, III
D. I, II, IV
Answer: B

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NO.5 A financial analyst is trying to distinguish credit risk from market risk. A $100 loan
collateralized with $200 in stock has limited ___, but an uncollateralized obligation issued by a large
bank to pay an amount linked to the long-term performance of the Nikkei 225 Index that measures
the performance of the leading Japanese stocks on the Tokyo Stock Exchange likely has more ___
than ___.
A. Legal risk; market risk; credit risk
B. Market risk; market risk; credit risk
C. Market risk; credit risk; market risk
D. Credit risk, legal risk; market risk
Answer: B

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NO.6 Which of the following are conclusions that could be drawn from the shape of the statistical
distribution of losses that a bank might incur over a future time period?
I. In most years a bank would look more profitable than it will be on average.
II. Most of the time a sufficiently well capitalized bank will appear over-capitalized.
III. Bad years do not come along very often, but when they do they lead to enormous losses.
A. I, II
B. I, III
C. II, III
D. I, II, III
Answer: D

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NO.7 Which one of the following four statements regarding counterparty credit risk is INCORRECT?
A. Counterparty credit risk refers to the inability to realize gains in a contract with a counterparty due
to its default.
B. The exposure at default is variable due to fluctuations in swap valuations.
C. The exposure at default can be negatively correlated to probability of default.
D. Dynamic collateral provisions often increase counterparty risk considerably.
Answer: B

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NO.8 How could a bank's hedging activities with futures contracts expose it to liquidity risk?
A. The futures hedge may not work due to the widening of basis which could result in a loss for the
bank.
B. Prices may move such that a loss results on the hedge.
C. Since futures require margins which are settled every day, the bank could find itself scrambling for
funds.
D. The bank could get exposed to liquidity risk since futures trade on an exchange.
Answer: C

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Exam Code: ICBRR
Exam Name: International Certificate in Banking Risk and Regulation (ICBRR)
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ICBRR Exam Questions Total Q&A: 342 Questions and Answers
Last Update: 09-06,2015

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