Risk Management in Financial Institutions
Exam Questions
Course Introduction
This course provides an in-depth exploration of risk management practices within financial institutions, focusing on the identification, assessment, and mitigation of various types of financial risks, including credit risk, market risk, operational risk, and liquidity risk. Students will examine the regulatory frameworks that govern risk management, such as Basel Accords, and learn how to implement risk measurement techniques including Value at Risk (VaR) and stress testing. The course also addresses the use of derivatives and other financial instruments for risk transfer, as well as the development of internal risk policies and governance structures. Through case studies and real-world examples, students will gain practical insights into the challenges and best practices financial institutions face in todays dynamic and complex environment.
Recommended Textbook
Financial Institutions Management A Risk Management Approach 9th Edition by Anthony Saunders
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Page 2
Chapter 1: Why Are Financial Institutions Special
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Sample Questions
Q1) Financial institutions act as intermediaries between suppliers and users of money.
A)True
B)False
Answer: True
Q2) The Federal Reserve mandates reserve requirements for depository institutions so that the DIs may provide payment services for the U.S. economy.
A)True
B)False
Answer: False
Q3) Regulation of FIs is an attempt to enhance the social welfare benefits and mitigate the social costs of providing FI services.
A)True
B)False
Answer: True
Q4) As of 2015, U.S. FIs held assets totaling over $29 trillion.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Financial Services: Depository Institutions
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Sample Questions
Q1) As a delegated monitor,an FI's actions reduce agency costs.
A)True
B)False
Answer: True
Q2) A major difference between banks and other nonfinancial firms is the low amount of leverage in commercial banks.
A)True
B)False
Answer: False
Q3) One of the primary reasons that investment banks were allowed to convert to bank holding companies during the recent financial crisis was recognition that A)their operating activities were too risky and they needed the cushion of bank deposits to alleviate funding risks.
B)the industry had acquired too much capital during the previous decade. C)bank holding companies needed the ability to underwrite new issues of corporate securities.
D)it was the only way an investment bank could qualify for federal bailout funds.
Answer: A
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Chapter 3: Financial Services: Finance Companies
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Sample Questions
Q1) Finance companies have enjoyed very high rates of growth because they
A)are willing to lend to riskier customers than commercial banks.
B)charge higher rates on lower risk loans.
C)do not have ties or affiliations with manufacturing firms.
D)face very high levels of regulation,which assures their success.
Answer: A
Q2) Personal credit institutions specialize in making equipment leases to consumers.
A)True
B)False
Answer: False
Q3) Compared to commercial banks,finance companies usually signal solvency and safety concerns by
A)holding higher leverage ratios.
B)holding a lower capital-asset ratio.
C)holding less liquid long-term assets.
D)holding a higher capital-asset ratio.
Answer: D
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Chapter 4: Financial Services: Securities Firms and Investment Banks
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Sample Questions
Q1) The dominant form of institutional venture capital firms operate as a A)Corporation.
B)Subsidiary of a financial company.
C)Bank holding company.
D)Limited partnership.
Q2) By 2015,there were approximately ________ securities firms and investment banks operating.
A)9,100
B)7,600
C)1,200
D)4,400
Q3) How much money does Rochester Industries receive?
A)$15,000,000.
B)$84,000,000.
C)$76,200,000.
D)$82,200,000.
Q4) Securities firms and investment banks engage in as many as seven key activity areas.
A)True B)False
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Chapter 5: Financial Services: Mutual Fund and Hedge Fund Companies
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Sample Questions
Q1) These types of funds mix hedge funds and other pooled investment vehicles.
A)Distressed securities funds.
B)Macro funds.
C)Value funds.
D)Opportunistic funds.
E)Fund of funds.
Q2) This practice is especially common in international funds as traders can exploit differences in time zones.
A)Directed brokerage.
B)Insider trading.
C)Late trading.
D)Market timing.
Q3) Mutual fund share distributions and transactions are supervised and cleared by the National Mutual Fund Association (NMFA).
A)True
B)False
Q4) Equity mutual funds may contain common stock,but not preferred stock.
A)True
B)False
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Chapter 6: Financial Services: Insurance Companies
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Sample Questions
Q1) Calculate the annual cash flows of a $500,000,12-year fixed-payment annuity earning a guaranteed 6 percent per year if annual payments are to begin at the end of the current year.
A)$59,638.51.
B)$56,262.75.
C)$29,819.26.
D)$83,841.52.
Q2) During the most recent financial crisis,life insurance companies with large proportions of separate accounts business were well-protected from the decline in the debt and equity markets.
A)True
B)False
Q3) Economies of scope represent the principal advantage of group life over ordinary life policies for insurance companies.
A)True
B)False
Q4) The policyholder can vary the premium payments on an endowment life policy.
A)True
B)False
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Chapter 7: Risks of Financial Institutions
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Sample Questions
Q1) The asymmetric return distribution (relatively high probability of anticipated return;lower probability of default)on risky debt exposes the FI to A)technology risk.
B)interest rate risk.
C)credit risk.
D)foreign exchange risk.
Q2) Credit risk and interest rate risk cannot affect insolvency risk.
A)True
B)False
Q3) The risk that many borrowers in a particular country fail to repay their loans as a result of a recession in that country relates to A)credit risk.
B)sovereign risk.
C)currency risk.
D)liquidity risk.
Q4) Similar to loans,non-government bonds expose a lender to principal payment default risk.
A)True B)False
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Chapter 8: Interest Rate Risk I
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Sample Questions
Q1) The economic insolvency of many thrift institutions during the 1980s was due,at least in part,to unexpected increases in interest rates.
A)True
B)False
Q2) Is the bank exposed to interest rate increases or decreases and why?
A)Interest rate increases because the value of its assets will rise more than its liabilities.
B)Interest rate increases because the value of its assets will fall more than its liabilities.
C)Interest rate decreases because the value of its assets will rise less than its liabilities.
D)Interest rate decreases because the value of its assets will fall more than its liabilities.
Q3) The cumulative one-year repricing gap (CGAP)for the bank is
A)$25 million.
B)$-140 million.
C)$15 million.
D)$-150 million.
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10
Chapter 9: Interest Rate Risk II
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Sample Questions
Q1) Marking-to-market accounting is a market value accounting method that reflects the purchase prices of assets and liabilities.
A)True
B)False
Q2) A $1,000 six-year Eurobond has an 8 percent coupon,is selling at par,and contracts to make annual payments of interest.The duration of this bond is 4.99 years.What will be the new price using the duration model if interest rates increase to 8.5 percent?
A)$23.10.
B)$976.90.
C)$977.23.
D)$1,023.10.
Q3) Calculate the duration of the liabilities to four decimal places.
A)2.05 years.
B)1.75 years.
C)2.22 years.
D)2.125 years.
Q4) All fixed-income assets exhibit convexity in their price-yield relationships.
A)True
B)False
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Chapter 10: Credit Risk: Individual Loan Risk
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Sample Questions
Q1) Onyx Corporation has a $200,000 loan that will mature in one year.The risk free interest rate is 6 percent.The standard deviation in the rate of change in the underlying asset's value is 12 percent,and the leverage ratio for Onyx is 0.8 (80 percent).The value for N(h1)is 0.02743,and the value for N(h2)is 0.96406. What is the current market value of the loan?
A)$160,000.
B)$189,932.
C)$200,000.
D)$188,352.
Q2) The traditional duration equation can be used to measure the capital at risk of a loan.
A)True
B)False
Q3) In terms of rating agencies such as S&P,investment grade companies are those whose bond ratings are grade B or above.
A)True
B)False
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Page 12
Chapter 11: Credit Risk: Loan Portfolio and Concentration
Risk
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Sample Questions
Q1) One advantage of portfolio diversification methods is that they are applicable to all FIs,regardless of their size.
A)True
B)False
Q2) LNW Bank is charging a 12 percent interest rate on a $5,000,000 loan.The bank also charged $100,000 in fees to originate the loan.The bank has a cost of funds of 8 percent.The borrower has a five percent chance of default,and if default occurs,the bank expects to recover 90 percent of the principal and interest. What is the risk of the loan using the Moody's Analytics model?
A)4.75 percent.
B)0.48 percent.
C)6.89 percent.
D)2.18 percent.
Q3) What is Bank A's standard deviation of its asset allocation proportions relative to the national banks average? Use the formula in the textbook.
A)7.23 percent.
B)10.89 percent.
C)18.71 percent.
D)19.15 percent.
Page 13
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Chapter 12: Liquidity Risk
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Sample Questions
Q1) Open-end mutual funds issue a fixed number of shares classified as liabilities.
A)True
B)False
Q2) What information does the net liquidity statement provide?
A)A long-term focus on liquidity.
B)Sources and uses of liquidity.
C)Net asset value.
D)Liquidity index information.
Q3) The assets of PC insurers are relatively short term and more liquid than those of life insurance companies.
A)True
B)False
Q4) Which of the following is NOT a primary source of liquidity?
A)Excess cash reserves over and above regulatory reserve requirements.
B)Borrowings in the money market.
C)Borrowings in the purchased funds market.
D)Capital notes and other long-term financing alternatives.
Q5) Most demand deposits stay at DIs for periods of two years or more.
A)True
B)False
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Chapter 13: Foreign Exchange Risk
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Sample Questions
Q1) In 2015,approximately _______ of the daily foreign exchange transactions occurred outside of the spot market?
A)35 percent
B)60 percent
C)15 percent
D)75 percent
Q2) The FI is acting as a FX market agent for its customers when it
A)buys or sells currency to balance the FI's net exposure.
B)takes a nonzero net position in a particular currency.
C)processes an exporter's transaction in a foreign currency.
D)makes a market in its domestic currency.
Q3) To transact all cross-currency trades,one must first convert both currencies into U.S.dollars.
A)True
B)False
Q4) U.S.pension funds invest approximately one percent (1%)of their portfolios in foreign securities.
A)True B)False
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Chapter 14: Sovereign Risk
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Sample Questions
Q1) Which of the following is NOT a reason why international loans are more likely to be rescheduled than international bonds?
A)Governments appear to view the social costs of default on bonds as less critical than on loans.
B)Many international loan contracts contain cross-default provisions that automatically put into default all loans by that country in the case of one default.
C)Banks receive no subsidies from major governments to make international loans.
D)Many international loan syndicates contain the same group of banks which increases the cohesiveness of loan renegotiations.
Q2) From the perspective of the lending FI,the risk of a well-diversified portfolio of loans should be less than weighted average risk of the individual loans.
A)True
B)False
Q3) In international finance,the variance of export revenue is based solely on the quantity of product available for export.
A)True
B)False
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Chapter 15: Market Risk
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Sample Questions
Q1) Market risk is the potential gain or loss caused by an adverse movement in market conditions.
A)True
B)False
Q2) The JPM RiskMetrics model is based on the assumption of a binomial distribution of asset returns.
A)True
B)False
Q3) The Value at Risk (VAR)provides information about the potential size of the expected loss given a level of probability.
A)True
B)False
Q4) A disadvantage of the historic or back simulation model for quantifying market risk includes
A)calculation of a standard deviation of returns is not required.
B)calculation of the correlation between asset returns is not required.
C)estimates of past returns used in the model may not be relevant to the current market returns.
D)it accounts for non-standard return distributions.
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Chapter 16: Off-Balance-Sheet Risk
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Sample Questions
Q1) Which of the following is the newest addition to the derivative securities markets?
A)Options contracts.
B)Futures contracts.
C)Swap agreements.
D)Forward contracts.
E)Credit derivatives.
Q2) Which of the following are contracts that give the holder the right,but not the obligation,to buy or sell an underlying asset at a pre-specified price for a specified time period?
A)Options.
B)Futures.
C)Forwards.
D)Swaps.
Q3) If a commercial bank engages in OBS activities,there are no additional capital requirements imposed by regulators.
A)True
B)False
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18
Chapter 17: Technology and Other Operational Risks
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Sample Questions
Q1) The initial steps of cross selling financial products can easily occur with computer technology.
A)True
B)False
Q2) If AC<sub>X + Y</sub> < AC<sub>X</sub> + AC<sub>Y</sub>,where AC is average production cost and X and Y are products,economies of scope are present.
A)True
B)False
Q3) How can noninterest operating expenses of an FI be reduced by improved technological efficiency?
A)By improving the efficiency of management of information flows.
B)By obtaining access to low cost sources of funds.
C)By linking services to the quality of the FI's technology.
D)By innovating new interest earning products.
Q4) Wholesale cash management services allow corporate customers to minimize cash balances and to monitor quickly cash transactions and balances.
A)True
B)False
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19
Chapter 18: Liability and Liquidity Management
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Q1) Because the minimum amount of a negotiable wholesale CD is $100,000,holders of these CDs are fully covered by FDIC insurance.
A)True
B)False
Q2) Federal funds are excess reserves held by the Federal Reserve Banks that are loaned to banks that have liquidity needs.
A)True
B)False
Q3) As of August 2015,required reserve ratios in the U.S.for demand deposits were
A)0 percent,3 percent,and 10 percent.
B)10 percent on all deposits.
C)3 percent on all deposits.
D)0 percent on all deposits.
Q4) In the U.S. ,cash reserves necessary to meet deposit reserve requirements typically include vault cash and cash deposits at the Federal Reserve Bank.
A)True
B)False
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Chapter 19: Deposit Insurance and Other Liability
Guarantees
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Q1) Under the option pricing model of deposit insurance,the cost of the insurance
A)decreases as the insured deposit base increases.
B)decreases as the period over which the insurance coverage extends is increased.
C)increases with the level of risk of the assets held by the DI increase.
D)decreases with market interest rates.
Q2) One of the overall objectives in using subordinated debt in addition to common stock for a DI's capital base is to improve market discipline of a DI's risk structure.
A)True
B)False
Q3) Explicit deposit insurance premiums applied by regulators can involve restricting and more closely monitoring the risky activities of banks.
A)True
B)False
Q4) The improved financial health of the FDIC during the 1990s resulted in a considerable reduction in deposit insurance premiums.
A)True
B)False
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Chapter 20: Capital Adequacy
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Sample Questions
Q1) The calculation of the risk-adjusted asset values of OBS market contracts
A)nearly always equals zero because the exchange over which the contract initially traded assumes all of the risk.
B)requires multiplication of the credit equivalent amounts by the appropriate risk weights.
C)requires the calculation of a conversion factor to create credit equivalent amounts.
D)All of the options.
E)requires multiplication of the credit equivalent amounts by the appropriate risk weights and the calculation of a conversion factor to create credit equivalent amounts.
Q2) The potential exposure component of the credit equivalent amount of OBS derivative items reflects
A)the probability of an adverse price movement in contracts.
B)the cost of replacing a contract if a counterparty defaults today.
C)the probability today of a counterparty contract default in the future.
D)the maximum price loss for any given position.
Q3) FDICIA required that banks and thrifts adopt the same capital requirements.
A)True
B)False
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22
Chapter 21: Product and Geographic Expansion
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Q1) The argument that mergers are valuable because they create revenue synergies is based on
A)the opportunity to expand into less than fully competitive markets.
B)the diversification effects of combining dissimilar asset and liability portfolios.
C)realizable economies of scope.
D)the enhancement of revenues by acquiring a bank in a growing market.
E)the opportunity to expand into less than fully competitive markets,the diversification effects of combining dissimilar asset and liability portfolios,and the enhancement of revenues by acquiring a bank in a growing market.
Q2) A disadvantage to international bank expansion is the potential increase in the monitoring and information collection costs in some overseas markets.
A)True
B)False
Q3) Which of the following is an advantage to an FI of expanding globally?
A)Exposure to nationalization or expropriation.
B)Economies of scale.
C)High fixed costs.
D)Costs of complying with different regulatory requirements.
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Page 23
Chapter 22: Futures and Forwards
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Q1) Hedging a specific on-balance-sheet cash position usually will only require more T-bill futures contracts than hedging the same cash position with T-bond futures contracts because the T-bond contract size is only 10 percent as large as large as the T-bill contract.
A)True
B)False
Q2) The use of futures contracts by banks is subject to risk-based capital guidelines through the off-balance-sheet risk calculations for risk-based capital.
A)True
B)False
Q3) Hedging effectiveness often is measured by the squared correlation between past changes in the spot asset prices and futures prices.
A)True
B)False
Q4) A futures contract has only one payment cash flow that occurs at the time of delivery.
A)True
B)False
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Chapter 23: Options, Caps, Floors, and Collars
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Sample Questions
Q1) Which of the following observations is NOT true?
A)Variance of bond prices is nonconstant over time.
B)Variance of bond prices rises at first and then falls as the bond approaches maturity.
C)As the bond approaches maturity,all price paths must lead to 100 percent of the face value of the bond.
D)As the bond approaches maturity,all price paths must lead to the principal paid by the issuer on maturity.
E)Variance of a bond's price or return increases as maturity approaches.
Q2) What is the advantage of a futures hedge over an options hedge?
A)The futures hedge has lower credit risk exposure.
B)The futures hedge reduces volatility in profit gains on both sides.
C)The futures hedge is marked to market less frequently.
D)The futures hedge offers the least downside risk protection.
Q3) The payoff values on bond options are directly related to the changes in interest rates.
A)True
B)False
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Chapter 24: Swaps
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Q1) A thrift has funded 10 percent fixed-rate assets with variable-rate liabilities at LIBOR + 2 (L + 2)percent.A bank has funded variable-rate assets with fixed-rate liabilities at 6 percent.The bank's variable-rate assets earn LIBOR + 1 (L + 1)percent.The thrift and the bank have reached agreement on an interest-rate swap with the fixed-rate swap payment at 6 percent and the variable-rate swap payment at LIBOR.
What will be the net after-swap yield on assets for the thrift?
A)Variable-rate at LIBOR.
B)Fixed-rate at 8 percent.
C)Fixed-rate at 1 percent.
D)Fixed-rate at 2 percent.
Q2) In terms of valuation,a 12-year interest rate swap can be can be considered in terms of
A)a series of option contracts.
B)a zero-coupon bond.
C)a U.S.Treasury STRIP.
D)bond-equivalent valuation.
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Chapter 25: Loan Sales
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Q1) Loan sales by an FI are another tool to manage credit risk of the FI.
A)True
B)False
Q2) The loan sales market in which an FI originates and sells a short-term loan of a corporation can be considered a close substitute to the issuance of commercial paper.
A)True
B)False
Q3) Which of the following is a reason for an FI to sell a residential real estate loan rather than securitize it through GNMA?
A)The loan is too large to meet securitization standards.
B)The loan is not insured by FHA or guaranteed by the VA.
C)The loan recipient's income cannot be verified.
D)The loan carries a non-standard adjustable interest rate.
E)All of the options.
Q4) Which of the following is NOT a reason for an FI to sell loans with recourse?
A)To reduce capital requirements.
B)To avoid credit risk exposure.
C)To control interest rate risk exposure.
D)To avoid regulatory scrutiny.
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Chapter 26: Securitization
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Q1) Which of the following is an example of a negative duration asset that is valuable as a portfolio-hedging device for an FI manager when included with regular bonds whose price-yield curves show the normal inverse relationship?
A)PO strip
B)IO strip
C)Class B bonds
D)Class Z bonds
Q2) Which of the following is not accomplished by securitization of assets?
A)Increases the liquidity of assets.
B)Provides a new source of funds.
C)Increases the costs of monitoring.
D)Decreases the duration of assets.
Q3) As of 2015,the amount of mortgage-backed securities outstanding was approximately
A)$2.9 trillion.
B)$5.1 trillion.
C)$7.8 trillion.
D)$11.0 trillion.
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