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GARP International Certificate in Banking Risk and Regulation (ICBRR) Sample Questions:

1. Using a forward transaction, Omega Bank buys 100 metric tones of aluminum for delivery in six-months' time. However, after two months, the bank becomes concerned with the potential fluctuations in aluminum prices and wants to hedge its potential exposure against a possible decline in aluminum prices. Which one of the following four strategies could the bank use to offset the risk from its current exposure to aluminum as it sets the price for selling the commodity in four-months' time?

A) Buy an aluminum futures contract
B) Sell an aluminum forward contract
C) Sell an aluminum futures contract
D) Buy an aluminum forward contract

2. Foreign exchange rates are determined by various factors. Considering the drivers of exchange rates, which one of the following changes would most likely strengthen the value of the USD against other foreign currencies?

A) The global demand for US products decreases
B) The expected US inflation rate increases
C) The US current account surplus increases
D) The economic performance in the US weakens

3. Which of the following attributes are typical for early models of statistical credit analysis?

A) These models assumed the default of any obligor was independent of the default of any other.
B) These models effectively incorporated herd behavior.
C) The underlying default assumptions were analytically inconvenient.
D) The underlying default assumptions failed to develop relatively simple formulas for the determination of portfolio credit risk.

4. Which one of the following four statements about hedging is INCORRECT?

A) For a fully hedged portfolio, any changes in markets prices will typically produce significant changes in the market value of the portfolio.
B) Traders can hedge their risks by taking an appropriate position in the underlying instrument.
C) A large number of hedge positions is generally required to match the underlying
transaction completely.
D) Traders can hedge their portfolio risks by taking a position in a different instrument.

5. A customer asks a broker employed by AlphaBank to buy Eureka Corporation bonds for her account. While this trade was executed correctly and the bonds were bought, the trade was mistakenly accounted for as a sell order. If the price of Eureka Corporation bonds goes up, this trade would result in a significantly larger loss than if the market had remained stable. However, if the market drops, the customer will benefit from the incorrect accounting and gain from this trade. This trading scenario can serve as an example that

A) Credit risk in this transaction can magnify operational risk.
B) Strategic risk in this transaction can magnify operational risk.
C) Liquidity risk in this transaction can magnify operational risk.
D) Market risk in this transaction can magnify operational risk.

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