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GARP Financial Risk and Regulation (FRR) Series Sample Questions (Q57-Q62):

NEW QUESTION # 57
A bank owns a portfolio of bonds whose composition is shown below.

What is the modified duration of the portfolio?

A. 2.30
B. 1.30
C. 0.5
D. 8.5

Answer: C

Explanation:
* Calculate the weighted average of modified durations:
* The modified duration of the portfolio is a weighted average of the durations of the individual bonds, where the weights are the proportions of the total portfolio value.
* Calculate the total value of the portfolio: $200 MM (3-year floater) + $120 MM (5-year floater) +
$50 MM (10-year fixed) = $370 MM.
* Calculate the weights for each bond:
* 3-year floater: $200 MM / $370 MM = 0.5405
* 5-year floater: $120 MM / $370 MM = 0.3243
* 10-year fixed: $50 MM / $370 MM = 0.1351
* Multiply each bond's weight by its modified duration and sum the results:
* (0.5405 * 0.25) + (0.3243 * 0.25) + (0.1351 * 8) = 0.1351 + 0.0811 + 1.081 = 1.297
* Therefore, the weighted average modified duration is approximately 1.30.
ReferencesCalculation based on standard formula and weights derived from the table.

NEW QUESTION # 58
DeltaFin wants to develop a control scoring method for its RCSA program. Which of the following statements
regarding scoring methods are correct?
I. DeltaFin can develop a control scoring method that assesses both the design and the performance of the
control.
II. DeltaFin can combine the design and performance scores for each control to produce an overall control
effectiveness score.
III. DeltaFin can use the control performance scores to compute an overall risk severity score.
IV. DeltaFin can determine its own appropriate control scoring method.

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

Answer: C

NEW QUESTION # 59
Using the definitions used by JPMorgan Chase in their annual report, which of the following exposure types
would be considered as a non-trading risk exposure?
I. Short term equity investments
II. Loans held to maturity
III. Mortgage servicing rights
IV. Derivatives used to manage asset/liability exposure.

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

Answer: C

NEW QUESTION # 60
Which one of the following four statements regarding the basic Net Interest Income model is INCORRECT?

A. Effective repricing date can be different than contractual repricing.
B. Net interest income risk does not address the impact of changing interest rates on bank equity value.
C. The amount of intermediated funds can be a function of interest rate levels.
D. Assets and liabilities have the same interest rate sensitivities.

Answer: D

Explanation:
The basic Net Interest Income (NII) model assumes that assets and liabilities do not necessarily have the same interest rate sensitivities. Interest rate changes affect assets and liabilities differently, which is why managing the gap between rate-sensitive assets and liabilities is crucial for banks.

NEW QUESTION # 61
A corporate bond gives a yield of 6%. A same maturity government bond yields 2%. The probability of the
corporate bond defaulting is 2.5%. In case of default, investors expect to lose 60% of their investment. The
risk premium in the credit spread is:

A. 4.5%
B. 2.5%
C. 1.5%
D. 0.5%

Answer: B

NEW QUESTION # 62
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