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Question # 4

The problems at WorldCom can best be characterized as related to:

A.

Market Risk

B.

Credit Risk

C.

Operational and Regulatory Compliance Risk

D.

All of the Above

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Question # 5

Select the one correct statement relative to Barings Bank.

A.

Proprietary and agency trading were combined and therefore did not increase risk.

B.

Proprietary and agency trading were separate and therefore did not increase risk.

C.

Proprietary and agency trading were combined and therefore did increase risk.

D.

Proprietary and agency trading were separate and did increase risk.

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Question # 6

Which US regulatory authority resolved the restructuring of Washington Mutual?

A.

The Office of Thrift Supervision

B.

Federal Deposit Insurance Corporation

C.

The Federal Reserve Bank

D.

None of the above

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Question # 7

The retrocession insurance cover was provided by

A.

Fortress Re and other insurers

B.

The Fortress Re reinsurers only

C.

The fronting insurance companies

D.

Fortress Re and their reinsurers

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Question # 8

Which of the following should NOT be part of the Risk Management Infrastructure?

A.

Define the organization's definition of risk management as articulated by the Board in clear and uncertain terms

B.

Include financial risk management, compliance and external reporting and, to the extent that resources allow, should exclude legal or accounting

C.

Be independently staffed and report to an employee who is on the Executive Committee (Operating Committee) but who is NOT a business unit leader

D.

Review continually the application of the Principles of Good Governance to the Risk Management Infrastructure, financial accounting and reporting infrastructure and the organization as a whole

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Question # 9

Barings Bank and Orange County have many similarities. Which of the following is NOT a similarity?

A.

Both relied on a star manger, supposedly in a low risk business.

B.

Both losses grew over time, but were not discovered by management until too late.

C.

Both traded in illiquid and obscure markets that were easy to manipulate.

D.

Both losses were eventually exposed by massive margin calls.

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Question # 10

TMFI's internal procedures and management were

A.

fully aware of the uninsured risks Fortress Re were taking

B.

absolutely unaware of their uninsured liabilities

C.

aware that they had some uninsured liabilities but thought they had enough capital to withstand any uninsured losses

D.

None of the above

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Question # 11

For the sentence

"The organization should have at its disposal employees who have adequate _________, ________ and _______ to perform the tasks assigned to them",

Choose the correct combination of words from the following options:

A.

knowledge, skills, expertise

B.

experience, skills, previous successes

C.

risk appetite, knowledge, expertise

D.

track record, expertise, skills

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Question # 12

The condition where futures prices of an underlying asset are lower than cash (spot) prices is known as:

A.

Backwardation

B.

Contango

C.

Reverse backwardation

D.

Conchacha

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Question # 13

Which of the following was a key problem in the Barings Bank case?

A.

Having the back office and front office operations under the same person

B.

Difference in the contract sizes in the OSE and SIMEX

C.

The different time zones that the office was trading in

D.

Leeson was executing an arbitrage strategy even though he was not authorized to do so

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Question # 14

Which of the following was not received by Northern Rock as official support from the UK banking and government authorities?

A.

A covert money market support operation designed to cover up the difficulties Northern Rock was facing

B.

The Bank of England's role as Lender-Of-Last-resort was activated at a penalty interest rate of 150 basis points above the Bank Rate

C.

The UK government offered to guarantee all existing and new retail deposits, and to most other creditors

D.

The Bank of England provided an additional unlimited facility secured on the collateral of all Northern Rock assets

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Question # 15

Which of the following was NOT a factor in the WorldCom collapse?

A.

Failed corporate governance

B.

Accounting abuses

C.

Unfair pricing to customers

D.

Over stating actual sales

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Question # 16

The problems at Bankgesellschaft Berlin can best be characterized as failures related to:

A.

Market Risk

B.

Credit Risk

C.

Operational Risk

D.

Both B and C

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