Risk Management in Financial Institutions
Textbook Exam Questions
Course Introduction
This course explores the fundamental principles and practices of risk management as applied within financial institutions. It covers the identification, assessment, and mitigation of various types of risks including credit risk, market risk, operational risk, and liquidity risk faced by banks, investment firms, and insurance companies. Students will analyze regulatory frameworks such as Basel Accords, learn about risk measurement tools and methodologies, and examine real-world case studies to understand the challenges and strategies for managing financial risk in a complex and dynamic environment. Through lectures and practical exercises, the course equips students with the knowledge to design and implement effective risk management systems and to make informed decisions to safeguard institutional stability and integrity.
Recommended Textbook
Financial Institutions Management 5th Canadian Edition by Anthony Saunders
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Page 2
Chapter 1: Why Are Financial Institutions Special
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Sample Questions
Q1) Why do households prefer to use FIs as intermediaries to invest their surplus funds?
A)Transaction costs are low to the household since FIs are more efficient in monitoring and gathering investment information.
B)To receive the benefits of diversification that households may not be able to achieve on their own.
C)The FI has can benefit from combining funds and negotiating lower asset prices and transactions costs.
D)The FI can provide insurance at relatively low cost that will protect funds under management.
E)All of these.
Answer: E
Q2) If not done by FIs, the process of monitoring the actions of borrowers would reduce the attractiveness and increase the risk of investing in corporate debt and equity by individuals.
A)True
B)False
Answer: True
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Chapter 2: Deposit-Taking Institutions
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Sample Questions
Q1) The primary regulators of Canadian banks are
A)the Federal Reserve and CDIC.
B)OSFI and CDIC.
C)CDIC and the Bank of Canada.
D)the Bank of Canada and the Canadian Payments Association.
E)OSFI and the Bank of Canada.
Answer: B
Q2) The use of off-balance-sheet activities allows banks to practice regulatory tax-avoidance.
A)True
B)False
Answer: True
Q3) Which of the following currently manages the insurance fund for banks and some credit unions?
A)CDIC.
B)FDIC.
C)OSFI.
D)FSB.
E)Provincial and territorial governments.
Answer: A
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Chapter 3: Finance Companies
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Sample Questions
Q1) As a percent of assets, finance companies currently rely more heavily on commercial paper as a source of financing than in 1977.
A)True
B)False
Answer: False
Q2) Equipment leasing to customers is a function of business credit institutions.
A)True
B)False Answer: True
Q3) Sales finance institutions compete directly with deposit-taking institutions for consumer loans.
A)True
B)False Answer: True
Q4) Finance companies are subject to regulations that restrict the types of products and services they can offer to small business customers.
A)True
B)False Answer: False
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Chapter 4: Securities, Brokerage, and Investment Banking
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Sample Questions
Q1) One of the primary reasons that U.S. 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. E)the U.S. Federal Reserve was unable to purchase troubled assets from investment banks, but they could from bank holding companies.
Q2) Market making involves creating a primary market in a financial asset. A)True B)False
Q3) Agency transactions of market makers are two-way transactions on behalf of customers
A)True B)False
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6
Chapter 5: Mutual Funds, Hedge Funds, and Pension Funds
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Sample Questions
Q1) Closed-end investment companies
A)have a fixed number of shares.
B)can trade at a price that is greater than, equal to, or less than the NAV.
C)will trade at a different price as the number of shares of the fund changes.
D)have a fixed number of shares, and will trade at a different price as the number of shares in the fund changes.
E)have a fixed number of shares and can trade at a price that is greater than, equal to, or less than the NAV.
Q2) An open-ended fund has stocks of three companies: 200 shares of IBM currently valued at $50.00, 100 shares of GE currently values at $20 and 100 shares of Digital currently valued at $30. The fund has 500 shares outstanding. What is the net asset value (NAV) of the fund?
A)$30.00.
B)$60.00.
C)$120.00.
D)$12.00.
E)$37.50.
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Page 7
Chapter 6: Insurance Companies
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Sample Questions
Q1) An insurance policy in which fixed premium payments are invested in mutual funds of stocks, bonds, and money market instruments is called
A)term life.
B)universal life.
C)whole life.
D)endowment life.
E)variable life.
Q2) Higher uncertainty of losses forces property & casualty firms to
A)invest in more short-term assets than life insurance firms.
B)invest in more long-term assets than life insurance firms.
C)hold a lower percentage of capital and reserves than life insurance firms.
D)invest in riskier equity securities than life insurance firms.
E)conduct more separate accounts business than life insurance firms.
Q3) Annuities offered by life insurance companies are a financial contract that
A)is used to build up a fund.
B)pays only fixed returns to groups of employees.
C)is used to liquidate a fund.
D)pays only variable returns to individuals.
E)None of these.
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Page 8
Chapter 7: Risks of Financial Institutions
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Sample Questions
Q1) Holding corporate bonds with fixed interest rates involves A)default risk only.
B)interest rate risk only.
C)liquidity risk and interest rate risk only.
D)default risk and interest rate risk.
E)default and liquidity risk only.
Q2) Many of the various risks faced by an FI often are interrelated with each other.
A)True
B)False
Q3) The risk that interest income will increase at a slower rate than interest expense is A)credit risk.
B)political risk.
C)currency risk.
D)interest rate risk.
E)liquidity risk.
Q4) An FI that is short-funded faces the risk that the return of reinvesting assets could exceed the cost of funding those assets.
A)True B)False
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Chapter 8: Interest Rate Risk I
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Sample Questions
Q1) Retail savings accounts are considered as part of rate sensitive liabilities because the rates on these accounts rarely change.
A)True B)False
Q2) The maturity gap for a bank is the weighted average maturity of the assets minus the weighted average maturity of the liabilities.
A)True B)False
Q3) An increase in interest rates
A)increases the market value of the FI's financial assets and liabilities.
B)decreases the market value of the FI's financial assets and liabilities.
C)decreases the book value of the FI's financial assets and liabilities.
D)increases the book value of the FI's financial assets and liabilities.
E)has no impact on the market value of the FI's financial assets and liabilities.
Q4) A bank with a negative repricing (or funding) gap faces refinancing risk.
A)True B)False
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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) In most countries FIs report their balance sheet using market value accounting.
A)True
B)False
Q3) What is the duration of an 8 percent annual payment two-year note that currently sells at par?
A)2 years.
B)1.75 years.
C)1.93 years.
D)1.5 years.
E)1.97 years.
Q4) The immunization of a portfolio against interest rate risk means that the portfolio will neither gain nor lose value when interest rates change.
A)True
B)False
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Page 11
Chapter 10: Credit Risk: Individual Loans
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Sample Questions
Q1) LIBOR, the London Interbank Offered Rate, is the rate for short-term interbank dollar loans in the domestic money-center bank market.
A)True
B)False
Q2) The duration of a soon to be approved loan of $10 million is four years. The 99<sup>th</sup> percentile increase in risk premium for bonds belonging to the same risk category of the loan has been estimated to be 5.5 percent. What is the estimated risk-adjusted return on capital (RAROC) of this loan.
A)6.36 percent.
B)7.00 percent.
C)7.13 percent.
D)10.55 percent.
E)25.45 percent.
Q3) Default by a large corporation is seldom a problem for FIs since these corporations have many different sources of borrowed funds.
A)True
B)False
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Chapter 11: Credit Risk: Loan Portfolio and Concentration
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Sample Questions
Q1) In models that are based on loan loss ratios, a that is found to be less than one for a particular loan sector indicates that
A)the loans in that sector will soon be downgraded soon.
B)the FI should increase its concentration in that loan sector due to the high rates of return.
C)the loan losses in that sector are systematically lower relative to total loan losses.
D)the FI should decrease its exposure to that sector because losses are higher than the rest of the portfolio
E)the calculation is in error because is restricted to be greater than one.
Q2) OSFI policy for measuring credit concentration risk favours technical models over subjective analysis.
A)True
B)False
Q3) One advantage of portfolio diversification methods is that they are applicable to all FIs, regardless of their size.
A)True
B)False
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Page 13
Chapter 12: Liquidity Risk
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Sample Questions
Q1) For life insurance companies, the distribution of premium income minus policyholder liquidations is unpredictable.
A)True
B)False
Q2) Purchased liquidity management carries the potential risk of significant increases in the cost of funds during periods of high interest rate volatility.
A)True B)False
Q3) An FI's most liquid asset is cash.
A)True B)False
Q4) Insurance companies have had to deal with liability runs by policyholders. A)True B)False
Q5) Abnormally large and unexpected deposit withdrawals can occur because of concerns by depositors about a bank's solvency relative to other banks.
A)True B)False
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Chapter 13: Foreign Exchange Risk
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Sample Questions
Q1) FX trading risk exposure continues into the night until all FI operations are closed.
A)True
B)False
Q2) Violation of the interest rate parity theorem would allow arbitrage profits.
A)True
B)False
Q3) An FI has purchased (borrowed) a one-year $10 million Eurodollar deposit at an annual interest rate of 6 percent. It has invested these proceeds in one-year Euro ( ) bonds at an annual rate of 6.5 percent after converting them at the current spot rate of 1.75/$. Both interest and principal are paid at the end of the year. What is the spread earned if the bank can sell one-year forward Euros at 1.755/$?
A)-0.70 percent.
B)-0.25 percent.
C)0.00 percent.
D)0.20 percent.
E)0.50 percent.
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Chapter 14: Sovereign Risk
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Sample Questions
Q1) Sovereign risk involves restrictions placed on borrowers and investors regarding the movement of funds into and out of a foreign country.
A)True
B)False
Q2) Both the debt service ratio and the import ratio typically have low systematic risk elements in a CRA analysis.
A)True
B)False
Q3) 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
Q4) International bond finance is more likely to be rescheduled than international loan finance because of the relatively fewer lenders involved with a loan finance issue.
A)True
B)False
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Page 16
Chapter 15: Market Risk
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Sample Questions
Q1) The Value at Risk (VAR) provides information about the potential size of the expected loss given a level of probability.
A)True
B)False
Q2) Sumitomo Bank's risk manager has estimated that the VaRs of two of its major assets in its trading portfolio, foreign exchange and bonds, are -$150,000 and -$250,000, respectively. What is the total VaR of Sumitomo's trading portfolio if the correlation among assets is assumed to be 0.0?
A)-$100,000.
B)-$291,548.
C)-$350,000.
D)-$380,789.
E)-$400,000.
Q3) Calculating the risk of a multi-asset trading portfolio requires the consideration of the correlations of returns between the different assets.
A)True
B)False
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Chapter 16: Off-Balance-Sheet Risk
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Sample Questions
Q1) Commercial letters of credit are used only in international trade.
A)True
B)False
Q2) Which of the following statements best describe a derivative contract?
A)Contractual commitments to make a loan up to a stated amount at a given interest rate in the future.
B)Contingent guarantees sold by an FI to underwrite the performance of the buyer of the guaranty.
C)Agreement between two parties to exchange a standard quantity of an asset at a predetermined price at a specified date in the future.
D)Trading in securities prior to their actual issue.
E)Loans originated by an FI and then sold to other investors with recourse.
Q3) Back-end fees on loan commitments are charged as a certain percentage of A)commitment size.
B)loan taken down.
C)utilized portion of commitment size.
D)unused portion of commitment size.
E)interest payable on the loan commitment.
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Chapter 17: Technology and Other Operational Risks
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Sample Questions
Q1) Which of the following is NOT a wholesale banking service?
A)Controlled disbursement accounts.
B)Account reconciliation.
C)Electronic funds transfer.
D)Electronic initiation of letters of credit.
E)Automated teller machines.
Q2) Helping small firms set up electronic infrastructure for payment capabilities and interactive website capability.
Q3) A new computer system is expected to cost $40 million and generate annual savings of $12 million over the next five years. Should the bank invest in this project if the discount rate is 18 percent?
A)Yes, because the net present value of the project is $2,473,948.
B)No, because the net present value of the project is -$2,473,948.
C)Yes, because the net present value of the project is $24.8 million.
D)No, because the net present value of the project is -$24.8 million.
E)Yes, because the net present value of the project is $1,342,688.
Q4) LVTS guarantees that any wire transfer is final at the time it is made.
A)True
B)False
Q5) A feature that records which checks have been paid by the FI.
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Chapter 18: Liability and Liquidity Management
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Q1) Deposits with low withdrawal risk typically are the lowest cost deposits for a DI.
A)True
B)False
Q2) In the U.S. excess reserves held at the central bank pay interest to the DTI.
A)True
B)False
Q3) If the fees charged on demand deposit accounts do not cover the cost of providing demand deposit services, the bank receives a subsidy or implicit interest payment.
A)True
B)False
Q4) The interest rate paid deposit accounts by Canadian DTIs must directly reflect the rates earned on investments in commercial paper, bankers acceptances, repurchase agreement, and T-bills.
A)True
B)False
Q5) Savings accounts are less liquid than demand deposit accounts.
A)True
B)False
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Page 20
Chapter 19: Deposit Insurance and Other Liability
Guarantees
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Sample Questions
Q1) Critics of deposit insurance programs often argue that only uninsured depositors have any incentive to discipline riskier banks.
A)True
B)False
Q2) Pricing deposit insurance premiums to reflect increases in risk-taking by financial institutions is one method to reduce incentives to take risks.
A)True
B)False
Q3) Bank risk taking can be controlled by increasing
A)stockholder discipline by charging stockholders a surcharge.
B)stockholder discipline by setting risk adjusted deposit insurance premiums.
C)depositor discipline by increasing the ceiling for deposit insurance coverage.
D)regulatory discipline by increasing the budgets of the regulatory agencies.
E)depositor discipline by expanding the doctrine of "too big to fail."
Q4) Moral hazard encourages the FI to take on more, rather than less, risk.
A)True
B)False
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Chapter 20: Capital Adequacy
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Sample Questions
Q1) The primary role of capital for an FI is to assure the highest possible return on equity for its shareholders.
A)True B)False
Q2) Basel III guidelines for determining credit risk-adjusted on-balance-sheet assets relies more heavily on credit agency ratings than did Basel I.
A)True B)False
Q3) Market value accounting often is criticized because the error in market valuation of nontraded assets likely will be greater than the error using the original book valuation. A)True B)False
Q4) Under Basel III, Tier I capital measures the market value of common equity plus the amount of perpetual preferred stock plus minority equity interest held by the bank in subsidiaries minus goodwill. A)True B)False
Q5) Banks likely would need additional capital to meet the new minimum standards.
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Chapter 21: Product and Geographic Expansion
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Sample Questions
Q1) A bank threatens to credit ration unless the customer agrees to let the bank's securities affiliate do its securities underwritings. Identify the conflict of interest in this scenario.
A)Salesperson's Stake.
B)Stuffing fiduciary accounts.
C)Tie-ins.
D)Third-party loans.
E)Information transfer.
Q2) In the banking environment, economic and legal firewalls often have been designed to separate the risks of investment bank affiliate activities from commercial banks.
A)True
B)False
Q3) The U.S. Financial Services Modernization Act repealed the Glass-Steagall barriers between commercial banking and investment banking.
A)True
B)False
Q4) The use of inside information about customers or rivals that can be useful in setting securities prices or distributing securities offerings.
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Chapter 22: Futures and Forwards
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Sample Questions
Q1) A futures contract has only one payment cash flow that occurs at the time of delivery.
A)True B)False
Q2) Futures contracts are the primary security that insurance companies and banks use to hedge interest rate risk prior to originating mortgages.
A)True B)False
Q3) Conyers Bank holds Treasury bonds with a book value of $30 million. However, the Treasury bonds currently are worth $28,387,500. If the portfolio manager put on the hedge when T-bond futures were quoted at 89-00/32<sup>nds</sup>, what is the profit/loss on the futures position if the settlement price is 81-27/32<sup>nds</sup>?
A)Profit of $2,146,875.
B)Loss of $2,146,875.
C)Profit of $1,270,000.
D)Loss of $1,270,000.
E)Loss of $812,700.
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Page 24
Chapter 23: Options, Caps, Floors, and Collars
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Q1) Exercise of a put option on interest rate futures by the buyer of the option results in the buyer putting to the writer the bond futures contract at an exercise price higher than the currently trading bond future.
A)True
B)False
Q2) The Black-Scholes model does not work well to value bond options because of violations of the underlying assumption of a constant variance of returns on the underlying asset.
A)True
B)False
Q3) An option that does NOT identifiably hedge an underlying asset is a A)put option.
B)call option.
C)naked option.
D)futures option.
E)credit spread call option.
Q4) Buying a cap is like buying insurance against a decrease in interest rates.
A)True
B)False
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Chapter 24: Swaps
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Q1) A pure credit swap will reduce interest rate risk.
A)True
B)False
Q2) A credit union 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 credit union 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 cost of funds for the credit union if the cash market liabilities are included in the analysis?
A)Variable-rate at LIBOR.
B)Fixed-rate at 8 percent.
C)Fixed-rate at 1 percent.
D)Fixed-rate at 2 percent.
E)None of these.
Q3) In a pure credit swap the FI lender makes a payment each period in exchange for the payment of interest in any period that the borrower defaults on the loan.
A)True
B)False
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Page 26
Chapter 25: Loan Sales
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Q1) The sellers of domestic loans and HLT loans include all of the following EXCEPT
A)major money center banks.
B)foreign banks.
C)U.S. FDIC and other government agencies
D)non-financial companies.
E)investment banks.
Q2) HLT loans typically have all of the following characteristics except which of the following?
A)They have a short maturity of less than three months.
B)They are secured by assets of the borrowing firm.
C)They have floating rates tied to LIBOR or some other short-term index.
D)They have strong covenant protection.
E)They are term loans.
Q3) Closed-end bank loan mutual funds are restricted to investing in loans only through the loan resale or secondary market.
A)True
B)False
Q4) Loans originated by domestic Canadian banks cannot be sold to foreign banks.
A)True
B)False
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Chapter 26: Securitization Index
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Q1) Overseas bank is pooling 50 similar and fully amortized mortgages into a pass-through security. The face value of each mortgage is $100,000 paying 180 monthly interest and principal payments at a fixed rate of 9 percent per annum. For the first monthly payment, what are the interest and principal portions of the payment?
A)$37,500 principal and $13,213 principal.
B)$37,500 interest and $13,213 principal.
C)$37,500 principal and $7,809 interest.
D)$37,500 interest and $7,809 principal.
E)$37,500 interest and $17,756 principal.
Q2) CMHC helps create pass-through asset-backed securities by providing timing insurance.
A)True
B)False
Q3) The three Canadian government agencies that sponsor the creation of mortgage-backed, pass through securities are: CMHC, FNMA, and CDIC.
A)True
B)False
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