2020年CFA考试《CFA三级》考试共240题，分为单选题。小编为您整理Risk Management5道练习题，附答案解析，供您备考练习。

1、What response would Hackett most likely give to Jardins' senior management regarding their risk management process? The firm should:【单选题】

A.define its risk tolerance before identifying the risks it faces.

B.identify the risks it faces before setting policies and procedures.

C.measure its risk levels before defining its risk tolerance.

正确答案:A

答案解析:The risk management process is as follows: (1) set policies and procedures, (2) define risk tolerance, (3) identify risks, (4) measure risks, and (5) adjust the level of risk.

2、【单选题】

A.€0.8 million.

B.€2.9 million.

C.€3.9 million.

正确答案:C

答案解析:C is correct. The monthly return is 9.6%/12 = 0.8%.

3、With regard to the fixed income and equity trading desks, based on Exhibit 1, which of the following statements is most likely accurate?【单选题】

A.The trading desks have the same risk budget.

B.The combined daily VaR of the trading desks is less than SEK20 million.

C.The fixed-income desk generates better returns on its allocated capital given its VaR.

正确答案:B

答案解析:The trading desks engage in activities that are weakly correlated; therefore, a diversification benefit occurs. Thus it would be reasonable to expect that the combined VaR of the two desks will be less than the sum of the VaRs of the individual desks (SEK20 million).

4、【单选题】

A.Statement about an 

B.

C.

正确答案:B

答案解析:B is correct. Kreuzer’s statement about an advantage of VaR is wrong because the VaR for 

5、If the security held by Sigma trades at $70, the credit risk is closest to:【单选题】

A.$5.00.

B.$3.35.

C.$8.50.

正确答案:C

答案解析:The amount at risk is the current value of the option, $8.50. Once the seller has sold the option, all the credit risk falls on the buyer. In this instance, the amount of credit risk is the value of the option because this amount is what the buyer stands to lose if the seller were to default immediately.