#### JDGutzmann

##### Member

firstly, I found the exam to be fair both in terms of time to be used and difficulty of the questions, although there were again many "most appropriate" / "best practice"-questions. I find these highly irritating.

Here are a few thoughts on what has been mentioned above:

- For the OpRisk SA >> BIA question I realized you had to ignore the last column (year 2011), since both approaches only employ three years of data history. --> plus 37M
- QQ-Plot: I found it to have lighter tails and a POSITIVE mean (shifted upwards).
- I also chose the CDS-correlation graph that goes to zero, because I wouldn't pay for a protection that becomes worthless the moment the underlying defaults.

What I didn't get:

- Did anyone have any idea on the "long correlation" position? Also, there were some questions regarding the proper use of distributions that had me stumped.
- I am not quite sure what GARP's position is regarding clearinghouses.

Best luck to everyone!

Johannes