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PRMIA Credit and Counterparty Manager (CCRM) Certificate Sample Questions:

1. Which of the following are considered asset based credit enhancements?
I. Collateral
II. Credit default swaps
III. Close out netting arrangements
IV. Cash reserves

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

2. What does a middle office do for a trading desk?

A) Reconciliations
B) Transaction data entry
C) Risk analysis
D) Operations

3. When building a operational loss distribution by combining a loss frequency distribution and a loss severity distribution, it is assumed that:
I. The severity of losses is conditional upon the number of loss events II. The frequency of losses is independent from the severity of the losses III. Both the frequency and severity of loss events are dependent upon the state of internal controls in the bank

A) II and III
B) II
C) I, II and III
D) I and II

4. There are two bonds in a portfolio, each with a market value of $50m. The probability of default of the two bonds are 0.03 and 0.08 respectively, over a one year horizon. If the probability of the two bonds defaulting simultaneously is 1.4%, what is the default correlation between the two?

A) 40%
B) 100%
C) 0%
D) 25%

5. Monte Carlo simulation based VaR is suitable in which of the following scenarios:
I). When no assumption can be made about the distribution of underlying risk factors
II). When underlying risk factors are discontinuous, show heavy tails or are otherwise difficult to model
III). When the portfolio consists of a heterogeneous mix of disparate financial instruments with complex correlations and non-linear payoffs
IV). A picture of the complete distribution is desired in addition to the VaR estimate

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

Solutions: