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

1. The principle underlying the contingent claims approach to measuring credit risk equates the cost of eliminating credit risk for a firm to be equal to:

A) the value of a put on the firm's assets with a strike equal to the value of the debt
B) the probability of the firm's assets falling below the critical value for default
C) the cost of a call on the firm's assets with a strike equal to the value of the debt
D) the market valuation of the firm's equity less the value of its liabilities

2. Which of the following represent the parameters that define a VaR estimate?

A) confidence level and the holding period
B) trading position and distribution assumption
C) confidence level, the holding period and expected volatility
D) confidence level and the underlying stochastic process

3. Which of the following correctly describes survivorship bias:

A) Survivorship bias is the tendency for failed companies, markets or investments to be excluded from performance data.
B) Survivorship bias is the positive tail risk that ensures survival over the long run
C) Survivorship bias refers to prudent and conservative risk management
D) Survivorship bias is the negative skew in returns data resulting from credits that have survived despite a high probability of default

4. Which of the following statements are true:
I. A transition matrix is the probability of a security migrating from one rating class to another during its lifetime.
II. Marginal default probabilities refer to probabilities of default in a particular period, given survival at the beginning of that period.
III. Marginal default probabilities will always be greater than the corresponding cumulative default probability.
IV. Loss given default is generally greater when recovery rates are low.

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

5. Which of the following steps are required for computing the aggregate distribution for a UoM for operational risk once loss frequency and severity curves have been estimated:
I. Simulate number of losses based on the frequency distribution
II. Simulate the dollar value of the losses from the severity distribution III. Simulate random number from the copula used to model dependence between the UoMs IV. Compute dependent losses from aggregate distribution curves

A) I and II
B) None of the above
C) All of the above
D) III and IV

Solutions: