PRMIA 8011 : Credit and Counterparty Manager (CCRM) Certificate Exam

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

1. The definition of operational risk per Basel II includes which of the following:
I. Risk of loss resulting from inadequate or failed internal processes, people and systems or from external events II. Legal risk III. Strategic risk IV. Reputational risk

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

2. Which of the following is the most important problem to solve for fitting a severity distribution for operational risk capital:

A) The fit obtained should reduce the combination of the fitting and approximation errors to a minimum
B) Empirical loss data needs to be extended to the ranges below the reporting threshold and above large value losses
C) Determine plausible scenarios to fill the data gaps in the internal and external loss data
D) The risk functional's minimization should lead to a good estimate of the 0.999 quantile

3. Calculate the 1-year 99% credit VaR of a portfolio of two bonds, each with a value of $1m, and the probability of default of 1% each over the next year. Assume the recovery rate to be zero, and the defaults of the two bonds to be uncorrelated to each other.

A) 0
B) 20000
C) 980000
D) 1980000

4. Which of the following statements is true:

A) Both total expected losses and total unexpected losses are less than the sum of expected and unexpected losses on underlying exposures respectively
B) Total expected losses are equal to the sum of expected losses in the individual underlying exposures while total unexpected losses are less than the sum of unexpected losses on underlying exposures
C) Total expected losses are equal to the sum of individual underlying exposures while total unexpected losses are greater than the sum of unexpected losses on underlying exposures
D) Total expected losses are greater than the sum of individual underlying exposures while total unexpected losses are less than the sum of unexpected losses on underlying exposures

5. Which of the following represents a riskier exposure for a bank: A LIBOR based loan, or an Overnight Indexed Swap? Which of the two rates is expected to be higher?
Assume the same counterparty and the same notional.

A) Overnight Index Swap; LIBOR rate will be higher
B) Overnight Index Swap; OIS rate will be higher
C) A LIBOR based loan; OIS rate will be higher
D) A LIBOR based loan; LIBOR rate will be higher

Solutions: