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

1. Which of the formulae below describes incremental VaR where a new position 'm' is added to the portfolio?
(where p is the portfolio, and V_i is the value of the i-th asset in the portfolio. All other notation and symbols have their usual meaning.)

A)

B)

C)

D)

2. Which of the following is closest to the description of a 'risk functional'?

A) A risk functional is the distribution that models the severity of a risk
B) A risk functional assigns a penalty value for the difference between a model distribution and a risk's severity distribution
C) A risk functional is a model distribution that is an approximation of the true loss distribution of a risk
D) Risk functional refers to the Kolmogorov-Smirnov distance

3. 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

4. A derivative contract has a negative current replacement value. Which of the following statements is true about its loan equivalent value for credit risk calculations over a 2-year horizon?

A) Since the derivatives contract has a negative current replacement value, exposure will be zero.
B) The credit exposure will be a given quintile of the expected distribution of the value of the derivatives contract in the future.
C) The current exposure can be used for loan equivalence calculations as that is an unbiased proxy for the future value.
D) The notional value of the derivatives contract should be used for loan equivalence calculations.

5. Which of the following will be a loss not covered by operational risk as defined under Basel II?

A) Earthquakes
B) Fat finger losses
C) Systems failure
D) Strategic planning

Solutions: