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

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PRMIA 8011 Exam Syllabus Topics:

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

1. A risk analyst peforming PCA wishes to explain 80% of the variance. The first orthogonal factor has a volatility of 100, and the second 40, and the third 30. Assume there are no other factors. Which of the factors will be included in the final analysis?

A) First, Second and Third
B) First
C) Insufficient information to answer the question
D) First and Second

2. Which of the following are valid criticisms of value at risk:
I. There are many risks that a VaR framework cannot model
II. VaR does not consider liquidity risk
III. VaR does not account for historical market movements
IV. VaR does not consider the risk of contagion

A) All of the above
B) II and IV
C) I and III
D) I, II and IV

3. Which of the following are ordered correctly in the order of debt seniority in a bankruptcy situation?
I). Equity, Subordinate debt, Senior debt
II). Senior debt, Preferred stock, Equity
III). Secured debt, Accounts payable, Preferred stock
IV). Secured debt, DIP financing, Equity

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

4. Which of the following statements are true:
I. Common scenarios for stress tests include the 1997 Asian crisis, the Russian default in 1998 and other well known economic stress situations.
II. Stress tests provide the assurance that an institution's worst case losses will be covered.
III. Performing stress tests is highly recommended but is not mandated under Basel II.
IV. Historical events can be modeled quite accurately as they have defined start and end dates.

A) I and II
B) All of the above
C) I, III and IV
D) I only

5. Which of the following statements is true:
I. When averaging quantiles of two Pareto distributions, the quantiles of the averaged models are equal to the geometric average of the quantiles of the original models based upon the number of data items in each original model.
II. When modeling severity distributions, we can only use distributions which have fewer parameters than the number of datapoints we are modeling from.
III. If an internal loss data based model covers the same risks as a scenario based model, they can can be combined using the weighted average of their parameters.
IV If an internal loss model and a scenario based model address different risks, the models can be combined by taking their sums.

A) I and II
B) All statements are true
C) III and IV
D) II and III

Solutions: