PRMIA Certification 8011

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

1. The estimate of historical VaR at 99% confidence based on a set of data with 100 observations will end up being:

A) None of the above
B) the worst single observation in the data set
C) the weighted average of the top 2.33 observations
D) the extrapolated returns of the last 1.64 observations

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

3. The unexpected loss for a credit portfolio at a given VaR estimate is defined as:

A) max(Actual Loss - Expected Loss, 0)
B) Actual Loss - VaR
C) VaR - Expected Loss
D) Actual Loss - Expected Loss

4. The risk that a counterparty fails to deliver its obligation upon settlement while having received the leg owed to it is called:

A) Settlement risk
B) Replacement risk
C) Credit risk
D) Pre-settlement risk

5. 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) 25%
B) 40%
C) 100%
D) 0%

Solutions: