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

1. The cumulative probability of default for a security for 4 years is 11.47%. The marginal probability of default for the security for year 5 is 5% during year 5. What is the cumulative probability of default for the security for 5 years?

A) 15.90%
B) 5.00%
C) 16.47%
D) None of the above

2. The loss severity distribution for operational risk loss events is generally modeled by which of the following distributions:
I. the lognormal distribution
II. The gamma density function
III. Generalized hyperbolic distributions
IV. Lognormal mixtures

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

3. Which of the following statements is true in relation to collateral management?
I. A collateral management system need not consider the failure by counterparties to returncollateral when due II. The extent to which counterparties may have rehypothecated collateral is not a consideration for a collateral management system III. Cash is an acceptable substitute for any type of collateral required to be posted IV. Haircuts do not apply to treasury issued instruments posted as collateral

A) II and III
B) I, II and III
C) None of the statements is true
D) I, II, III and IV

4. For a US based investor, what is the 10-day value-at risk at the 95% confidence level of a long spot position of EUR 15m, where the volatility of the underlying exchange rate is 16% annually. The current spot rate for EUR is 1.5. (Assume 250 trading days in a year).

A) 526400
B) 1184400
C) 5922000
D) 2632000

5. Under the contingent claims approach to measuring credit risk, which of the following factors does NOT affect credit risk:

A) Leverage in the capital structure
B) Maturity of the debt
C) Cash flows of the firm
D) Volatility of the firm's asset values

Solutions: