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

1. Which of the following steps are required for computing the total loss distribution for a bank for operational risk once individual UoM level loss distributions have been computed from the underlhying frequency and severity curves:
I. Simulate number of losses based on the frequency distribution
II. Simulate the dollar value of the losses from the severity distribution III. Simulate random number from the copula used to model dependence between the UoMs IV. Compute dependent losses from aggregate distribution curves

A) All of the above
B) III and IV
C) I and II
D) None of the above

2. If the loss given default is denoted by L, and the recovery rate by R, then which of the following represents the relationship between loss given default and the recovery rate?

A) R = 1 - L
B) R = 1 / L
C) L = 1 + R
D) R = 1 + L

3. There are two bonds in a portfolio, each with a market value of $50m. The probability of default of the two bonds over a one year horizon are 0.03 and 0.08 respectively. If the default correlation is zero, what is the one year expected loss on this portfolio?

A) $1.38m
B) $5.26m
C) $11m
D) $5.5m

4. Which of the following statements are true in relation to Monte Carlo based VaR calculations:
I. Monte Carlo VaR relies upon a full revalution of the portfolio for each simulation II. Monte Carlo VaR relies upon the delta or delta-gamma approximation for valuation III. Monte Carlo VaR can capture a wide range of distributional assumptions for asset returns IV. Monte Carlo VaR is less compute intensive than Historical VaR

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

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) Volatility of the firm's asset values
C) Cash flows of the firm
D) Maturity of the debt

Solutions: