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

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

1. Which of the following statements is true in relation to a normal mixture distribution:
I. Normal mixtures represent one possible solution to the problem of volatility clustering II. A normal mixture VaR will always be greater than that under the assumption of normally distributed returns III. Normal mixtures can be applied to situations where a number of different market scenarios with different probabilities can be expected

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

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

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

3. Which of the following is not a tool available to financial institutions for managing credit risk:

A) Credit derivatives
B) Third party guarantees
C) Collateral
D) Cumulative accuracy plot

4. The 99% 10-day VaR for a bank is $200mm. The average VaR for the past 60 days is $250mm, and the bank specific regulatory multiplier is 3. What is the bank's basic VaR based market risk capital charge?

A) $600mm
B) $250mm
C) $750mm
D) $200mm

5. Which of the following are true:
I. The total of the component VaRs for all components of a portfolio equals the portfolio VaR.
II. The total of the incremental VaRs for each position in a portfolio equals the portfolio VaR.
III. Marginal VaR and incremental VaR are identical for a $1 change in the portfolio.
IV. The VaR for individual components of a portfolio is sub-additive, ie the portfolio VaR is less than (or in extreme cases equal to) the sum of the individual VaRs.
V. The component VaR for individual components of a portfolio is sub-additive, ie the portfolio VaR is less than the sum of the individual component VaRs.

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

Solutions: