PRMIA Certification 8011

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

1. If X represents a matrix with ratings transition probabilities for one year, the transition probabilities for 3 years are given by the matrix:

A) 3 [P]
B) 3 [P ^ (-1)]
C) P x P x P
D) P ^ (-3)

2. Loss from a lawsuit from an employee due to physical harm caused while at work is categorized per Basel II as:

A) Execution delivery and process management
B) Employment practices and workplace safety
C) Unsafe working environment
D) Damage to physical assets

3. Which of the following credit risk models focuses on default alone and ignores credit migration when assessing credit risk?

A) The contingent claims approach
B) The CreditMetrics approach
C) CreditPortfolio View
D) The actuarial approach

4. Which of the following statements are correct:
I. A training set is a set of data used to create a model, while a control set is a set of data is used to prove that the model actually works II. Cleansing, aggregating or ensuring data integrity is a task for the IT department, and is not a risk manager's responsibility III. Lack of information on the quality of underlying securities and assets was a major cause of the collapse in the CDO markets during the credit crisis that started in 2007 IV. The problem of lack of historical data can be addressed reasonably satisfactorily by using analytical approaches

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

5. Which of the following statements are true:
I. Pre-settlement risk is the risk that one of the parties to a contract might default prior to the maturity date or expiry of the contract.
II. Pre-settlement risk can be partly mitigated by providing for early settlement in the agreements between the counterparties.
III. The current exposure from an OTC derivatives contract is equivalent to its current replacement value.
IV. Loan equivalent exposures are calculated even for exposures that are not loans as a practical matter for calculating credit risk exposure.

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

Solutions: