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PRMIA 8011 Exam Syllabus Topics:

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

Question 1

When performing portfolio stress tests using hypothetical scenarios, which of the following is not generally a challenge for the risk manager?

A. Building a positive semi-definite covariance matrix
B. Evaluating interrelationships between counterparties when considering liquidity risks
C. Building a consistent set of hypothetical shocks to individual risk factors
D. Considering back office capacity to deal with increased transaction volumes

Question 2

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. None of the above
B. 15.90%
C. 16.47%
D. 5.00%

Question 3

Which of the following statements is the most appropriate description of feedback effects:

A. The lack of a comprehensive view of risk across credit, market and liquidity risks leading to an underestimation of correlations that tend to spike up in the event of a crisis
B. The revision of stress testing scenarios based upon management, business unit and regulatory feedback on the plausibility or otherwise of stress scenarios.
C. The amplification of smaller initial shocks to one risk factor creating larger subsequent shocks through system-wide interactions between other risks, creating self-perpetuating downward stresses in the markets
D. The spread of contagion from the bankruptcy of one participant leading to a similar outcome for other market participants

Question 4

For an equity portfolio valued at V whose beta is #, the value at risk at a 99% level of confidence is represented by which of the following expressions? Assume # represents the market volatility.

A. 2.326 x V x # / #
B. 1.64 x # x V x #
C. 1.64 x V x # / #
D. 2.326 x # x V x #

Question 5

The probability of default of a security over a 1 year period is 3%. What is the probability that it would have defaulted within 6 months?

A. 1.51%
B. 98.49%
C. 17.32%
D. 3.00%

Solutions: