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

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PRMIA 8011 Exam Syllabus Topics:

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

Question 1

Which of the following are valid approaches for extreme value analysis given a dataset:
I. The Block Maxima approach
II. Least squares approach
III. Maximum likelihood approach
IV. Peak-over-thresholds approach

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

Question 2

Which of the following is the best description of the spread premium puzzle:

A. The spread premium puzzle refers to the moral hazard implicit in the monoline insurance market
B. The spread premium puzzle refers to AAA corporate bonds being priced at almost the same prices as equivalent treasury bonds without offering the same liquidity or guarantee as treasury bonds
C. The spread premium puzzle refers to dollar denominated non-US sovereign bonds being priced a at significant discount to other similar USD denominated assets
D. The spread premium puzzle refers to observed default rates being much less than implied default rates, leading to lower credit bonds being relatively cheap when compared to their actual default probabilities

Question 3

Under the CreditPortfolio View approach to credit risk modeling, which of the following bestdescribes the conditional transition matrix:

A. The conditional transition matrix is the unconditional transition matrix adjusted for the state of the economy and other macro economic factors being modeled
B. The conditional transition matrix is the transition matrix adjusted for the risk horizon being different from that of the transition matrix
C. The conditional transition matrix is the unconditional transition matrix adjusted for probabilities of defaults
D. The conditional transition matrix is the transition matrix adjusted for the distribution of the firms' asset returns

Question 4

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. Building a consistent set of hypothetical shocks to individual risk factors
C. Evaluating interrelationships between counterparties when considering liquidity risks
D. Considering back office capacity to deal with increased transaction volumes

Question 5

Which of the following statements is true:
I. When averaging quantiles of two Pareto distributions, the quantiles of the averaged models are equal to the geometric average of the quantiles of the original models based upon the number of data items in each original model.
II. When modeling severity distributions, we can only use distributions which have fewer parameters than the number of datapoints we are modeling from.
III. If an internal loss data based model covers the same risks as a scenario based model, they can can be combined using the weighted average of their parameters.
IV If an internal loss model and a scenario based model address different risks, the models can be combined by taking their sums.

A. II and III
B. I and II
C. All statements are true
D. III and IV

Solutions: