PRMIA 8011

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

1. Calculate the 1-year 99% credit VaR of a portfolio of two bonds, each with a value of $1m, and the probability of default of 1% each over the next year. Assume the recovery rate to be zero, and the defaults of the two bonds to be uncorrelated to each other.

A) 1980000
B) 980000
C) 0
D) 20000

2. Once the frequency and severity distributions for loss events have been determined, which of the following is an accurate description of the process to determine a full loss distribution foroperational risk?

A) A firm wide operational risk distribution is generated by adding together the frequency and severity distributions
B) A firm wide operational risk distribution is generated using Monte Carlo simulations
C) A firm wide operational risk distribution is set to be equal to the product of the frequency and severity distributions
D) The frequency distribution alone forms the basis for the loss distribution for operational risk

3. The probability of default of a security over a 1 year period is 3%. What is the probability that it would not have defaulted at the end of four years from now?

A) 11.47%
B) 88.00%
C) 88.53%
D) 12.00%

4. What percentage of average annual gross income is to be held as capital for operational risk under the basic indicator approach specified under Basel II?

A) 0.15
B) 0.08
C) 0.125
D) 0.12

5. Which of the following is additive, ie equal to the sum of its components

A) Incremental VaR
B) Specific VaR
C) Component VaR
D) Conditional VaR

Solutions: