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

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

A) The spread of contagion from the bankruptcy of one participant leading to a similar outcome for other market participants
B) 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
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 revision of stress testing scenarios based upon management, business unit and regulatory feedback on the plausibility or otherwise of stress scenarios.

2. There are three bonds in a diversified bond portfolio, whose default probabilities are independent of each other and equal to 1%, 2% and 3% respectively over a 1 year time horizon. Calculate the probability that exactly 1 of the three bonds will default.

A) .011%
B) 2%
C) 5.8%
D) 0%

3. Which of the following distribution assumptions will produce the lowest probability of exceeding an extreme value, assuming identical means and variances?

A) a distribution with kurtosis = 5
B) t-distribution
C) a normal distribution
D) a normal mixture distribution

4. Which of the following are valid techniques used when performing stress testing based on hypothetical test scenarios:
I. Modifying the covariance matrix by changing asset correlations
II. Specifying hypothetical shocks
III. Sensitivity analysis based on changes in selected risk factors
IV. Evaluating systemic liquidity risks

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

5. Stress testing is useful for which of the following purposes:
I). For providing the risk manager with an intuitive check on his risk estimates
II). Providing a means of communicating risk implications using plausible scenarios that can be easily explained to a non-technical audience
III). Guarding against major errors in the form of model risk
IV). Complying with the requirements of Basel II.

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

Solutions: