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

1. A statement in the annual report of a bank states that the 10-day VaR at the 95% level of confidence at the end of the year is $253m. Which of the following is true:
I. The maximum loss that the bank is exposed to over a 10-day period is $253m.
II. There is a 5% probability that the bank's losses will not exceed $253m III. The maximum loss in value that is expected to be equaled or exceeded only 5% of the time is $253m IV. The bank's regulatory capital assets are equal to $253m

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

2. For the purposes of calculating VaR, an interest rate swap can be modeled as a combination of:

A) a fixed coupon bond and a floating rate note
B) a fixed rate bond and a zero coupon bond
C) a zero coupon bond and an interest rate swap
D) two zero coupon bonds

3. Which of the following is closest to the description of a 'risk functional'?

A) A risk functional is a model distribution that is an approximation of the true loss distribution of a risk
B) A risk functional is the distribution that models the severity of a risk
C) Risk functional refers to the Kolmogorov-Smirnov distance
D) A risk functional assigns a penalty value for the difference between a model distribution and a risk's severity distribution

4. A bank extends a loan of $1m to a home buyer to buy a house currently worth $1.5m, with the house serving as the collateral. The volatility of returns (assumed normally distributed) on house prices in that neighborhood is assessed at 10% annually. The expected probability of default of the home buyer is 5%.
What is the probability that the bank will recover less than the principal advanced on this loan; assuming the probability of the home buyer's default is independent of the value of the house?

A) 0
B) More than 1%
C) Less than 1%
D) More than 5%

5. The results of 'desk-level' stress tests cannot be added together to arrive at institution wide estimates because:

A) Desk-level stress tests tend to focus on extreme movements in risk parameters (such as volatility) without considering economy wide scenarios that may represent more realistic and consistent situations for the institution.
B) Desk-level stress tests focus on desk specific risks that may be minor or irrelevant in the larger scheme at the institution level.
C) All of the above
D) Desk-level stress tests tend to ignore higher level risks that are relevant to the institution but completely outside the control of the individual desks.

Solutions: