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

1. Under the standardized approach to calculating operational risk capital, how many business lines are a bank's activities divided into per Basel II?

A) 7
B) 12
C) 15
D) 8

2. If the annual variance for a portfolio is 0.0256, what is the daily volatility assuming there are 250 days in a year.

A) 0.0006
B) 0.0016
C) 0.4048
D) 0.0101

3. 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) 0
B) 980000
C) 20000
D) 1980000

4. Conditional default probabilities modeled under CreditPortfolio view use a:

A) Power function
B) Probit function
C) Logit function
D) Altman's z-score

5. Which of the following statements is true:
I. Recovery rate assumptions can be easily made fairly accurately given past data available fromcredit rating agencies.
II. Recovery rate assumptions are difficult to make given the effect of the business cycle, nature of the industry and multiple other factors difficult to model.
III. The standard deviation of observed recovery rates is generally very high, making any estimate likely to differ significantly from realized recovery rates.
IV. Estimation errors for recovery rates are not a concern as they are not directionally biased and will cancel each other out over time.

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

Solutions: