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

1. Company A issues bonds with a face value of $100m, sold at $98. Bank B holds $10m in face of these bonds acquired at a price of $70. Company A then defaults, and the recovery rate is expected to be 30%. What is Bank B's loss?

A) $7m
B) $2.1m
C) $4m
D) $4.9m

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

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

3. Under the CreditPortfolio View model of credit risk, the conditional probability of default will be:

A) the same as the unconditional probability of default in an economic expansion
B) higher than the unconditional probability of default in an economic expansion
C) lower than the unconditional probability of default in an economic contraction
D) lower than the unconditional probability of default in an economic expansion

4. Which of the following describes rating transition matrices published by credit rating firms:

A) Realized frequencies of migration from one credit rating to another over a one year period
B) Expected ex-ante frequencies of migration from one credit rating to another over a one year period
C) Probabilities of default for each credit rating class
D) Probabilities of ratings transition from one rating to another for a given set of issuers

5. The risk that a counterparty fails to deliver its obligation upon settlement while having received the leg owed to it is called:

A) Settlement risk
B) Replacement risk
C) Pre-settlement risk
D) Credit risk

Solutions: