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

1. Which of the following steps are required for computing the aggregate distribution for a UoM for operational risk once loss frequency and severity curves have been estimated:
I. Simulate number of losses based on the frequency distribution
II. Simulate the dollar value of the losses from the severity distribution III. Simulate random number from the copula used to model dependence between the UoMs IV. Compute dependent losses from aggregate distribution curves

A) III and IV
B) All of the above
C) None of the above
D) I and II

2. Which of the following are true:
I. Delta hedges need to be rebalanced frequently as deltas fluctuate with fluctuating prices.
II. Portfolio managers are right to focus on primary risks over secondary risks.
III. Increasing the hedge rebalance frequency reduces residual risks but increases transaction costs.
IV. Vega risk can be hedged using options.

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

3. Which of the following cannot be used to address the issue of heavy tails when modeling market returns

A) Normal mixtures
B) EVT
C) Student's t-distribution
D) EWMA

4. Which of the following is not a limitation of the univariate Gaussian model to capture the codependence structure between risk factros used for VaR calculations?

A) Determining the covariance matrix becomes an extremely difficult task as the number of risk factors increases.
B) It cannot capture linear relationships between risk factors.
C) A single covariance matrix is insufficient to describe the fine codependence structure among risk factors as non-linear dependencies or tail correlations are not captured.
D) The univariate Gaussian model fails to fit to the empirical distributions of risk factors, notably their fat tails and skewness.

5. If an institution has $1000 in assets, and $800 in liabilities, what is the economic capital required to avoid insolvency at a 99% level of confidence? The VaR in respect of the assets at 99% confidence over a one year period is $100.

A) 1100
B) 1000
C) 100
D) 200

Solutions: