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

1. An assumption regarding the absence of ratings momentum is referred to as:

A) Ratings stability
B) Markov property
C) Herstatt risk
D) Time invariance

2. Which of the following statements is NOT true in relation to the recent financial crisis of 2007-08?

A) The existence of central counterparties could have limited the damage caused by the financial crisis
B) Counterparty risk was difficult to gauge as it was impossible to know who the counterparty's counterparties were
C) An intention to diversify from their core activities led all market participants to the same activities, which though appearing diversified at the bank's level, created a concentration risk at the systemic level
D) Central banks had data on the interconnections between institutions, but poor understanding and analysis meant this data was never analyzed

3. Which of the following statements are true with respect to stress testing:
I. Stress testing results in a dollar estimate of losses
II. The results of stress testing can replace VaR as a measure of risk as they are better grounded in reality III. Stress testing provides an estimate of losses at a desired level of confidence IV. Stress testing based on factor shocks can allow modeling extreme events that have not occurred in the past

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

4. If two bonds with identical credit ratings, coupon and maturity but from different issuers trade at different spreads to treasury rates, which of the following is a possible explanation:
I. The bonds differ in liquidity
II. Events have happened that have changed investor perceptions but these are not yet reflected in the ratings III. The bonds carry different market risk IV. The bonds differ in their convexity

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

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

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

Solutions: