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

1. The CDS rate on a defaultable bond is approximated by which of the following expressions:

A) Hazard rate x Recovery rate
B) Hazard rate / (1 - Recovery rate)
C) Credit spread x Loss given default
D) Loss given default x Default hazard rate

2. Which of the following distribution assumptions will produce the lowest probability of exceeding an extreme value, assuming identical means and variances?

A) a distribution with kurtosis = 5
B) t-distribution
C) a normal distribution
D) a normal mixture distribution

3. Which of the following statements is true in relation to a normal mixture distribution:
I. The mixture will always have a kurtosis greater than a normal distribution with the same mean and variance II. A normal mixture density function is derived by summing two or more normal distributions III. VaR estimates for normal mixtures can be calculated using a closed form analytic formula

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

4. Which of the following statements are true:
I. Credit risk and counterparty risk are synonymous
II. Counterparty risk is the contingent risk from a counterparty's default in derivative transactions III. Counterparty risk is the risk of a loan default or the risk from moneys lent directly IV. The exposure at default is difficult to estimate for credit risk as it depends upon market movements

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

5. A bank holds $10m of a corporate debt that it has purchased CDS protection against. What is the impact on the short term liquidity of the bank in the event of a default by the corporate on its bonds?

A) No impact
B) Cannot be determined without information on recovery rates
C) A short term increase in available liquidity
D) An immediate reduction in available liquidity

Solutions: