PRMIA Credit and Counterparty Manager (CCRM) Certificate : 8011

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PRMIA 8011 Exam Syllabus Topics:

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

1. A risk analyst peforming PCA wishes to explain 80% of the variance. The first orthogonal factor has a volatility of 100, and the second 40, and the third 30. Assume there are no other factors. Which of the factors will be included in the final analysis?

A) First and Second
B) Insufficient information to answer the question
C) First, Second and Third
D) First

2. Which of the following correctly describes a reverse stress test:

A) A stress test that requires a role reversal between risk managers and the risk taking business units in order to determine credible scenarios
B) Stress tests that are prescribed and conducted by a regulator in addition to the tests done by a bank
C) Stress tests that start from a known stress test outcome and then ask what events could lead to such an outcome for the bank
D) A stress test that considers only qualitative factors that go beyond mathematical modeling to examine feedback loops and the effect of macro-economic fundamentals

3. An assumption of normality when returns data have fat tails leads to:
I. underestimation of VaR at high confidence levels
II. overestimation of VaR at low confidence levels
III. overestimation of VaR at high confidence levels
IV. underestimation of VaR at low confidence levels

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

4. A stock's volatility under EWMA is estimated at 3.5% on a day its price is $10. The next day, the price moves to $11. What is the EWMA estimate of the volatility the next day? Assume the persistence parameter # = 0.93.

A) 0.0018
B) 0.0421
C) 0.0224
D) 0.0429

5. Which of the following are valid techniques used when performing stress testing based on hypothetical test scenarios:
I. Modifying the covariance matrix by changing asset correlations
II. Specifying hypothetical shocks
III. Sensitivity analysis based on changes in selected risk factors
IV. Evaluating systemic liquidity risks

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

Solutions: