PRMIA PRMIA Certification 8011

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

1. An operational loss severity distribution is estimated using 4 data points from a scenario. The management institutes additional controls to reduce the severity of the loss if the risk is realized, and as a result the estimated losses from a 1-in-10-year losses are halved. The 1-in-100 loss estimate however remains the same.
What would be the impact on the 99.9th percentile capital required for this risk as a result of the improvement in controls?

A) Can't say based on the information provided
B) The capital required will stay the same
C) The capital required will decrease
D) The capital required will increase

2. For identical mean and variance, which of the following distribution assumptions will provide a higher estimate of VaR at a high level of confidence?

A) A distribution with kurtosis = 8
B) A distribution with kurtosis = 0
C) A distribution with kurtosis = 2
D) A distribution with kurtosis = 3

3. According to the implied capital model, operational risk capital is estimated as:

A) Total capital based on the capital asset pricing model
B) Operational risk capital held by similar firms, appropriately scaled
C) Capital implied from known risk premiums and the firm's earnings
D) Total capital less market risk capital less credit risk capital

4. The largest 10 losses over a 250 day observation period are as follows. Calculate the expected shortfall at a
98% confidence level:
20m
19m
19m
17m
16m
13m
11m
10m
9m
9m

A) 14.3
B) 19.5
C) 16
D) 18.2

5. Which of the following can be used to reduce credit exposures to a counterparty:
I. Netting arrangements
II. Collateral requirements
III. Offsetting trades with other counterparties
IV. Credit default swaps

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

Solutions: