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PRMIA 8011 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Credit Risk Modeling and Portfolio Management | 20% | - Modern Credit Risk Modeling - Credit Portfolio Management |
| Counterparty Risk and Risk Mitigation | 13% | - Risk Mitigation Techniques - Basics of Counterparty Risk |
| Case Studies | 7% | |
| Credit Valuation Adjustment (CVA) and Related Topics | 17% | - Managing Counterparty Risk and CVA - Credit Valuation Adjustment (CVA) - XVA and SA-CCR |
| Classic Credit Products, Life Cycle and Credit Risk Methodology | 30% | - Classic Credit Risk Methodology - Introduction to Credit Risk - Classic Credit Products |
| Credit Derivatives and Securitization | 13% | - Credit Derivatives - Securitization Processes and Instruments |
PRMIA Credit and Counterparty Manager (CCRM) Certificate Sample Questions:
1. For a bank using the advanced measurement approach to measuring operational risk, which of the following brings the greatest 'model risk' to its estimates:
A) Choice of an incorrect distribution for loss event frequencies
B) Choice of incorrect parameters for loss severity distributions
C) Aggregation risk, from selecting an incorrect value of estimated correlations between different operational risk estimates
D) Insufficient number of simulations when building the loss distribution
2. 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) I and II
B) III and IV
C) All of the above
D) None of the above
3. Which of the following decisions need to be made as part of laying down a system for calculating VaR:
I. How returns are calculated, eg absoluted returns, log returns or relative/percentage returns II. Whether VaR is calculated based on historical simulation, Monte Carlo, or is computed parametrically III. Whether binary/digital options are included in the portfolio positions IV. How volatility is estimated
A) I and III
B) II and IV
C) All of the above
D) I, II and IV
4. 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) The capital required will decrease
B) The capital required will increase
C) Can't say based on the information provided
D) The capital required will stay the same
5. Changes in which of the following do not affect the expected default frequencies (EDF) under the KMV Moody's approach to credit risk?
A) Changes in asset volatility
B) Changes in the debt level
C) Changes in the risk free rate
D) Changes in the firm's market capitalization
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: C |
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