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

1. What does a middle office do for a trading desk?

A) Transaction data entry
B) Operations
C) Reconciliations
D) Risk analysis

2. The cumulative probability of default for a security for 4 years is 11.47%. The marginal probability of default for the security for year 5 is 5% during year 5. What is the cumulative probability of default for the security for 5 years?

A) 15.90%
B) 16.47%
C) None of the above
D) 5.00%

3. Which of the following statements are true:
I. Pre-settlement risk is the risk that one of the parties to a contract might default prior to the maturity date or expiry of the contract.
II. Pre-settlement risk can be partly mitigated by providing for early settlement in the agreements between the counterparties.
III. The current exposure from an OTC derivatives contract is equivalent to its current replacement value.
IV. Loan equivalent exposures are calculated even for exposures that are not loans as a practical matter for calculating credit risk exposure.

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

4. If the marginal probabilities of default for a corporate bond for years 1, 2 and 3 are 2%, 3% and 4% respectively, what is the cumulative probability of default at the end of year 3?

A) 9.58%
B) 91.26%
C) 8.74%
D) 9.00%

5. If the default hazard rate for a company is 10%, and the spread on its bonds over the risk free rate is 800 bps, what is the expected recovery rate?

A) 40.00%
B) 8.00%
C) 20.00%
D) 0.00%

Solutions: