100% Pass Quiz PRMIA - 8011 - Credit and Counterparty Manager (CCRM) Certificate Exam Useful Exam Overview
100% Pass Quiz PRMIA - 8011 - Credit and Counterparty Manager (CCRM) Certificate Exam Useful Exam Overview
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Free PDF Quiz 2025 8011: Credit and Counterparty Manager (CCRM) Certificate Exam – The Best Exam Overview
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PRMIA Credit and Counterparty Manager (CCRM) Certificate Exam Sample Questions (Q15-Q20):
NEW QUESTION # 15
Which of the following measures can be used to reduce settlement risks:
- A. escrow arrangements using a central clearing house
- B. increasing the timing differences between the two legs of the transaction
- C. providing for physical delivery instead of netted cash settlements
- D. all of the above
Answer: C
Explanation:
increasing the timing differences between the two legs of the transaction will increase settlement risk and not reduce it. Using escrow arrangements, such as central clearing houses to settle transactions (eg the DTCC in the United States) reduces settlement risk. Cash settlements based on netting arrangements reduce settlement risk, while physical delivery combined with gross cash payments increase it.
Therefore Choice 'a' is the correct answer.
NEW QUESTION # 16
Which of the following credit risk models focuses on default alone and ignores credit migration when assessing credit risk?
- A. CreditPortfolio View
- B. The actuarial approach
- C. The contingent claims approach
- D. The CreditMetrics approach
Answer: B
Explanation:
The correct answer is Choice 'd'. The following is a brief description of the major approaches available to model credit risk, and the analysis that underlies them:
1. CreditMetrics: based on the credit migration framework. Considers the probability of migration to other credit ratings and the impact of such migrations on portfolio value.
2. CreditPortfolio View: similar to CreditMetrics, but adds the impact of the business cycle to the evaluation.
3. The contingent claims approach: uses option theory by considering a debt as a put option on the assets of the firm.
4. KMV's EDF (expected default frequency) based approach: relies on EDFs and distance to default as a measure of credit risk.
5. CreditRisk+: Also called the 'actuarial approach', considers default as a binary event that either happens or does not happen. This approach does not consider the loss of value from deterioration in credit quality (unless the deterioration implies default).
NEW QUESTION # 17
If a borrower has a default probability of 12% over one year, what is the probability of default over a month?
- A. 12.00%
- B. 2.00%
- C. 1.00%
- D. 1.06%
Answer: D
Explanation:
Let the probability of default over a month be p. Therefore the probability of survival at the end of 12 months would be (1 - p)