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PRMIA PRM Certification - Exam III: Risk Management Frameworks, Operational Risk, Credit Risk, Counterparty Risk, Market Risk, ALM, FTP - 2015 Edition Sample Questions:

1. There are two bonds in a portfolio, each with a market value of $50m. The probability of default of the two bonds over a one year horizon are 0.03 and 0.08 respectively. If the default correlation is zero, what is the one year expected loss on this portfolio?

A) $1.38m
B) $5.5m
C) $11m
D) $5.26m

2. Which of the following is true for the actuarial approach to credit risk modeling (CreditRisk+):

A) The number of defaults is modeled using a binomial distribution where the number of defaults are considered discrete events
B) The approach is based upon historical rating transition matrices
C) Default correlations between obligors are accounted for using a multivariate normal model
D) The approach considers only default risk, and ignores the risk to portfolio value from credit downgrades

3. The CDS rate on a defaultable bond is approximated by which of the following expressions:

A) Loss given default x Default hazard rate
B) Hazard rate / (1 - Recovery rate)
C) Credit spread x Loss given default
D) Hazard rate x Recovery rate

4. The CDS quote for the bonds of Bank X is 200 bps. Assuming a recovery rate of 40%, calculate the default hazard rate priced in the CDS quote.

A) 5.00%
B) 2.00%
C) 0.80%
D) 3.33%

5. Which of the following is not a tool available to financial institutions for managing credit risk:

A) Cumulative accuracy plot
B) Third party guarantees
C) Collateral
D) Credit derivatives

Solutions: