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PRMIA 8011 CCRM Certificate Exam prepares candidates for roles such as Credit Risk Manager, Counterparty Risk Manager, Credit Analyst, and Portfolio Manager. These roles are critical in the financial industry as they involve assessing the creditworthiness and counterparty risk of clients, as well as designing and implementing risk management strategies to mitigate potential losses. Consequently, the PRMIA 8011 CCRM Certificate Exam is a valuable credential for individuals seeking to pursue a career in risk management, particularly in the areas of credit and counterparty risk.
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NEW QUESTION # 263
When pricing credit risk for an exposure, which of the following is a better measure than the others:
Answer: D
Explanation:
Exposure for derivative instruments can vary significantly over the lifetime of the instrument, depending upon how the market moves. The potential future exposure represents the extremes, notthe most likely outcome.
The expected exposure is the most suitable measure for pricing the credit risk. Over time, as multiple transactions are entered into, the expectation (or the mean) will be realized - though individual transactions may have more or less by way of exposure.
The notional amount may not be relevant, though for loans it may be the most important contributor to the expected exposure. Mark-to-market will represent the exposure at a given point in time, but cannot be predicted nor be used to price the credit risk.
NEW QUESTION # 264
Under the standardized approach to determining operational risk capital, operations risk capital is equal to:
Answer: B
Explanation:
Choice 'd' is the correct answer, as laid down in the Basel II document. The other choices are incorrect.
NEW QUESTION # 265
Under the CreditPortfolio View model of credit risk, the conditional probability of default will be:
Answer: D
Explanation:
When the economy is expanding, firms are less likely to default. Therefore the conditional probability of default, given an economic expansion, is likely to be lower than the unconditional probability of default.
Therefore Choice 'a' is the correct answer and the other statements are incorrect.
NEW QUESTION # 266
Which of the following statements are true:
I. Common scenarios for stress tests include the 1997 Asian crisis, the Russian default in 1998 and other well known economic stress situations.
II. Stress tests provide the assurance that an institution's worst case losses will be covered.
III. Performing stress tests is highly recommended but is not mandated under Basel II.
IV. Historical events can be modeled quite accurately as they have defined start and end dates.
Answer: B
Explanation:
Stress tests can cover known events, but since the future is unknown, and new events may be entirely different from what has happened in the past, they provide no assurance that an institution's worst case losses would be covered. Hence II is false.
Stress testing is required to be performed as part of Basel II, and therefore III is false.
Historical events do not have sharply defined start and end dates. Often, even after a crises ends, its after effects may continue to affect the markets for a long time. In such cases, it may be difficult to define the start and end of the crises. In many cases, the crises may persist for months or even years, making it difficult for the risk manager to identify a time period that covers the essence of the crises, and yet is focused enough to constitute a plausible scenario. Therefore IV is false too. Only I is true, and the correct answer is Choice 'b'.
NEW QUESTION # 267
For a given notional amount, which of the following carries the greatest counterparty exposure (assuming the same counterparty credit rating for each):
Answer: C
Explanation:
The exposure at default is the greatest for the certificate of deposit as the entire notional amount is exposed to the risk of default. The other choices represent derivatives for which the current replacement value, which would be far less than notional, would be the credit exposure.
Said another way - if the counterparty were to default, the entire money in the CD would be at risk, whereas for the derivative contracts it would only be the replacement value that would be at risk.
NEW QUESTION # 268
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