CREDIT AND COUNTERPARTY MANAGER (CCRM) CERTIFICATE EXAM LATEST STUDY TORRENT & CREDIT AND COUNTERPARTY MANAGER (CCRM) CERTIFICATE EXAM RELIABLE VCE PDF & CREDIT AND COUNTERPARTY MANAGER (CCRM) CERTIFICATE EXAM VALID TRAINING DUMPS

Credit and Counterparty Manager (CCRM) Certificate Exam latest study torrent & Credit and Counterparty Manager (CCRM) Certificate Exam reliable vce pdf & Credit and Counterparty Manager (CCRM) Certificate Exam valid training dumps

Credit and Counterparty Manager (CCRM) Certificate Exam latest study torrent & Credit and Counterparty Manager (CCRM) Certificate Exam reliable vce pdf & Credit and Counterparty Manager (CCRM) Certificate Exam valid training dumps

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PRMIA Credit and Counterparty Manager (CCRM) Certificate Exam Sample Questions (Q33-Q38):

NEW QUESTION # 33
Which of the following statements is true?
I. It is sufficient to ensure that a parent entity has sufficient excess liquidity to cover a liquidity shortfall for a subsidiary.
II. If a parent entity has a shortfall of liquidity, it can always rely upon any excess liquidity that its foreign subsidiaries might have.
III. Wholesale funding sources for a bank refer to stable sources of funding provided by the central bank.
IV. Funding diversification refers to diversification of both funding sources and funding tenors.

  • A. I and IV
  • B. I and III
  • C. III and IV
  • D. IV

Answer: D

Explanation:
It is not generally sufficient to ensure the adequacy of liquidity across a group - ie it is not appropriate to just add up the sources and needs for liquidity across multiple entities in a group. This is because there can be restrictions on transferring liquidity between entities, particularly when the entities are located across borders.
In cases where transfers of liquidity are permitted, there may be settlement delays in transferring funds from one entity to another. Therefore both statements I and II are incorrect.
Wholesale funding sources refers to the temporary interbank funding sources that need to be rolled over on very short intervals, often as short as overnight. These are not stable sources for long term funding. Statement III is therefore false.
Statement IV is correct as funding diversification refers to diversification of both funding sources and the duration for which the amounts are borrowed, ie tenor diversity.
Statement IV is the only correct statement and therefore Choice 'a' is the correct answer.


NEW QUESTION # 34
Which of the following losses can be attributed to credit risk:
I. Losses in a bond's value from a credit downgrade
II. Losses in a bond's value from an increase in bond yields
III. Losses arising from a bond issuer's default
IV. Losses from an increase in corporate bond spreads

  • A. I and III
  • B. I, III and IV
  • C. I and II
  • D. II and IV

Answer: A

Explanation:
Losses due to credit risk include the loss of value from credit migration and default events (which can be considered a migration to the 'default' category). Therefore Choice 'd' is the correct answer. Changes in spreads or interest rates are examples of market risk events.
[Discussion: It may be argued that losses from spreads changing could be categorized as credit risk and not market risk. The distinction between credit and market risk is never really watertight.
The reason I have called it market risk in this question is because spreads can change due to two reasons: first, due to the individual issuer going down in their credit rating (whether issued or perceived, as we have witnessed in Europe sovereign debt), and second due to the spread for the overall category changing due to macro fundamentals with nothing changing for the individual issuer. For example the spread between municipal bonds and treasuries may be small during boom times and may expand during recessions - regardless of how the individual issuer has been doing. Clearly, the first case is credit risk and the second is probably market risk.
A change in overall corporate bond spreads is something I would consider akin to a rate change - which is why I have called it as not a part of credit risk. But an alternative perspective may not be incorrect either.]


NEW QUESTION # 35
Which of the following correctly describes survivorship bias:

  • A. Survivorship bias refers to prudent and conservative risk management
  • B. Survivorship bias is the negative skew in returns data resulting from credits that have survived despite a high probability of default
  • C. Survivorship bias is the tendency for failed companies, markets or investments to be excluded from performance data.
  • D. Survivorship bias is the positive tail risk that ensures survival over the long run

Answer: C

Explanation:
Survivorship bias is the tendency for failed companies, funds, investments and even entire markets (eg Russian stock market returns after the Communist revolution) to be excluded from performance studies because they no longer exist. Survivorship bias results in past results looking better than they actually were as data points relating to failures are not included.
A risk manager needs to be aware of survivorship bias when basing risk analysis on historical data and should question if failures (eg failed funds, delisted companies etc) have been included in the data he or she is relying upon.


NEW QUESTION # 36
Which of the following are valid approaches to leveraging external loss data for modeling operational risks:
I. Both internal and external losses can be fitted with distributions, and a weighted average approach using these distributions is relied upon for capital calculations.
II. External loss data is used to inform scenario modeling.
III. External loss data is combined with internal loss data points, and distributions fitted to the combined data set.
IV. External loss data is used to replace internal loss data points to create a higher quality data set to fit distributions.

  • A. All of the above
  • B. I and III
  • C. I, II and III
  • D. II and IV

Answer: C

Explanation:
Internal loss data is generally the highest quality as it is relevant, and is 'real' as it has occurred to the organization. External loss data suffers from a significant limitation that the risk profiles of the banks to which the data relates is generally not known due to anonymization, and may likely may not be applicable to the bank performing the calculations. Therefore, replacing external loss data with external loss data is not a good idea. Statement IV is therefore incorrect.
All other approach described are valid approaches for the risk analyst to consider and implement. Therefore statements I, II and III are correct and IV is not.


NEW QUESTION # 37
For a given mean, which distribution would you prefer for frequency modeling where operational risk events are considered dependent, or in other words are seen as clustering together (as opposed to being independent)?

  • A. Binomial
  • B. Negative binomial
  • C. Poisson
  • D. Gamma

Answer: B

Explanation:
An interesting property that distinguishes the three most used distributions for modeling event frequency is that for a given mean, their variances differ. The ratio of variance to mean (the variance-mean ratio, calculated as variance/mean) can then be used to decide the kind of distribution to use. Both the variance and the mean can be estimated from available data points from the internal or external loss databases, or the scenario exercise.
The variance-mean ratio reflects how dispersed a distribution is. (In the PRMIA handbook, the variance to mean ratio has been described as the "Q-Factor".) The Poisson distribution has its mean equal to its variance, and therefore the variance to mean ratio is 1. For the negative binomial distribution, this ratio is always greater than 1, which means there is greater dispersion compared to the mean - or more intervals with low counts as well as more intervals with high counts. For the binomial distribution, the variance to mean ratio is less than one, which means it is less dispersed than the Poisson distribution with values closer to the mean.
In a situation where operational risk events are seen as clustering together, or dependent, the variance will be higher and it would be more appropriate to use the negative binomial distribution.


NEW QUESTION # 38
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