Global Association of Risk Professionals

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Global Association of Risk Professionals (GARP)
Established 1996
Type Not-for-profit independent organization and membership association for risk managers
Location Headquarters in Jersey City, New Jersey with a regional office in London
Website www.garp.org

The Global Association of Risk Professionals (GARP)[1] is a not-for-profit independent organization and the only globally recognized membership association for risk managers. With more than 150,000 members from 195 countries and territories, GARP's goal is to help create a culture of risk awareness within organizations, from entry level to board level. Members are employed by commercial banks, central banks, investment banks, asset management firms, corporations, government agencies and academic institutions.

In the areas of financial and energy risk management, GARP sets the global standard in professional designation with the Financial Risk Manager (FRM®)[2] and Energy Risk Professional (ERP®)[3] certifications. Through its educational programs, in-person and online events, and worldwide chapters, GARP promotes best practices in risk management and supports professional and career development for risk managers.

FRM and ERP Designations[edit]

  • The Financial Risk Manager (FRM) designation is a certification recognized among financial risk professionals worldwide. Currently, there are over 28,000 Certified FRMs practicing in more than 90 countries globally.

The FRM designation is the globally recognized standard for those who manage risk. Certified FRMs are part of an elite, global network, and are valued by top employers across diverse businesses. They are represented at nearly every major banking institution, government regulator, consulting firm and financial services institution around the world.

With seismic changes continuing to occur in the financial services industry worldwide, professionals who manage risk, money and investments are recognizing the need to objectively demonstrate a globally standardized level of up-to-date industry knowledge. Requiring the successful completion of a rigorous two-part, practice-oriented examination,[4] the FRM designation provides a bedrock foundation in a profession and industry that is rapidly evolving. Since the FRM Program's inception in 1997, Certified FRMs have achieved positions such as Chief Risk Officer, Senior Risk Analyst, Head of Operational Risk, and Director of Investment Risk Management.

  • The Energy Risk Professional (ERP) designation is the first and only global certification for energy risk professionals. Certified ERPs represent major energy companies, financial institutions with direct and indirect investments in energy, consulting and technology firms with energy-related practices, and government agencies.

The ERP designation is earned by passing a practice-oriented exam [5] designed to test fundamental concepts associated with the complex physical and financial risks inherent in the major energy markets.

The ERP Program has the direct and ongoing input of leading energy practitioners and risk professionals from around the world. The curriculum provides a comprehensive overview of the fundamental practices used in the exploration, production, storage, refining and processing of hydrocarbon-based energy commodities, the development and distribution of renewable energy and clean-air technologies, the unique characteristics and strategies for trading and hedging physical energy commodities, the valuation of over-the-counter and exchange-traded energy derivative contracts, the modeling of energy price behavior, and a grounding in fundamental risk management practices.

Risk Education Programs[edit]

GARP's risk programs are designed to provide everyone—from individuals in non-risk roles to senior managers charged with risk oversight—with an education in risk that corresponds to their level of professional responsibility.

  • International Certificate in Banking Risk and Regulation (ICBRR)[6] delivers a qualitative understanding of risk management methodologies, governance structures for the management of risk in banks, and the regulatory principles outlined by the Basel Committee on Banking Supervision. Successful candidates will be better prepared to recognize potential problems associated with risk assessment, mitigation and management.
  • Foundations of Banking Risk (FBR) Program[7] is a self-guided interactive program that covers how banks operate, how they're governed and how they're regulated. In this program, candidates learn the basics about the main risks banks take—credit, market and operational—and how international regulation, including the Basel Accords, affect the management of these risks.

Academic Partnerships[edit]

GARP's academic partnerships [8] assist in educating the next generation of qualified risk managers. By working with colleges and universities to combine academic instruction with practitioner-driven insight and certification, students can be better prepared to succeed in the field of risk management.

Continuing Professional Education[edit]

GARP's CPE Program [9] provides Certified FRMs and ERPs with a formal means of maintaining the professional acuity achieved during certification. Certified FRMs and ERPs can maintain their designation by earning CPE credits, through participation in qualified learning activities related to the field of risk management.

Events[edit]

GARP Events[10] further the advancement of risk management and best practice by preparing risk professionals around the world to make better informed decisions through their participation in conferences, conventions, executive briefings and master classes.

Membership[edit]

GARP Membership[11] has developed around a culture of best practice shared by its FRMs, ERPs, staff, and a global community of tens of thousands of professionals and practitioners committed to financial and energy risk management. Members who are a part of GARP’s risk-focused community have access to expert knowledge and global networking opportunities not available anywhere else, which is the benefit of GARP’s deep connectivity with industry and academia.

Membership Types

  • Affiliate: Affiliates have basic access to a select group of knowledge and networking benefits at no cost. They may attend GARP chapter meetings, receive certain newsletters and reports, participate in industry-sponsored webcasts, and use GARP’s Career Center to meet their employment needs. Affiliate status never expires, and Affiliates can always upgrade to Individual Membership.
  • Student: Student Membership is available for those who are enrolled in a full-time program at a recognized accredited academic institution. Student Members are entitled to all of the same benefits as Individual Members, with the exception of the right to vote on GARP matters. Students are eligible for two consecutive years of Student Membership. Certified FRMs and ERPs must prove two years of professional experience and, therefore, are not eligible for Student Membership. Exceptions may be made for those who leave professional practice to return to a full-time academic program; these exceptions must be reviewed and approved by GARP Administration.
  • Individual: Individual Members have access to a premium collection of knowledge and networking benefits, including GARP’s Risk News & Resources website, member discounts on risk education offerings, events, and learning materials, and a monthly member newsletter. Individual Members can make use of advanced features on the Career Center, are invited to attend at no charge specially-developed webcasts that others must pay to attend, and, once certified, can participate in GARP’s Continuing Professional Education (CPE) program.

Risk Manager of the Year Award[edit]

Each year, GARP presents the Risk Manager of the Year Award[12] to an individual, or group of individuals, who have advanced and influenced the financial risk profession.

Risk Managers of the Year:

  • 2013: Robert B. Litterman, Partner and Chairman of the Risk Committee and Advisory Panel, Kepos Capital LP
  • 2012: Brian Leach, Head of Franchise Risk and Strategy, Citi
  • 2011: Aaron Brown, Head of Risk Management, AQR Capital Management
  • 2010: Dr. Hugo Bänziger, Chief Risk Officer, Deutsche Bank
  • 2009: Liu Mingkang, Chairman, The China Banking Regulatory Commission
  • 2008: Dr. Rene' M. Stulz, Everett D. Reese Chair of Banking and Monetary Economics, The Ohio State University
  • 2007: European Central Bank
  • 2006: Robert J. Shiller, Stanley B. Resor Professor of Economics, Department of Economics & Cowles Foundation of Research in Economics, Yale University
  • 2005: E. Gerald Corrigan, Managing Director, Goldman Sachs
  • 2004: Jacques Longerstaey, Managing Director, Putnam Investments
  • 2003: Michael Gordy, Senior Economist, Division of Research, Board of Governors of the Federal Reserve, Washington, DC
  • 2002: Mark Wallace, MD, Head of Strategic Business Development and Ian Drew, Chief Credit Officer from UBS Warburg
  • 2001: Glenn Labhart, Chief Risk Officer, Dynegy Inc.
  • 2000: Bill Martin, Global Head of Risk Management, The Royal Bank of Scotland Group
  • 1999: Thomas Wilde, Director, CSFB
  • 1998: Robert Mark, Senior Executive Vice President, Chief Risk Officer, Risk Management, CIBC
  • 1997: James Lam, President & CEO, Enterprise Risk Solutions (Oliver Wyman)

GARP Board Members[edit]

  • Rich Apostolik, President and Chief Executive Officer, GARP
  • Kenneth Abbott, Managing Director, Morgan Stanley
  • Susan Schmidt Bies, Member of the Boards of Directors, Bank of America, Zurich Insurance Group
  • Lewis O'Donald, Group Chief Risk Officer, Nomura Holdings, Inc.
  • Ben Golub, Chief Risk Officer, BlackRock
  • Richard Goulding, Group Chief Risk Officer, Standard Chartered Bank
  • Stuart Lewis, Chief Risk Officer, Member of Mgmt. Board & Group Executive Committee, Deutsche Bank AG
  • Jacques Longerstaey, Chief Risk Officer, Investment Risk, Wealth Brokerage and Retirement, Wells Fargo & Company
  • William Martin (Chairman), Chief Risk Officer, Abu Dhabi Investment Authority
  • Michelle McCarthy, Managing Director, Director of Risk Management, Nuveen Investments
  • Victor Ng, Managing Director, Global Head Corporate Risk, Chief Risk Architect in Market Risk Analytics and Management, Goldman *Sachs & Co.
  • Riccardo Rebonato, Global Head of Rates and FX Analytics, Pacific Investment Management Company (PIMCO)
  • Jacob Rosengarten, Chief Risk Officer, XL Capital
  • Robert Scanlon, Former Group Chief Credit Officer, Standard Chartered Bank
  • Jonathan Stein, Chief Risk Officer, Amerada Hess
  • Dr. René Stulz (Chairman, FRM Committee), Everett D. Reese Chair of Banking and Monetary Economics, Ohio State University
  • Peter Tufano, Peter Moores Dean and Professor of Finance, University of Oxford

References[edit]

  1. ^ About GARP, Global Association of Risk Professionals
  2. ^ The FRM Program, Global Association of Risk Professionals
  3. ^ The ERP Program, Global Association of Risk Professionals
  4. ^ The FRM Exam, Global Association of Risk Professionals
  5. ^ The ERP Exam, Global Association of Risk Professionals
  6. ^ International Certificate in Banking Risk and Regulation (ICBRR), Global Association of Risk Professionals
  7. ^ Foundations of Banking Risk (FBR), Global Association of Risk Professionals
  8. ^ Academic Partnerships , Global Association of Risk Professionals
  9. ^ Continuing Professional Education , Global Association of Risk Professionals
  10. ^ Events, Global Association of Risk Professionals
  11. ^ Membership, Global Association of Risk Professionals
  12. ^ Risk Manager of the Year, Global Association of Risk Professionals