Global Association of Risk Professionals
|Global Association of Risk Professionals (GARP)|
|Location||Jersey City, New Jersey and London, the United Kingdom.|
The Global Association of Risk Professionals (GARP) is a not-for-profit organization and is the only globally recognized membership association for risk managers. GARP's goal is to help create a culture of risk awareness within organizations, from entry level to board level. In the areas of financial and energy risk management, GARP sets the global standard in professional designation with the FRM® (Financial Risk Manager) and ERP® (Energy Risk Professional) certifications. Through trusted education and training, media, and events, GARP promotes best practices in risk management and supports ongoing professional and career development for risk managers.
The Global Association of Risk Professionals is an international not-for-profit organization founded in 1996 by Marc Lore and Lev Borodovsky. GARP is open to individuals involved in financial risk and energy risk management.
GARP's mission is to advance the risk profession, through:
- Professional education, training, and career development.
- Standard-setting, testing and certification.
- Expertise, insight and information related to risk management.
- Promotion of best risk management practices globally.
- Industry networking.
As of December 2012, the association claims 150,000 members in 195 countries. GARP members are employed by commercial banks, central banks, investment banks, asset management firms, corporations, government agencies, and academic institutions.
Other certifications offered by GARP include the International Certificate in Banking Risk and Regulation (ICBRR) and the Certificate in Risk Management for Islamic Financial Institutions.
During 2001 GARP was affected by a scandal which resulted from the not publicly communicated transformation of GARP from a not-for-profit organization to a for-profit organization. This transformation was driven by the founding members of GARP. The scandal ensued after an anonymous email was circulated in the summer of 2001, raising concerns about GARP. Furthermore, 'Risk Magazine' reported that money was allegedly channeled from GARP to companies held by the wives of the two founders.
- Association of Insurance and Risk Managers in Industry and Commerce
- Institute of Risk Management
- Professional Risk Managers' International Association
- Risk and Insurance Management Society
- Certified Risk Analyst (CRA)
- Certified Risk Manager (CRM)
- Chartered Enterprise Risk Analyst (CERA; Society of Actuaries credential)
- Financial Risk Manager (FRM)
- International Diploma in Risk Management (MIRM designation; ERM focused)
- Professional Risk Manager (PRM)
- About us: Mission Statement, Global Association of Risk Professionals, accessed 1 April 2010.
- Garp Membership FAQ, Global Association of Risk Professionals, accessed 3 August 2012.
- About the Global Association of Risk Professionals (GARP), Global Association of Risk Professionals, accessed 1 April 2010.
- GARP Scandal: Global Association of Risk Professionals, riskglossary.com, accessed 17 January 2010.
- Scandal at GARP: Global Association of Risk Professionals, riskglossary.com, accessed 17 January 2010.
- Re: Global Association of Risk Professionals, riskarchive.com, accessed 17 January 2010.