Global Association of Risk Professionals

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Global Association of Risk Professionals (GARP)
Established 1996
Type Professional Organization
Location Jersey City, New Jersey and London, the United Kingdom.
Website www.garp.org
The London's Gherkin .JPG

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.[1]

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.

GARP provides certifications for Financial Risk Managers (FRM) and Energy Risk Managers (ERP). Paid GARP membership is not required in order to use the FRM designation.[2]

As of December 2012, the association claims 150,000 members in 195 countries.[1] 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.[3]

Controversy[edit]

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.[4] 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.[5] Furthermore, 'Risk Magazine' reported that money was allegedly channeled from GARP to companies held by the wives of the two founders.[6]

See also[edit]

References[edit]

  1. ^ a b About us: Mission Statement, Global Association of Risk Professionals, accessed 1 April 2010.
  2. ^ Garp Membership FAQ, Global Association of Risk Professionals, accessed 3 August 2012.
  3. ^ About the Global Association of Risk Professionals (GARP), Global Association of Risk Professionals, accessed 1 April 2010.
  4. ^ GARP Scandal: Global Association of Risk Professionals, riskglossary.com, accessed 17 January 2010.
  5. ^ Scandal at GARP: Global Association of Risk Professionals, riskglossary.com, accessed 17 January 2010.
  6. ^ Re: Global Association of Risk Professionals, riskarchive.com, accessed 17 January 2010.

External links[edit]