Global Association of Risk Professionals

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

The Global Association of Risk Professionals (GARP) is a not-for-profit organization and the only globally recognized membership association for risk managers. With more than 150,000 members from 195 countries, GARP’s mission is to advance the risk profession through education, training, and the promotion of best practices globally.

In the areas of financial and energy risk management, GARP sets the global standard in professional designation with the Financial Risk Manager (FRM®) and Energy Risk Professional (ERP®) 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.

Financial Risk Manager (FRM) Designation[edit]

The Financial Risk Manager (FRM) designation is the most globally respected and widely recognized certification for financial risk management. Currently, there are more than 30,000 FRMs practicing worldwide in 141 countries and territories 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. Certified FRMs have achieved positions such as Chief Risk Officer, Senior Risk Analyst, Head of Operational Risk and Director of Risk Management.

Anyone can register to take the FRM Exam. FRM certification is awarded after a candidate has passed two rigorous multiple choice exams (FRM Exam Part I and Part II) and demonstrated two years of relevant work experience. Candidates must take the FRM Exam Part I before taking Part II. Certified FRMs are strongly encouraged to earn 40 hours of Continuing Professional Development (CPD) every two years to maintain the latest best practices in risk management.

Energy Risk Professional (ERP) Designation[edit]

The Energy Risk Professional (ERP) designation is the first and only global certification for energy professionals. The ERP Program delivers a crucial framework for thinking critically about the entire energy value chain. 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.

ERP Certification is awarded after a candidate has passed a rigorous, two-part practice-oriented exam designed to test fundamental concepts associated with the complex physical and financial risks inherent in the major energy markets, candidates must also demonstrate two years of relevant work experience in order to become an ERP. To maintain their certification, ERPs must also be an active Individual Member of GARP and earn 40 hours of Continuing Professional Development (CPD) every two years to keep up to date with industry developments and practices. Anyone can register to take the ERP Exam.

Financial Courses[edit]

Financial education begins with risk courses from GARP. Designed for both experienced professionals and those new to the risk field, GARP's courses help candidates begin and advance their careers in risk.

  • Foundations: Level 1 is a self-guided eLearning course that provides an introduction to the fundamental areas of financial risk. The course pays special attention to the ways in which financial institutions operate and the impact of international regulations. Ideal for candidates who are new to risk management, Foundations provides a broad overview of risk-related topics such as credit, market, operational, insurance risk management, and the Basel Committee on Banking Supervision’s regulatory principles (Basel Accords).
  • Risk and Regulation: Level 2 is a four-part, self-study course designed with mid-level risk professionals in mind, and builds upon the concepts covered in the Foundations course. The course offers a detailed analysis of the industry’s current methodologies, and gives a comprehensive review of governance structures, market, credit, operational risk, and asset and liability management. Risk and Regulation teaches candidates to understand the issues related to the identification, assessment, and mitigation of risks, and prepares them to handle risks in the workplace. The course culminates in a formal exam administered by Pearson VUE, and candidates who successfully pass will be awarded the GARP Risk and Regulation certificate. Candidates do not need to complete the Foundations: Level 1 course before taking the Risk and Regulation Series: Level 2.

Continuing Professional Development (CPD)[edit]

With risk management constantly evolving and new standards emerging every day, GARP's CPD Program is structured to accommodate the diverse needs and career demands of an FRM or ERP. The program is designed to deliver a broad range of accessible programming to all FRMs and ERPs, regardless of personal time constraints or geographic location.

GARP partners with more than 40 organizations to bring participants a multitude of pre-approved programming. CPD Activity Providers are vetted through the CPD committee and deliver a broad range of professional development opportunities.

Events[edit]

GARP events are designed to advance the practice of risk management by preparing risk professionals to make better business decisions. Conferences, conventions, executive briefings and master classes showcase the latest in international risk management thinking and inform participants of best-practice strategies. GARP events include active involvement of the world's respected international risk management practitioners, regulators, academics, and consultants who actively share their wealth of experience in open dialogue.

Conferences, Forums, and Master Classes

Produced in collaboration with the GARP Content Committee, events are highly educational, practice-driven forums focusing on current market concerns, new regulations, and educational topics that affect the role of risk managers on a daily basis. These meetings present a valuable outlook on best practices in risk management and are designed to give experienced risk professionals the opportunity to debate, discuss, and share their diverse points-of-view on emerging topics.

Executive Meetings and Custom Events

Executive meetings and custom events program are devised to facilitate open and informed dialogue among qualified risk professionals on current and emerging issues in risk management. Supported by a sole sponsor, GARP's executive meetings are invitation-only sessions facilitating uncensored and respectful dialogue on current and controversial topics. They may be structured as open or closed meetings depending on desired participant interaction and access.

Membership[edit]

GARP Membership has developed around a culture of best practice shared by its FRMs, ERPs, staff, and a global community 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, which is the benefit of GARP’s deep connectivity with industry and academia. In 190 countries around the world, GARP members work in regional and global banks, asset management firms, insurance companies, central banks, securities regulators, hedge funds, universities, large industrial corporations and multinationals.

GARP Membership is held at the individual level, and because there are no technical requirements or qualifications for membership, there is no application process. Membership is elective and achieved through registration with the Association and the registrant chooses the Membership Type which best suits his/her needs. Premium memberships are established on a rolling calendar basis for a 12-month term. GARP Members are expected to act in accordance with the GARP Code of Conduct.

Membership Types

  • Individual: Individual Members have access to a premium collection of knowledge and networking benefits. These include GARP’s Risk Intelligence website; discounts on risk education offerings, events, and learning materials; a monthly member newsletter, and exclusive offers from strategic partners. FRMs and ERPs who maintain their GARP Membership enjoy a more extensive set of benefits and a preferential fee.
  • 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 the same package of benefits as Individual Members, with the exception of the right to vote on GARP matters, and are offered a price more in alignment with their finances. With few exceptions, FRMs and ERPs are not eligible for Student Membership.
  • Affiliate: Affiliates have basic access to a subset of 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, but without the premium features associated with membership. Affiliate status never expires, and Affiliates can always upgrade to Individual Membership.

More details regarding GARP Membership, prices, features and benefits, are available here

Chapters[edit]

Created for members, by members, GARP's global chapter network is a core benefit to being a part of the GARP community. With 76 Directors representing 58 chapters in 34 countries around the world, GARP's Professional and University Chapters position members to make new contacts, gain new knowledge about important topics, and stay on the cutting edge of risk management. As a member of the GARP community, members may attend chapter meetings anywhere in the world.

Academic Partners[edit]

GARP’s Academic Partnership Program was created to help colleges and universities improve their risk management course offerings. The program offers a wide range of benefits for academic institutions, and combines rigorous instruction with practitioner-driven insight to ensure that students are prepared for the demands of the global financial industry.

Risk Manager of the Year Award[edit]

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

Risk Managers of the Year:

  • 2015: Craig Broderick, Chief Risk Officer, Goldman Sachs
  • 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: William 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 of Trustees[edit]

  • William Martin, Chairman, Chief Risk Officer, Abu Dhabi Investment Authority
  • Jacques Longerstaey, Chairman, Compensation Committee, Chief Investment Officer Investment Risk, Wells Fargo
  • Dr. René Stulz, Chairman, Governance Committee, Everett D. Reese Chair of Monetary Economics, Fisher College of Business
  • Victor Ng, Chairman, Audit & Risk Committee, Managing Director, Chief Risk Architect, Market Risk Management and Analysis, Goldman Sachs
  • Ken Abbott, Americas Chief Risk Officer, Barclays Capital
  • Richard Apostolik, President and CEO, GARP
  • Laura Dottori-Attanasio, Senior Executive Vice-President and Chief Risk Officer, CIBC
  • Ben Golub, Chief Risk Officer, BlackRock, Inc.
  • Bradford Hu, Chief Risk Officer, Citigroup
  • Andrew Kuritzkes,Executive Vice President and Chief Risk Officer, State Street Corporation
  • Stuart Lewis, Chief Risk Officer, Member of Management Board & Group Executive Committee, Deutsche Bank
  • Michelle McCarthy, Managing Director, Risk Management, Nuveen Investments
  • Lewis O'Donald, Group Chief Risk Officer, Nomura Holdings, Inc.
  • Lisa Polsky, Executive Vice President and Chief Risk Officer, CIT
  • Riccardo Rebonato, Professor of Finance, EDHEC
  • Jacob Rosengarten, Chief Enterprise Risk Officer, XL Group plc
  • Jonathan Stein, Chief Risk Officer, Hess Corporation
  • Peter Tufano, Peter Moores Dean and Professor of Finance, University of Oxford

References[edit]