GARP was founded in 1996 by Marc Lore and Lev Borodovsky, two risk managers. They had been meeting once a week at a New York pub to talk about their chosen field with other risk colleagues and decided that a more formal organization would benefit other risk professionals. About six months later, they had 250 members from 23 countries. Before long, local chapters from around the world had been established by regional directors, offering programs for local members.[8]
In 1997, a year after they founded GARP, Lore and Borodovsky introduced the Financial Risk Manager (FRM) certification.[8]
According to GARP, as of 2021, it has 279,000 members in more than 195 countries and regions.
In the early 2000s GARP published GARP Risk Review distributed by subscription to members six times a year.[9]
GARP has not released an annual report since 2021.
Candidates must pass two FRM exams and attain 2 years of relevant practical work experiences prior to being certified. [15][16] The curriculum incorporates the major strategic disciplines of risk management – market risk, credit risk, operational risk, and investment management – with requisite underlying knowledge.[17] The exams:[18][14]
The tools used to assess financial risk: Foundations of Risk Management; Quantitative Analysis; Financial Markets and Products; Valuation and Risk Models.
The FRM curriculum is incorporated into several "partner university" programs and syllabi.[19][20] According to a January 2023 Press Release,[21] there are 77,000 FRMs around the world.
Other certificate programs
GARP offers three role-based risk certifications – the Financial Risk Manager (FRM), the Sustainability and Climate Risk (SCR) certification, and the Risk and AI (RAI) certificate.[22] It also offers two foundational courses in risk management with its Foundations of Financial Risk and Financial Risk and Regulation programs.[23][24][25] The Energy Risk Professional (ERP) certification was officially discontinued in 2021 due to transitions in the energy marketplace.[26]
↑ "Annual Report 2021". Annual Report 2021. Global Association of Risk Professionals. Archived from the original on 2 October 2022. Retrieved 2 October 2022.
↑ Orr, Leanna (17 March 2017). "The Rise of the Chief Risk Officer". Institutional Investor. Institutional Investor LLC. Archived from the original on 30 November 2021. Retrieved 5 November 2020.
↑ Chen, James. "Financial Risk Manager (FRM)". Corporate Finance & Accounting. Investopedia. Archived from the original on 27 September 2020. Retrieved 12 October 2020.
↑ "Financial Risk Management". Schulich School of Business. The Schulich School of Business, York University. Archived from the original on 21 October 2020. Retrieved 25 October 2020.
↑ "2019 Annual Report". Annual Report 2019. Global Association of Risk Professionals. Archived from the original on 29 May 2022. Retrieved 12 October 2020.
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