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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.
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 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.
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.
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.
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.
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.
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
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:
United Kingdom, City of London, Paris, Greater London, Australia
Hudson County, New Jersey, Democratic Party (United States), United States Census Bureau, The New York Times, New Jersey
Statistics, Calculus, Linear algebra, Northfield, Minnesota, Probability
Fordham University, University of Chicago, Author, Yeshiva University, Global Association of Risk Professionals
Project management, Software engineering, Systems engineering, Computer science, Corporate finance
Risk management, Not-for-profit corporation, Enterprise Risk Management, Airmic, American Risk and Insurance Association
Manhattan, Risk management, Risk Management (magazine), Professional association, Professional certification