Global Association of Risk Professionals
Abbreviation | GARP |
---|---|
Formation | 1996 |
Founders | Marc Lore Lev Borodovsky |
Type | Not-for-profit organization |
Purpose | Risk Management Education and Certification |
Headquarters | Jersey City, New Jersey |
Coordinates | 40°43′34.62″N 74°2′1.43″W / 40.7262833°N 74.0337306°WCoordinates: 40°43′34.62″N 74°2′1.43″W / 40.7262833°N 74.0337306°W |
Region served | Worldwide |
Membership | 263,000 (2020) |
Official language | English |
Bradford Hu | |
Richard Apostolik | |
Revenue | USD $37.71 million (2020) |
Expenses | USD $45.83 million (2020) |
Students | 71,546 (2020, FRM only) |
Website | www |
[1][2] |
Global Association of Risk Professionals (GARP) is a not-for-profit organization and a membership association for risk managers. Its services include setting standards, training, education, industry networking, and promoting risk management practices. Founded in 1996 and headquartered in Jersey City, New Jersey, with additional offices in London, Washington, D.C., Beijing, and Hong Kong.[3][4][5][6][7] GARP offers several foundational and certificate programs, the best known of which is the Financial Risk Manager (FRM) certification.
GARP also runs initiatives such as the GARP Risk Institute (GRI) and GARP Benchmarking Initiative (GBI) for research and thought leadership efforts within the risk purview.
History[]
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 2020, it has over 250,000 members in 190 countries and territories.
Financial Risk Manager (FRM)[]
The Financial Risk Manager (FRM) is a professional designation issued by GARP. The FRM is well regarded, one of the flagship certifications for financial risk professionals, along with the PRM offered by the Professional Risk Managers' International Association. [9] [10] [11] FRMs possess specialized knowledge in assessing risk and typically work for major banks, insurance companies, accounting firms, regulatory agencies, and asset management firms.
The FRM program follows the major strategic disciplines of risk management: market risk, credit risk, operational risk, and investment management. [12] Candidates must pass two FRM exams and attain 2 years of relevant practical work experiences prior to being certified. [13] [14] The FRM curriculum is incorporated into several "partner university" programs and syllabi. [15] [16]
Other certificate programs[]
GARP offers three role-based risk certifications – the Financial Risk Manager (FRM), the Energy Risk Professional (ERP), and the Sustainability and Climate Risk (SCR). It also offers two foundational courses in risk management with its Foundations of Financial Risk and Financial Risk and Regulation programs.[17][18][19] The ERP certification will officially be discontinued after its last offering of exams in 2021 due to the transitions in the energy marketplace.[20]
Additional to these, it provides on-going education through its Continuing Professional Development programming.
See also[]
- Professional Risk Managers' International Association
- Financial risk management
- Professional certification
- Risk and Insurance Management Society
- American Risk and Insurance Association
- Association of Insurance and Risk Managers in Industry and Commerce
References[]
- ^ "2020 Annual Report". Annual Report 2020. Global Association of Risk Professionals. Retrieved 19 August 2021.
- ^ "Bradford Hu, Chief Risk Officer". About Citi. Citigroup, Inc. Retrieved 25 October 2020.
- ^ Nitschke, Lori. "GARP to Postpone May Exams Due to Uncertainty Surrounding COVID-19". Business Wire. Business Wire. Retrieved 12 October 2020.
- ^ Donohue, Christopher. "Global Association of Risk Professionals" (PDF). DePaul University Finance Department. Retrieved 15 October 2020.
- ^ Lore, Marc; Borodovsky, Lev (4 April 2000). Professional's Handbook of Financial Risk Management. Butterworth-Heinemann. p. 14. ISBN 978-0750641111. Retrieved 15 October 2020.
- ^ "Global Association of Risk Professionals Inc". Bloomberg. Bloomberg Inc. Retrieved 16 October 2020.
- ^ "SAS, GARP survey: 81 percent of risk professionals already seeing value of AI". SAS. SAS Institute Inc. Retrieved 25 October 2020.
- ^ Jump up to: a b "GARP Scandal: Global Association of Risk Professionals". archive.fo. 9 September 2012.
- ^ Biktimirov, Ernest. "Global Alphabet Soup: Internationally Recognized Professional Designations in Finance". SSRN. Brock University. Retrieved 5 November 2020.
- ^ Orr, Leanna. "The Rise of the Chief Risk Officer". Institutional Investor. Institutional Investor LLC. Retrieved 5 November 2020.
- ^ Greenfield, Jeremy. "Risk Managers Get Certified". WSJ. Wall Street Journal. Retrieved 5 November 2020.
- ^ Chen, James. "Financial Risk Manager (FRM)". Corporate Finance & Accounting. Investopedia. Retrieved 12 October 2020.
- ^ Reed, Eric. "What Does A Financial Risk Manager Do?". Yahoo. Yahoo Finance. Retrieved 16 October 2020.
- ^ "Financial Risk Manager (FRM)". FINRA. Financial Industry Regulatory Authority. Retrieved 25 October 2020.
- ^ "HKUST Enters into Partnership with the Global Association of Risk Professionals". The Hong Kong University of Science and Technology. The Hong Kong University of Science and Technology. Retrieved 25 October 2020.
- ^ "Financial Risk Management". Schulich School of Business. The Schulich School of Business, York University. Retrieved 25 October 2020.
- ^ "2019 Annual Report". Annual Report 2019. Global Association of Risk Professionals. Retrieved 12 October 2020.
- ^ Porter, Tony; Heather, McKeen-Edwards (11 February 2013). Transnational Financial Associations and the Governance of Global Finance: Assembling Wealth and Power. Routledge. p. 71. ISBN 9780415659741. Retrieved 16 October 2020.
- ^ Philippe, Jorion (9 November 2006). Value at Risk: The New Benchmark for Managing Financial Risk (3rd ed.). McGraw Hill Professional. p. 43. ISBN 9780071736923. Retrieved 16 October 2020.
- ^ "GARP Announces Market-Driven Changes To Its Energy Offerings". Business Wire. Business Wire, Inc. Retrieved 19 August 2021.
External links[]
- Risk management in business
- International professional associations
- Non-profit organizations based in New Jersey
- Business and finance professional associations
- Organizations established in 1996
- Jersey City, New Jersey