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Global Association of Risk Professionals

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The Global Association of Risk Professional s is an independent, non-partisan, organization of practitioners, academics, and regulators focused on elevating the practice of risk management. Founded in 1996, GARP is dedicated to the advancement of the risk profession through education, research, and the promotion of best practices globally.

GARP offers professional risk management certifications — the Financial Risk Manager (FRM®) and Energy Risk Professional (ERP®) — as well as the Sustainability and Climate Risk (SCR™) certificate. It also provides ongoing educational opportunities through its Continuing Professional Development program.

In addition, GARP functions as a convener[1] for the risk community, coordinating global risk management initiatives conducting workshops, and chapter meetings. It also provides thought leadership, continuing education, and analysis on risk management through studies, white papers, webcasts, and podcasts.

Through the GARP Benchmarking Initiative and GARP Risk Institute, the organization conducts research in risk management and promotes collaboration among practitioners, academics, and regulators.  In 2019-20, GARP supported the work of the UK's Climate Financial Risk Forum[2] and served as the external secretariat on the risk management and scenario analysis working groups. The GARP Benchmarking Initiative has conducted close to 80 cross-border studies derived from confidential data provided by its 122 global financial services members, which currently includes 74 international banks and 34 of the world’s largest asset managers, plus participation from 12 international associations and 2 global accounting firms. In 2019, GBI conducted 14 studies, some of which supported industry analysis around the Basel Quantitative Impact Studies.

Governed by a Board of Trustees, GARP is headquartered in Jersey City, New Jersey, with offices in London, Washington, DC, Hong Kong, and Beijing.

History

The Global Association of Risk Professionals was formed in 1996. A year later, GARP started offering the Financial Risk Manager Exam and introduced the Risk Manager of the Year Award in recognition of outstanding career achievement and contributions to the risk management profession.

The GARP Risk Convention is an annual gathering of hundreds of business leaders, regulators, policy makers, and academics focused on current issues in the practice of risk management.

Richard Apostolik was named CEO in 2002, and GARP organized its Board of Trustees the following year.

In 2009, in recognition of the evolution and growth of the risk management industry, the FRM Exam was split into Part I and Part II. That same year, GARP offered its Energy Risk Professional Exam for the first time. The ERP program was created in consultation with energy company executives seeking to manage newly-elevated risks in the industry. The ERP became a two-part exam in 2016.

In 2011, GARP held its inaugural Global Risk Forum, bringing together senior risk leaders from institutions around the world to discuss the profession’s most pressing topics. A year later, GARP launched the GARP Benchmarking Initiative, which addresses the material challenges related to conducting cross-border banking, asset management, and other risk-related studies.

The organization hosted its first Buy Side Risk Managers Forum for Chief Risk Officers in 2013. The Forum now boasts a membership of just under 60 of the world’s largest asset management firms, with meetings in North America and Europe. In 2018, the GARP Risk Institute was launched as GARP’s research and thought leadership unit. In 2020, GARP launched the Sustainability and Climate Risk certificate.

FRM

The FRM is the world’s leading certification for risk managers. According to an independent benchmarking study conducted by the UK National Recognition Information Centre, the FRM is comparable to a master's degree in 10 national and regional educational systems.

ERP

The ERP is the premier risk certification for the energy industry. The curriculum and two-part exam prepare candidates for all aspects of risk related to energy. According to an independent benchmarking study conducted by the UK National Recognition Information Centre, the ERP is comparable to a master's degree in 10 national and regional educational systems. These include the US, UK, EU, and Singapore.

SCR  

GARP developed the SCR program, the first climate-risk-management-related certificate program, to prepare candidates for sustainability and climate risk[3] challenges. The certificate was introduced[4] in 2020. In 2020, the World Economic Forum placed climate risk atop the list of the world's leading risks, as the environment filled the top 5 places in the list of concerns that are likely to have a significant impact in the next decade.[5]

GARP Benchmarking Initiative

Launched in 2012, GBI is a non-partisan, global benchmarking initiative. It provides an independent platform for conducting cross-border, regional, and other studies efficiently, securely, and accurately.

GARP Risk Institute

The GARP Risk Institute launched in 2018 as the organization’s research and thought leadership arm. Its mission is to examine current and emerging[6] risk issues and provide critical thinking[7] to continually improve risk management practices. Through articles, topical studies, and live and virtual events, the GRI offers neutral, fact-based analysis emerging from collaboration with risk industry leaders, regulators, and academics.

Content

GARP’s digital publication Risk Intelligence covers credit risk, operational risk, market risk, energy risk, climate risk, technology, and culture and governance, among other topics. It reaches more than 360,000 readers, and features articles by prominent risk practitioners and academics.

Membership

GARP currently has more than 250,000 members in 197 countries. GARP has 61,905 certified FRMs, who practice at many of the leading financial institutions in the world and 2,000 Certified ERPs, who come from the world’s leading energy companies, commodity trading firms, energy consulting companies, and regulatory agencies. GARP’s certified members come from 140 countries worldwide.

Chapters

GARP Chapters, a global network of vibrant local risk communities, offer learning, networking, and engagement for risk professionals who “think global but work local.” There are currently 24 GARP chapters in 17 countries.

Academic Partnerships

GARP partners with universities and prestigious business schools. It participates in academic conferences globally to promote risk management as a rewarding, stimulating, and growing career field.

See also

Financial Risk Manager

Energy Risk Professional

Sustainability and Climate Risk

Formation: 1996

Type: Not-for-profit

Location: Jersey City, London, Washington, DC, Hong Kong, Beijing

Membership: 257,000

Region served: Global, 190+ countries and territories

Official language: English

Chairman of the Board of Trustees: Bradford Hu

CEO: Richard Apostolik

Website: www.garp.org

References[edit]

  1. "Emerging Issues for Risk Managers". November 7, 2019. Unknown parameter |url-status= ignored (help)
  2. "Climate Financial Risk Forum". Bank of England. March 2019. Unknown parameter |url-status= ignored (help)
  3. "Can Climate Sustainability Help Your Portfolio? Oh, Yes". Forbes. March 10, 2020. Unknown parameter |url-status= ignored (help)
  4. "GARP introduces a new Sustainability and Climate Risk certificate (SCR)". Yahoo Finance. Unknown parameter |url-status= ignored (help)
  5. "Climate crisis fills top five places of World Economic Forum's risks report". January 15, 2020. Unknown parameter |url-status= ignored (help)
  6. "The Fed once warned about fuzzy accounting. Now it's propping up firms that use it". LA Times, Bloomberg. May 5, 2020. Unknown parameter |url-status= ignored (help)
  7. "Comments and Suggestions on Main Street Loan Facilities Announced April 9" (PDF). Board of Governors of the Federal Reserve System. April 14, 2020. Unknown parameter |url-status= ignored (help)

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