ERPCandidate Guide

2015

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The ERP was developed in response to the growing need

for risk managers who can understand the breadth and

complexity of risk across the physical and financial energy

markets.

To achieve the ERP designation, candidates must first

pass the ERP Exam, a challenging, practice-oriented test

designed to comprehensively assess a candidate’s ability

to measure and manage risk across the energy value chain.

By preparing for the ERP Exam, candidates will develop

a framework for thinking critically and holistically about

energy risk.

After passing the ERP Exam, candidates must demonstrate

a minimum of two years of full-time risk-related professional

experience to become certified as an ERP. A mandatory

continuing education program helps ERPs guide their pro-

fessional development; by participating in this program they

are able to keep pace with the myriad issues driving the

global energy markets.

Whether you currently work in the energy industry or are

interested in transitioning to a career in energy, earning

the ERP designation can help accelerate your career and

professional development.

It broadens your perspective on how global energy markets

operate and influence one another, empowers you with a

framework for identifying and analyzing a variety of energy

risk-related issues, and can help differentiate you when

being considered for assignments of increasingly higher

responsibility.

The ERP Exam is developed with a panel of leading energy

risk practitioners whose expertise spans the full range of

disciplines covered by the exam. Updated annually, the ERP

curriculum is derived from current industry standards and

practices. It creates a link between the physical and financial

energy markets.

the ERP curriculum covers:• Exploration, production, transportation, storage,

refining, processing, and distribution of physical energy

commodities

• Structuring and valuation of financially traded energy

products

• Identification and management of market, credit, and

operational risk

The Energy Risk Professional (ERP®) designation is the only global certification for risk professionalsin the energy field.

ERP® CandidatE GuidE | OvERviEw

The ERP Program is a career-long professional

resource that helps ERPs remain current with

the demands of the energy industry.

The ERP Exam is a comprehensive, practice-oriented assessment that spans

both the physical and financial markets. Test weights and question allocation

are structured to create an exam that balances intellectual rigor against exam

validity and reliability, two important characteristics of any professional certi-

fication exam.

Enrolling in the ERP Program is straightforward; candidates register for the

ERP Exam online via the GARP website. The ERP Exam is offered twice a

year, in May and November. There are no educational or professional prereq-

uisites to register for the ERP Exam.

After achieving a passing score on the ERP Exam, a candidate must satisfy

a work experience requirement in order to be certified. Candidates must

demonstrate a minimum of two years of full-time work experience in the area

of energy risk management or another related field including, but not limited

to: trading, portfolio management, faculty academic, industry research, eco-

nomics, auditing, risk consulting, and/or risk technology. A list of job titles

that GARP uses for ERP certification purposes is available on our website.

Once certified, ERPs are required to further their skills and knowledge through

a mandatory Continuing Professional Development (CPD) program. GARP’s

CPD program provides a formal means to meet the growing demands of

their profession while ensuring the ongoing integrity of the certification by

remaining abreast of industry trends such as: challenges and solutions in

energy modeling and optimization of physical assets, enterprise risk manage-

ment, fundamental supply and demand trends in physical energy commodity

markets, and compliance with new accounting and regulatory initiatives. The

CPD program requires 40 credit hours to be earned every two years.

ERP Exam8 hours/140 questions

demonstrate 2 Years Related work Experience

CertifiedEnergy Risk Professional

Mandatory Continuing Education 40 hours/2 years

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in 2014 ERP candidatescame from 70 differentcountries acrossthe globe

2014: 1300+ registrations for theERP Exam

Top 7 countries/regionswith the most ERPs: United States—33%, UnitedKingdom—10%, Canada—9%,India—7%, Singapore—6%,Switzerland—6%, Germany—5%

{organizations with

3 or more candidates

register for the ERP

Exam since 2009

300+

Registration has grown

an average of

per year since 201017.5%&

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GARP’s Energy Oversight Committee (EOC), a panel of the

leading energy risk practitioners worldwide, supervises the

development of the ERP Exam. Current members include

practitioners with expertise in risk consulting, risk manage-

ment, commodity trading, and quantitative analysis from

both the physical and financial energy markets.

The ERP curriculum is developed in conjunction with the

EOC to address the fundamental knowledge, skills and

abilities necessary for professionals that manage risk in the

energy industry. This body of knowledge is published in

the ERP Study Guide. A more detailed summary of the key

learning objectives associated with each topic are summa-

rized in the ERP Program Manual.

ERP Exam StructureThe ERP Exam is a pencil and paper multiple choice exam

of 140 questions. The ERP Exam is eight hours long and is

divided into two sessions of four hours each, the AM session

and the PM session.

The ERP PM session contains 70 multiple choice questions.

The exam is offered exclusively in English, twice a year in

May and November, in person at approximately 90 exam

sites around the world. This approach ensures that there is

fairness and consistency for all candidates globally.

ERP Exam ContentThe ERP Exam is a comprehensive, practice-oriented as-

sessment that spans both the physical and financial energy

markets. Candidates are expected to demonstrate an under-

standing of important concepts associated with several

broad areas of study.

The content and question allocation for the 2015 ERP Exam

has been structured to balance intellectual rigor against

exam validity and reliability, two important characteristics

of any professional certification exam.

The test weights for the 2015 ERP Exam are as follows:

PHYSICAL ENERGY COMMODITIES AND ELECTRICITY—tOtaL wEiGHt: 50%

• Mineral Rights and Project development (5%) • Mineral rights and project development

• Project development and real options

• Crude Oil Markets and Refined Products (15%)• Crude oil production

• Global crude grades and global benchmarks

• Crude oil transportation and storage

• Petroleum refining

• Unconventional Oil

• natural Gas and Coal Markets (10%) • Natural gas properties, transportation and storage

• Global natural gas markets and price dynamics

• Global coal markets

• Electricity Markets and Renewable Generation (20%) • Economics of electricity markets

• Cash markets for power trading

• Analytical tools and structured solutions for

electricity markets

• Global market design

• Renewable generation, integration and project

finance

The ERP Exam: Structure and Content

Companies Employing the Most ERP Candidates

FinanCiaL inStitutiOnS• Barclays Capital

• Citi

• Credit Suisse

• HSBC

• JPMorgan Chase

• Morgan Stanley

• Standard Chartered

• UBS

EnERGY COMPaniES• BP

• Capital Power

• Constellation

• DTE Energy

• EDF Energy

• ENI

• E.ON

• Gazprom

• GDF SUEZ

• Hess

• Litasco

• RWE AG

• Shell

• Statoil

• TransAlta

COnSuLtinG FiRMS• Allegro

• Deloitte

• EY

• KPMG

• PwC

• Sapient

PuBLiC/GOvERnMEnt aGEnCiES• Federal Energy Regulatory

Commission (FERC)

*Through December 31, 2013

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FINANCIAL PRODUCTS AND RISK MANAGEMENT—tOtaL wEiGHt: 50%

• Financially traded Energy Products (15%)• Commodity trading and risk management

• Forward contracts and exchange traded futures

• Energy commodity swaps

• Options and option strategies

• Natural gas and crude oil market dynamics

• Regulation of financially traded energy products

• data analysis and Market Risk (15%) • Data analysis tools and applications

• Market risk tools

• Energy spot price formation

• Energy price volatility and modeling

• Characteristics of energy commodity forward curves

• Credit, Counterparty, and Country Risk assessment (15%)• Fundamental credit assessment

• Credit exposure metrics

• Counterparty credit exposures, pricing, mitigation and documentation

• Central counterparty clearing

• Wrong-way risk

• Country risk assessment

• Enterprise Risk Management and Business Ethics (5%)• Enterprise risk management (ERM) framework

• Determining and communicating risk appetite and risk tolerance

• Quantitative and qualitative risk metrics

• Implications of E3 and a Complex Infrastructure System (CIS)

• The GARP Code of Conduct

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Registration PeriodsCandidates can register online for the ERP in one of three

registration periods: Early, Standard, and Late. There is a

difference in price between the three periods, which are

detailed in the “Fees’ section below.

FeesWhen registering for the ERP Exam for the first time, candi-

dates pay an enrollment fee and an exam fee.

The enrollment fee covers the basic costs associated with

developing the ERP Program and administering the ERP

Exam. Candidates are required to pay the enrollment fee

when they initially register for the ERP Program. The enroll-

ment fee is to participate in the ERP Program, not to sit

for the exam. Additionally, the enrollment fee entitles you

to a complimentary one year GARP Individual Membership

(a US$195 value). Fees can be paid via secure online pay-

ment, by check (if drawn on a U.S. bank and payable in U.S.

dollars), or by wire transfer.

The Exam Fee is the cost to sit for a particular exam. This

fee varies based on the registration period. Fees associated

with each registration period are as follows:

• Early Registration: US$450

• Standard Registration: US$575

• Late Registration: US$750

DeferralsAn ERP candidate may only defer exam registration once to

the next test date. Please note:

• A deferral to the next examination date must be

submitted by the last day of registration. For example,

the last day of registration for the May Exam is April 15;

for the November Exam the last day of registration is

October 15.

• There is an administrative processing fee of US$100 that

accompanies each exam deferral.

This fee is payable by credit card only at the time of your

deferral request.

• Suggested readings will change from year to year.

More information on deferring the ERP Exam can be found

on GARP’s website.

Registering for the ERP Exam

In 2015, the ERP Exam will be offered on May 16, 2015 and

November 21, 2015.

BEFORE REGISTRATION: A CHECKLIST

Before registering for the ERP Exam, we suggest that you:

˛ Ensure that your passport or driver’s license will not expire by the date of the exam, and the name on your passport or driver’s license exactly matches the name under which you are registering for the exam.

• Only a current and valid passport or driver’s license, which must include a photograph of the ERP candidate, will be accepted for identification purposes. GARP will not accept work/employer identification cards, voter identification cards, PAN cards, a learner’s permit or even a student identification card.

• The name on your passport or driver’s license must be exactly the same as the name on your exam registra-tion. For example, the name 李学成 cannot be used to register for the exam; Xuecheng Li would be the correct name to use to register using the phonetic alphabet.

• We cannot list all forms of identification that are not acceptable. This is why we only accept an original country-issued passport or driver’s license for admission.

• Please visit our website for additional information on our ID policy, to ensure you are not turned away on exam day.

˛ Familiarize yourself with key ERP Exam deadlines.

˛ Learn about GARP’s exam policies.

˛ Decide where to take your exam.

˛ Review, understand and agree to GARP’s Code of Conduct and Candidate Responsibility Statement.

˛ Evaluate your need for special accommodations for Americans with Disabilities (ADA), or request an alternative exam date for religious reasons (RAD)

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PASSPORT

COPYCOPYCOPYCOPY

DRIVER’S LICENSE

12/34/5678PERMANENT ACCOUNT NUMBER

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Due to the sizeable amount of material covered in the exam, we suggest that

you create a weekly study schedule to spread out study hours over an extended

period. Cramming for the exam in the few weeks leading up to it is not recom-

mended. The time needed for exam preparation will vary from person to person

and will be based on a number of factors including an individual’s professional

experience, their general level of knowledge of the energy markets and reading

comprehension aptitude. For past exams, a majority of candidates report spend-

ing anywhere between 150 to 400 hours preparing for the exam.

Study Materials• The ERP Study Guide summarizes all required readings for the ERP Exam.

In addition, Key Concepts appear as bullet points at the beginning of each

section of the Study Guide and are intended to help candidates identify the

major themes and knowledge areas associated with a particular section.

• The ERP Program Manual was developed to assist ERP candidates in their

preparation for the ERP Exam by outlining learning objectives and suggest-

ing strategies for completing the reading material detailed in the ERP Study

Guide. The manual also contains a sample 15-week study plan. It can be

downloaded from the ERP Study Center on GARP’s website.

• Practice Exams are available for free on the GARP website, and candidates

are strongly encouraged to download and take the ERP Practice Exams.

Practice Exams will provide candidates with a good sense of the question

types to expect when sitting for the actual ERP Exam, and will allow the

candidate to estimate how much time they can expect to spend answering

individual questions. Each Practice Exam contains questions, answer keys,

and detailed explanations for all answers. It is recommended that candidates

mimic exam day conditions when taking each Practice Exam. Allocate 1.5

hours for each exam with only paper, pencil, calculator, and a timer.

ERP ExamStudy GuideThe designation for risk professionals in the energy sector

2015

2015

ERPProgram Manual

2015

ERPPractice Exam

Preparing for the ERP Exam

To help ERP candidates get ready for the ERP Exam, GARP provides study

resources, Practice Exams, and information on approved, third-party Exam

Preparation Providers.

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• ERP Core Readings and Course Packs. The ERP Core Readings cover risk

management in both the physical and financial sides of the global energy

markets. Study areas include: the production, distribution and trading of

physical energy commodities; the structure of worldwide electricity markets;

the trading and valuation of energy-based financial instruments; principles

for modeling energy price behavior; techniques for evaluating and managing

risk in the energy markets; and principles for evaluating and managing credit,

counterparty, and country risk.

Exam Preparation ProvidersSome candidates for the ERP Exam may wish to study the exam material with

the assistance of an ERP Exam Preparation Provider. Exam Preparation Providers

may offer courses online or in person.

GARP provides a list of approved ERP Exam Preparation Providers on our web-

site as a service to ERP candidates. Please note that GARP does not endorse,

promote, review or warrant the accuracy of the products or services offered by

providers of ERP related information, nor does it endorse any pass rates claimed

by the Exam Preparation Provider. Further, GARP is not responsible for any fees

or costs paid by the user to an ERP Exam Preparation Provider.

Study GroupsWhile the ERP curriculum is designed to be a self-study program, many

candidates find that studying with their peers positively impacts their exam

preparation. You can connect with other ERP candidates to form study groups

by joining our Facebook or LinkedIn groups. Alternatively, many GARP Profes-

sional and University Chapters now facilitate study group sessions that enable

ERP candidates in the same city or region to meet each other and ask GARP

Regional Chapter Directors questions about the exam.

2015

ERP ExamCourse PackVOLUME 1Mineral Rights and Project DevelopmentCrude Oil Markets and Refined ProductsNatural Gas and Coal Markets

2015

ERP ExamCourse PackVOLUME 2Electricity Markets and Renewable Generation

2015

ERP ExamCourse PackVOLUME 3Financially Traded Energy Products Data Analysis and Market Risk

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ERP ExamCourse PackVOLUME 4Credit, Counterparty, and Country Risk AssessmentEnterprise Risk Management and Business Ethics

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Exam LocationsThe ERP Exam is a pencil and paper multiple-choice exam

offered exclusively in English. This in-person approach

ensures that there is fairness and consistency for all candi-

dates, globally. While cities remain the same, locations

within each city may change from year to year. A complete

list of exam sites is available on the GARP website.

IdentificationUpon your arrival at one of the exam sites, only a current

and valid government-issued passport or driver’s license,

which must include a photograph of the ERP candidate, will

be accepted for identification purposes. The name on your

passport or driver’s license must be exactly the same as the

name on your exam registration. For more information, visit

the GARP website.

CalculatorsOnly GARP-approved calculators are permitted to be used

at the ERP Exam. Use of a non-authorized calculator during

the exam will result in the candidate’s answer sheet not

being graded, and the candidate will receive no score for

the exam. Candidates may not consult the operator’s man-

ual for their calculator during the exam. Calculator memory

must be cleared prior to the start of the exam.

The calculators approved for use during the ERP Exam are:

• Hewlett Packard 12C (including the HP 12C Platinum

and the Anniversary Edition)

• Hewlett Packard 10B II

• Hewlett Packard 10B II+

• Hewlett Packard 20B

• Texas Instruments BA II Plus (including the BA II

Plus Professional)

GARP’s calculator policy should be reviewed on the GARP

website in advance of exam day.

Prohibited ItemsIn order to maintain the integrity of the testing process,

no cameras, mobile phones (including smartphones or

iPhones), computers, pagers, headsets or PDAs are permit-

ted. Additionally, baggage of any kind such as backpacks,

handbags, tote bags, briefcases, laptop bags, luggage,

carrying cases or pencil cases is not permitted in the testing

room, although a designated area away from the testing

room can be accessed during the examination.

A full list of permitted and prohibited items can be found on

the GARP website under “Exam Center/Room Policies.”

Sitting for the ERP Exam

The exam is offered in person at approximately 90 exam sites around

the world.

Duration of the ExamEach part of the ERP Exam is four hours long, for a total of eight hours.

The AM session consists of 70 multiple choice questions and the PM

session also consists of 70 multiple choice questions. You must sit for both

the AM and PM sessions in order for your ERP Exam to be graded. Both

the AM and PM sessions must be attended in a single Exam administration.

Scoring the ExamThere are no penalties for incorrect answers. The passing score is deter-

mined in conjunction with the Energy Oversight Committee.

Exam ViolationsGARP seriously reviews each and every exam Violation Report. Here are

some of the violations that have resulted in a Candidate Violation Report

being filed and, subsequently, a candidate’s exam not being graded:

• Candidate began the exam early

• Candidate opened the exam booklet early

• Candidate continued to write after the session ended

• Candidate brought a cellular telephone into the exam room

• Candidate was caught cheating

• Candidate violated GARP’s calculator policy

Exam ResultsExam results are pass/fail and are released via email approximately six

weeks after the exam is administered. Candidates are provided with

quartile results that enable them to see how they scored on specific areas

relative to other candidates.

What to bring on exam day:• Exam admission ticket• Current driver’s licence or

passport• approved calculator• #2 or hard black (HB) pencils

the following items may be carried in your pockets or in transparentplastic bags. Plastic bags must be placed under your chair andmay be accessed during the exam.• wallet (or money purse)• Calculator batteries • Erasers• Pencil sharpeners• Eyeglasses• Earplugs• Medicine• tissues • Other medically necessary or

personal items

Food and drink containers may notbe opened in the testing room. allfood and drinks must be consumedoutside the testing room.

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Using the ERP to Build Your Career

Certified ERPs have a competitive advantage that provides them the opportunity to accelerate their careers across many facets of the energy space.

Candidates who pass the ERP Exam demonstrate their understanding of the

unique link between physical energy commodity markets and the financially

traded instruments, as well as their mastery in the measurement and man-

agement of energy risk.

Candidate TypesEnergy Professionals Professionals in the energy space leverage the ERP certification to broaden

their knowledge of the complex energy value chain, to sharpen their ability to

identify, analyze and manage risk, and to remain abreast of emerging trends

across the energy industry, particularly in areas where they have less direct

professional experience.

For younger energy professionals near the start of their careers, becoming a

ERP is an excellent way to stand out among their peers while demonstrating

a commitment to the energy industry.

Career ChangersCareer changers, such as those individuals previously working in non-finance,

non-risk, or non-energy roles, become ERPs in order to develop specialized,

practical knowledge in the rapidly growing global energy space. Undertaking

the rigorous course of study to become an ERP signals commitment to the

energy sector.

StudentsStudents with an interest in a career within the energy field may elect to sit

for the ERP Exam during or immediately after completing their studies in

order to complement their prior coursework or to develop a base of special-

ized knowledge that was not available in their university curriculum. Students

recognize the benefit of signaling to prospective employers their dedication

to learning about the energy marketplace through engagement in the ERP

Program.

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Career BenefitsStand out to current and prospective employersWhether you currently work in the energy industry or are

interested in transitioning to a career in energy, earning the

ERP designation can help accelerate your career. Becoming

an ERP demonstrates your commitment to the energy mar-

kets. It empowers you with a knowledge framework for iden-

tifying and analyzing a variety of risk-related problems across

the energy value chain, while instilling confidence to seek

assignments with increasingly higher levels of responsibility.

Join an elite groupERPs join a lifelong network of similarly-minded risk man-

agement professionals, allowing you to expand your profes-

sional career opportunities within the worlds of finance

and energy. Candidates for the ERP designation work in a

number of industries, including:

• Energy companies—including oil, power, natural gas and

LNG, renewables

• Financial Institutions—including commercial and

investment banks, asset management firms, hedge funds

• Consulting firms

• Technology firms

• Government agencies

demonstrate your leadershipMastering the ERP curriculum requires discipline and repre-

sents a significant commitment to the risk management

profession and energy markets. Because of this, ERPs are

considered leaders in the industry with a strong commit-

ment to professional excellence.

Confirm your achievementsReal-world experience is an essential component of attain-

ing ERP certification. Candidates are required to demon-

strate related professional experience—so becoming a

Certified ERP means considerably more than passing an

exam.

Enhance your reputationAll ERPs are expected to adhere to principles that promote

the highest levels of ethical conduct and disclosure beyond

following the letter of applicable rules and regulations.

Employers know that ERPs will help safeguard their firms’

reputations.

Join a Global Network—ERPs Come from 57 Countries:

Australia • Austria • Belgium • Brazil • Bulgaria • Canada • China • Cyprus • Czech

Republic • Denmark • France • Germany • Ghana • Greece • Hong Kong • Hungary

• India • Indonesia • Ireland • Italy • Jamaica • Japan • Kenya • South Korea • Kuwait •

Lebanon • Luxembourg • Malta • Namibia • Netherlands • New Zealand • Nigeria • Norway

• Pakistan • Philippines • Poland • Portugal • Qatar • Romania • Russian Federation •

Saudi Arabia • Singapore • Slovakia • Slovenia • South Africa • Spain • Sweden •

Switzerland • Taiwan • Thailand • Trinidad and Tobago • Turkey • Ukraine • United

Arab Emirates • United Kingdom • United States of America

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Q. How much time is needed to prepare for the ERP Exam? A. Candidates’ preparation times will vary based on their

prior professional experience level, academic back-

grounds, and familiarity with the concepts tested on

the curriculum. It is difficult to recommend a particular

number of hours to dedicate to studying, but candidates

should expect to commit to between 150-400 hours of

preparation time.

Q. How much work experience is required before sitting for the ERP Exam?

A. There are no educational or professional prerequisites

to sit for the ERP Exam. However, there is a professional

experience requirement that must be fulfilled before

candidates can become certified as an Energy Risk

Professional. To review ERP certification requirements,

visit the GARP website.

Q. How quantitative is the ERP Exam?A. The ERP Exam is not meant to be a rigorous quantitative

exercise that requires memorization of highly complex

formulas. ERP candidates are, however, expected to have

an understanding of fundamental quantitative concepts

and relationships covered in the core readings. Candi-

dates should be prepared to solve a number of mathe-

matical calculations based solely on their understanding

of these fundamental concepts. While we do not provide

a list of formulas for the exam, in some cases, particularly

for more complex or obscure calculations, information

about terms or values within an equation may be pro-

vided to the candidate in the question.

Q. what are my career prospects after becoming a Certified Energy Risk Professional?

A. By choosing the ERP, you are selecting the only risk

management designation in the world for energy risk

professionals. As global economies continue to rebound

and the world population grows, global energy require-

ments will expand, creating demand for highly trained

energy risk professionals. Earning your ERP designation

not only broadens your skill set, it demonstrates a stan-

dardized level of industry knowledge, making you a

recognized leader in energy risk management.

Q. what is the difference between the FRM and the ERP? A. Many of the techniques used to evaluate and manage

market, credit, and operational risk in traditional financial

markets have been adopted and applied to energy risk

management. However, the factors that drive price for-

mation, volatility, and risk in physical energy commodity

markets are quite different from conventional financial

assets like equities, fixed income and foreign exchange.

In addition, forwards, futures, and swaps have been more

heavily emphasized in the ERP curriculum given their

extensive use in the energy market. Finally, the capital

investment and highly leveraged physical facilities

required in energy production, generation, distribution

and storage infrastructure creates a unique set of finan-

cial, operational and safety challenges not found in the

financial markets. A unique curriculum that integrates

knowledge about physical energy markets, financially

traded products used in energy trading and hedging

activities, and risk management applications all charac-

terize and distinguish the ERP from the FRM.

Frequently Asked Questions

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Q. in what languages can i take the exam?A. The only language that the exam is administered and

instructions read on exam day is American English. The

ERP Exam is not offered in any other language. The

dialect used in the examination is American English.

GARP is aware that not every ERP candidate has

American English as his or her native language. In the

exam development process, GARP strives to ensure that

questions are written in a clear, concise form and avoid

the use of colloquialisms or other terms or phrases that

may be unfamiliar to a non-native American English

speaker.

Q. do i have to be a member of GaRP to sit for the ERP Exam?

A. No. Membership is not required to sit for the ERP Exam.

However, you will receive complimentary membership

privileges as an Individual Member of GARP for one year

upon paid enrollment in the ERP Program.

Q. is continuing education mandatory for Certified ERPs? A. ERPs are required to participate in the CPD program in

order to use their ERP professional designation. The CPD

program is based on 24-month cycles and participants

are required to earn 40 credits each cycle. As a general

rule, 60 minutes spent on an educational activity is equal

to one CPD credit.

Further information about the ERP Program and Exam can be found on GARP’s website, garp.org/erp, or you can contact GARP

directly with any additional questions at memberservices@garp.com.

Frequently Asked Questions

About GARP

The Global Association of Risk Professionals (GARP) is

the only globally recognized professional association for

financial and energy risk certification and education. In

fulfilling our unique mission to elevate the practice of risk

management at all levels throughout an organization,

GARP sets the global standard through independence,

expertise, and leadership.

Founded in 1996, GARP is a nonprofit, nonpartisan

membership organization. GARP does not engage in

political lobbying or donations, allowing us to be a true

advocate for our Members and the risk profession. This

independence enables us to develop, design, and admin-

ister certification programs that reflect industry best

practices. A volunteer Board of Trustees, composed of

leading risk management practitioners from some of the

most prominent global financial firms and universities,

oversees our Association.

From its inception, GARP’s exclusive focus has been on

risk management. Maintaining this focus has enabled

GARP to develop unmatched expertise in risk, which we

transmit globally through our professional designations.

Through GARP’s network of contacts derived from our

more than 150,000 Members, we have access to the best

risk practitioners worldwide. GARP also bridges the gap

between academic research and real-world practice,

maintaining partnerships with top universities and busi-

ness schools.

To calibrate and benchmark its understanding of the

demands of the global risk management community,

GARP also conducts formal job task analysis surveys to

determine the knowledge, skills and abilities required to

function effectively as a financial risk manager around

the world.

GARP’s global leadership status in financial risk manage-

ment education is independently validated by the rapid

growth in the number of institutions having five or more

registrations for the FRM Program, as well as by the

growth in GARP Membership to encompass Members

in more than 195 countries and territories worldwide.

Creating a culture of risk awareness®

Global Association ofRisk Professionals

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