If you are among the many who will be taking the Financial Risk Manager exam, here are some updates that you can expect. The Global Association of Risk Professionals (GARP) has introduced some changes to its curriculum to ensure that the candidates taking the exam have a good understanding of the latest financial risk and analysis methods.

The changes have been introduced to both parts of the curriculum.

Changes in Part I FRM Curriculum introduced in 2018

The changes in this part are relatively few.

The book version to be used is John C. Hull, Options, Futures, and Other Derivatives, 10th Edition (latest edition).

The learning outcomes have been adjusted accordingly.

Changes in Part II FRM Curriculum introduced in 2018

Test-taking candidates will find the major changes in this part.

Two additional readings have been added along with five extensive revisions.

The new readings include:

  1. CounterParty Risk Intermediation [CR-13]
  2. Sound Management of Risks related to Money Laundering and Financing of Terrorism ( Basel Committee on Banking Supervision, June 2017) [OR-25]

Candidates also would need to go through:

  1. Counterparty Risk [CR-9]
  2. Netting, Close out and Related Aspects [CR-10]
  3. Credit Exposure and Funding [CR-12]
  4. Default Probabilities, Credit Spreads and Funding Costs [CR-14]
  5. Credit and Debt Value Adjustment [CR-15]

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