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ERP Study Modules

As you prepare for the ERP Exam, GARP will be highlighting topics that appear on the Exam to help candidates pace themselves through the Exam material. These topics directly correspond to the ERP Study Guide and Learning Objectives, and to the related readings in the official ERP books.

ERP Exam Part II Study Modules

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Marest, L., & Errera, S. (2018). Fundamentals of Trading Energy Futures & Options, 3rd Edition. Tulsa, OK: PennWell Corp. Chapter 16. History and Growth of Derivatives Markets

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Marest, L., & Errera, S. (2018). Fundamentals of Trading Energy Futures & Options, 3rd Edition. Tulsa, OK: PennWell Corp. Chapter 13. Option Valuation

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Marest, L., & Errera, S. (2018). Fundamentals of Trading Energy Futures & Options, 3rd Edition. Tulsa, OK: PennWell Corp. Chapter 14. Energy Options Strategies

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Hickey, D. (Ed.). (2016). Oil and Gas Trading: A Practical Guide. Surrey, UK: Globe Law and Business Ltd. Hedging and Derivatives

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Mack, I.M. (2014). Energy Trading and Risk Management. Singapore: John Wiley & Sons Singapore Pte. Ltd. Chapter 3. Plain Vanilla Energy Derivatives


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Kaminski, V. (2013). Energy Markets. London, UK: Risk Books. Chapter 18. Transactions in the Oil Markets

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Mack, I.M. (2014). Energy Trading and Risk Management. Singapore: John Wiley & Sons Singapore Pte. Ltd. Chapter 4. Exotic Energy Derivatives

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Mack, I.M. (2014). Energy Trading and Risk Management. Singapore: John Wiley & Sons Singapore Pte. Ltd. Chapter 6. Illustrations of Hedging with Energy Derivatives

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Mack, I.M. (2014). Energy Trading and Risk Management. Singapore: John Wiley & Sons Singapore Pte. Ltd. Chapter 9. Hedging Nonlinear Payoffs Using Options

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Lassander, R., & Swindle, G. (2018). Natural Gas Trading in North America. Princeton, NJ: Scoville Risk Partners. Chapter 8. Basis Markets


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Kaminski, V. (2013). Energy Markets. London, UK: Risk Books. Chapter 11. US Natural Gas Markets

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Lassander, R., & Swindle, G. (2018). Natural Gas Trading in North America. Princeton, NJ: Scoville Risk Partners. Chapter 6. Price Level Trading

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Swindle, G. (2014). Valuation and Risk Management in Energy Markets. Cambridge University Press. Chapter 2. Forwards and Carry

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Simkins, B.J., & Simkins, R.E. (Eds.). (2013). Energy Finance and Economics: Analysis and Valuation, Risk Management, and the Future of Energy. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 11. Real Options and Applications in the Energy Industry

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Lassander, R., & Swindle, G. (2018). Natural Gas Trading in North America. Princeton, NJ: Scoville Risk Partners. Chapter 7. Time Spreads


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Miller, M. (2013). Mathematics and Statistics for Financial Risk Management, 2nd Edition. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 2. Probabilities

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Miller, M. (2013). Mathematics and Statistics for Financial Risk Management, 2nd Edition. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 3. Basic Statistics

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Miller, M. (2013). Mathematics and Statistics for Financial Risk Management, 2nd Edition. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 4. Distributions

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Miller, M. (2013). Mathematics and Statistics for Financial Risk Management, 2nd Edition. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 10. Linear Regression Analysis


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Hull, J.C. (2018). Risk Management and Financial Institutions, 5th Edition. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 8. How Traders Manage Risk

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Clewlow, L., & Strickland, C. (2000). Energy Derivatives: Pricing and Risk Management. Sydney, Australia: Lacima Publications. Chapter 2. Understanding and Analyzing Spot Prices

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Clewlow, L., & Strickland, C. (2000). Energy Derivatives: Pricing and Risk Management. Sydney, Australia: Lacima Publications. Chapter 3. Volatility Estimation in Energy Markets

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Clewlow, L., & Strickland, C. (2000). Energy Derivatives: Pricing and Risk Management. Sydney, Australia: Lacima Publications. Chapter 10. Value-at-Risk


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Weron, R. (2006). Modeling and Forecasting Electricity Loads and Prices. West Sussex, England: John Wiley & Sons Ltd. Chapter 2. Stylized Facts of Electricity Loads and Prices

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Weron, R. (2006). Modeling and Forecasting Electricity Loads and Prices. West Sussex, England: John Wiley & Sons Ltd. Chapter 3. Modeling and Forecasting Electricity Loads

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Hull, J.C. (2018). Risk Management and Financial Institutions, 5th Edition. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 25. Model Risk Management


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Burger, M., Graeber, B., & Schindlmayr, G. (2014). Managing Energy Risk: An Integrated View on Power and Other Energy Markets, 2nd Edition. West Sussex, UK: John Wiley & Sons Ltd. Chapter 3. Risk Management

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Gregory, J. (2014). Central Counterparties. West Sussex, UK: John Wiley & Sons Ltd. Chapter 3. Basic Principles of Central Clearing

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Gregory, J. (2014). Central Counterparties. West Sussex, UK: John Wiley & Sons Ltd. Chapter 2. Exchanges, OTC Derivatives, DPCs and SPVs


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Gregory, J. (2015). The xVA Challenge: Counterparty Credit Risk, Funding, Collateral and Capital, 3rd Edition. West Sussex, UK: John Wiley & Sons Ltd. Chapter 4. Counterparty Risk

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Gregory, J. (2015). The xVA Challenge: Counterparty Credit Risk, Funding, Collateral and Capital, 3rd Edition. West Sussex, UK: John Wiley & Sons Ltd. Netting, Close-Out, and Related Aspects

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Gregory, J. (2015). The xVA Challenge: Counterparty Credit Risk, Funding, Collateral and Capital, 3rd Edition. West Sussex, UK: John Wiley & Sons Ltd. Chapter 6. Collateral


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Aswath Damodaran: Country Risk Determinants, Measures and Implications.

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Gregory, J. (2015). The xVA Challenge: Counterparty Credit Risk, Funding, Collateral and Capital, 3rd Edition. West Sussex, UK: John Wiley & Sons Ltd. Chapter 7. Credit Exposure and Funding

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Gregory, J. (2015). The xVA Challenge: Counterparty Credit Risk, Funding, Collateral and Capital, 3rd Edition. West Sussex, UK: John Wiley & Sons Ltd. Chapter 14. Credit Value Adjustment

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Gregory, J. (2015). The xVA Challenge: Counterparty Credit Risk, Funding, Collateral and Capital, 3rd Edition. West Sussex, UK: John Wiley & Sons Ltd. Chapter 17. Wrong-Way Risk


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Hull, J.C. (2018). Risk Management and Financial Institutions, 5th Edition. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 24. Liquidity Risk

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Venkat, S., & Baird, S. (2016). Liquidity Risk Management – A Practitioner’s Perspective. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 3. Liquidity Stress Testing

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Venkat, S., & Baird, S. (2016). Liquidity Risk Management – A Practitioner’s Perspective. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 7. Contingency Funding Planning


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Lam, J. (2017). Implementing Enterprise Risk Management – From Methods to Applications. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 7. The ERM Framework

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Lam, J. (2017). Implementing Enterprise Risk Management – From Methods to Applications. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 12. Risk Appetite Statement

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Lam, J. (2017). Implementing Enterprise Risk Management – From Methods to Applications. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 13. Risk Control Self-Assessments

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Lam, J. (2017). Implementing Enterprise Risk Management – From Methods to Applications. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 15. Strategic Risk Management


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Chapelle, A. (2019). Operational Risk Management. West Sussex, UK: John Wiley & Sons, Ltd. Chapter 9. Operational Risk Governance

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Chapelle, A. (2019). Operational Risk Management. West Sussex, UK: John Wiley & Sons, Ltd. Chapter 14. Key Risk Indicators

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Chapelle, A. (2019). Operational Risk Management. West Sussex, UK: John Wiley & Sons, Ltd. Chapter 17. Project Risk Management


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Simkins, B., & Simkins, R.E. (Eds.). (2013). Energy Finance and Economics. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 9. Financial Statement Analysis for Oil and Gas Companies

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Crouhy, M., Galai, D., & Mark, R. (2014). The Essentials of Risk Management, 2nd Edition. New York, NY: McGraw-Hill Education. Chapter 17. Risk Capital Attribution and Risk-Adjusted Performance Measurement

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Fraser, J., Simkins, B., & Narvaez, K. (Eds.). (2015). Implementing Enterprise Risk Management: Case Studies and Best Practices. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 20. Implementing Risk Management within Middle Eastern Oil and Gas Companies


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International Risk Governance Council (IRGC), IRGC Guidelines for Emerging Risk Governance. (2015).

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SPE International, SPE Technical Report: Guidance for Decision Quality for Multicompany Upstream Projects. (2016).

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World Energy Perspectives: The Road to Resilience 2016 Managing Cyber Risks (World Energy Council, 2016)


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Spetzler, C., Winter, H., & Meyer, J. (2016). Decision Quality. Value Creation from Better Business Decisions. Hoboken, NJ: John Wiley & Sons, Inc. Chapter 14. The Amaco Unleaded Gasoline Decision - Decision Quality

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Society of Actuaries. (2018). Managing Climate and Carbon Risk in Investment Portfolios.*

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Global Association of Risk Professionals (GARP). Code of Conduct.

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