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FRM Study Modules

As you prepare for the FRM 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 FRM Study GuideFRM Learning Objectives and to the related readings in the official FRM books.

FRM Exam Part I Study Modules

FRM_Text1

(p 1-20)
Chapter 1: The Building Blocks of Risk Management

(p 21-38)
Chapter 2: How Do Firms Manage Financial Risk?

(p 39-60)
Chapter 3: The Governance of Risk Management

(p 91-100)
Chapter 7: Risk Data Aggregation and Reporting Principles

(p 101-122)
Chapter 8: Enterprise Risk Management and Future Trends


(p 61-70)
Chapter 4. Credit Risk Transfer Mechanisms

(p 71-82)
Chapter 5: Modern Portfolio Theory (MPT) and the Capital Asset Pricing Model (CAPM)

(p 83-90)
Chapter 6: The Arbitrage Pricing Theory and Multifactor Models of Risk and Return


(p 141-152)
Chapter 10: Anatomy of the Great Financial Crisis of 2007-2009

(p 153-156)
GARP Code of Conduct*

(p 123-140)
Chapter 9: Learning from Financial Disasters


(p 1-10)
Chapter 1: Fundamentals of Probability

(p 11-26)
Chapter 2: Random Variables

(p 27-46)
Chapter 3: Common Univariate Random Variables

(p 47-62)
Chapter 4: Multivariate Random Variables

(p 63-82)
Chapter 5: Sample Moments


(p 83-100)
Chapter 6: Hypothesis Testing

(p 101-120)
Chapter 7: Linear Regression

(p 121-140)
Chapter 8: Regression with Multiple Explanatory Variables

(p 141-160)
Chapter 9: Regression Diagnostics


(p 161-188)
Chapter 10: Stationary Time Series

(p 189-212)
Chapter 11: Non-Stationary Time Series

(p 213-224)
Chapter 12: Measuring Returns, Volatility, and Correlation

(p 225-240)
Chapter 13: Simulation and Bootstrapping


(p 1-14)
Chapter 1: Banks

(p 15-30)
Chapter 2: Insurance Companies and Pension Plans

(p 31-44)
Chapter 3: Fund Management

(p 45-56)
Chapter 4. Introduction to Derivatives

(p 57-70)
Chapter 5: Exchanges and OTC Markets

(p 71-82)
Chapter 6: Central Clearing


(p 123-134)
Chapter 10: Pricing Financial Forwards and Futures

(p 135-146)
Chapter 11: Commodity Forwards and Futures

(p 83-94)
Chapter 7: Futures Markets

(p 95-108)
Chapter 8: Using Futures for Hedging

(p 109-122)
Chapter 9: Foreign Exchange Markets


(p 147-158)
Chapter 12: Options Markets

(p 159-170)
Chapter 13: Properties of Options

(p 171-182)
Chapter 14: Trading Strategies

(p 183-194)
Chapter 15: Exotic Options


(p 195-212)
Chapter 16: Properties of Interest Rates

(p 213-224)
Chapter 17: Corporate Bonds

(p 225-240)
Chapter 18: Mortgages and Mortgage-Backed Securities

(p 241-254)
Chapter 19: Interest Rate Futures

(p 255-270)
Chapter 20: Swaps


(p 1-14)
Chapter 1: Measures of Financial Risk

(p 15-26)
Chapter 2: Calculating and Applying VaR

(p 27-40)
Chapter 3: Measuring and Monitoring Volatility


(p 41-54)
Chapter 4. External and Internal Ratings

(p 69-84)
Chapter 6: Measuring Credit Risk


(p 55-68)
Chapter 5: Country Risk: Determinants, Measures, and Implications

(p 85-98)
Chapter 7: Operational Risk

(p 99-114)
Chapter 8: Stress Testing


(p 127-138)
Chapter 10: Interest Rates

(p 139-150)
Chapter 11: Bond Yields and Return Calculations

(p 151-164)
Chapter 12: Applying Duration, Convexity, and DV01

(p 165-176)
Chapter 13: Modeling Non-Parallel Term Structure Shifts and Hedging

(p 115-126)
Chapter 9: Pricing Conventions, Discounting, and Arbitrage


(p 177-188)
Chapter 14: Binomial Trees

(p 189-202)
Chapter 15: The Black-Scholes-Merton Model

(p 203-218)
Chapter 16: Option Sensitivity Measures: The “Greeks”

FRM Exam Part II Study Modules

FRM_Text2

(p 1-16)
Kevin Dowd, Measuring Market Risk, 2nd Edition (West Sussex, England: John Wiley & Sons, 2005). Chapter 3. Estimating Market Risk Measures: An Introduction and Overview

(p 17-34)
Kevin Dowd, Measuring Market Risk, 2nd Edition (West Sussex, England: John Wiley & Sons, 2005). Chapter 4. Non-parametric Approaches

(p 35-48)
Kevin Dowd, Measuring Market Risk, 2nd Edition (West Sussex, England: John Wiley & Sons, 2005). Chapter 7. Parametric Approaches (II): Extreme Value

(p 49-58)
Philippe Jorion, Value-at-Risk: The New Benchmark for Managing Financial Risk, 3rd Edition (New York: McGraw-Hill, 2007). Chapter 6. Backtesting VaR

(p 59-72)
Philippe Jorion, Value-at-Risk: The New Benchmark for Managing Financial Risk, 3rd Edition (New York: McGraw-Hill, 2007). Chapter 11. VaR Mapping

(p 105-124)
Gunter Meissner, Correlation Risk Modeling and Management, 2nd Edition (London: Risk Books, 2019). Chapter 1. Correlation Basics: Properties, Motivation, Terminology

(p 125-132)
Gunter Meissner, Correlation Risk Modeling and Management, 2nd Edition (London: Risk Books, 2019). Chapter 2. Empirical Properties of Correlation: How Do Correlations Behave in the Real World?

(p 133-138)
Gunter Meissner, Correlation Risk Modeling and Management, 2nd Edition (London: Risk Books, 2019). Chapter 5. Valuing CDOs with the Gaussian Copula—What Went Wrong?


(p 139-154)
Bruce Tuckman and Angel Serrat, Fixed Income Securities: Tools for Today's Markets, 3rd Edition (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 6. Empirical Approaches to Risk Metrics and Hedges

(p 155-166)
Bruce Tuckman and Angel Serrat, Fixed Income Securities: Tools for Today's Markets, 3rd Edition (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 7. The Science of Term Structure Models

(p 167-174)
Bruce Tuckman and Angel Serrat, Fixed Income Securities: Tools for Today's Markets, 3rd Edition (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 8. The Evolution of Short Rates and the Shape of the Term Structure

(p 175-186)
Bruce Tuckman and Angel Serrat, Fixed Income Securities: Tools for Today's Markets, 3rd Edition (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 9. The Art of Term Structure Models: Drift

(p 187-192)
Bruce Tuckman and Angel Serrat, Fixed Income Securities: Tools for Today's Markets, 3rd Edition (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 10. The Art of Term Structure Models: Volatility and Distribution

(p 193-202)
John C. Hull, Options, Futures, and Other Derivatives, 10th Edition (New York: Pearson, 2017). Chapter 20. Volatility Smiles

(p 203-210)
John C. Hull, Risk Management and Financial Institutions, 5th Edition (Hoboken, NJ: John Wiley & Sons, 2018). Chapter 18. Fundamental Review of the Trading Book

(p 73-104)
“Messages from the academic literature on risk measurement for the trading book,” Basel Committee on Banking Supervision, Working Paper, No. 19, Jan 2011.


(p 1-24)
Jonathan Golin and Philippe Delhaise, The Bank Credit Analysis Handbook, 2nd Edition (Hoboken, NJ: John Wiley & Sons, 2013). Chapter 1. The Credit Decision

(p 25-56)
Jonathan Golin and Philippe Delhaise, The Bank Credit Analysis Handbook, 2nd Edition (Hoboken, NJ: John Wiley & Sons, 2013). Chapter 2 . The Credit Analyst

(p 57-66)
Gerhard Schroeck, Risk Management and Value Creation in Financial Institutions (New York, NY: John Wiley & Sons, 2002). Chapter 5. Capital Structure in Banks (pages 170-186 only)

(p 67-112)
Giacomo De Laurentis, Renato Maino, and Luca Molteni, Developing, Validating and Using Internal Ratings (West Sussex, United Kingdom: John Wiley & Sons, 2010). Chapter 3. Rating Assignment Methodologies


(p 113-130)
René Stulz, Risk Management & Derivatives (Florence, KY: Thomson South-Western, 2002). Chapter 18. Credit Risks and Credit Derivatives

(p 131-146)
Allan Malz, Financial Risk Management: Models, History, and Institutions (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 7. Spread Risk and Default Intensity Models

(p 147-158)
Allan Malz, Financial Risk Management: Models, History, and Institutions (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 8. Portfolio Credit Risk (Sections 8.1, 8.2, 8.3 only)

(p 159-184)
Allan Malz, Financial Risk Management: Models, History, and Institutions (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 9. Structured Credit Risk


(p 199-216)
Jon Gregory, The xVA Challenge: Counterparty Credit Risk, Funding, Collateral, and Capital, 4th Edition (West Sussex, UK: John Wiley & Sons, 2020). Chapter 6. Netting, Close-out, and Related Aspects

(p 217-246)
Jon Gregory, The xVA Challenge: Counterparty Credit Risk, Funding, Collateral, and Capital, 4th Edition (West Sussex, UK: John Wiley & Sons, 2020). Chapter 7. Margin (Collateral) and Settlement

(p 247-268)
Jon Gregory, The xVA Challenge: Counterparty Credit Risk, Funding, Collateral, and Capital, 4th Edition (West Sussex, UK: John Wiley & Sons, 2020). Chapter 11. Future Value and Exposure

(p 269-296)
Jon Gregory, The xVA Challenge: Counterparty Credit Risk, Funding, Collateral, and Capital, 4th Edition (West Sussex, UK: John Wiley & Sons, 2020). Chapter 17. CVA

(p 297-306)
Stress Testing: Approaches, Methods, and Applications, Edited by Akhtar Siddique and Iftekhar Hasan (London: Risk Books, 2013). Chapter 4. The Evolution of Stress Testing Counterparty Exposures

(p 185-198)
Jon Gregory, The xVA Challenge: Counterparty Credit Risk, Funding, Collateral, and Capital, 4th Edition (West Sussex, UK: John Wiley & Sons, 2020). Chapter 3. Counterparty Risk and Beyond


(p 307-320)
Michel Crouhy, Dan Galai and Robert Mark, The Essentials of Risk Management, 2nd Edition (New York: McGraw-Hill, 2014). Chapter 9. Credit Scoring and Retail Credit Risk Management

(p 321-348)
Michel Crouhy, Dan Galai and Robert Mark, The Essentials of Risk Management, 2nd Edition (New York: McGraw-Hill, 2014). Chapter 12. The Credit Transfer Markets—and Their Implications

(p 349-368)
Moorad Choudhry, Structured Credit Products: Credit Derivatives & Synthetic Securitization, 2nd Edition (New York: John Wiley & Sons, 2010). Chapter 12. An Introduction to Securitization

(p 369-424)
Adam Ashcraft and Til Schuermann, “Understanding the Securitization of Subprime Mortgage Credit,” Foundations and Trends® in Finance: Vol. 2, No. 3 (2008),.


(p 161-174)
Giacomo De Laurentis, Renato Maino, Luca Molteni, Developing, Validating and Using Internal Ratings (Hoboken, NJ: John Wiley & Sons, 2010). Chapter 5.Validating Rating Models

(p 1-14)
“Principles for the Sound Management of Operational Risk,” (Basel Committee on Banking Supervision Publication, June 2011).

(p 175-182)
Allan Malz, Financial Risk Management: Models, History, and Institutions (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 11. Section 11.1 Assessing the Quality of Risk Measures

(p 15-28)
Brian Nocco and René Stulz, “Enterprise Risk Management: Theory and Practice,” Journal of Applied Corporate Finance 18, No. 4 (2006): 8–20.

(p 29-38)
James Lam, Enterprise Risk Management: From Incentives to Controls, 2nd Edition (Hoboken, NJ: John Wiley & Sons, 2014). Chapter 4. What is ERM?

(p 39-78)
“Implementing Robust Risk Appetite Frameworks to Strengthen Financial Institutions,” Institute of International Finance, June 2011. (Introduction through Section 4 and Annex 1 only)

(p 79-106)
“Banking Conduct and Culture: A Permanent Mindset Change,” G30 Working Group, 2018. (Introduction through Lessons Learned only)

(p 107-116)
Alessandro Carretta and Paola Schwizer, Risk Culture in Banking (Palgrave Macmillan, 2017). Chapter 2. Risk Culture

(p 117-138)
Marcelo G. Cruz, Gareth W. Peters, and Pavel V. Shevchenko, Fundamental Aspects of Operational Risk and Insurance Analytics: A Handbook of Operational Risk (Hoboken, NJ: John Wiley & Sons, 2015). Chapter 2. OpRisk Data and Governance

(p 139-152)
“Supervisory Guidance on Model Risk Management,” Federal Deposit Insurance Corporation, June 7, 2017.

(p 153-160)
Anthony Tarantino and Deborah Cernauskas, Risk Management in Finance: Six Sigma and Other Next Generation Techniques (Hoboken, NJ: John Wiley & Sons, 2009). Chapter 3. Information Risk and Data Quality Management


(p 183-194)
Michel Crouhy, Dan Galai and Robert Mark, The Essentials of Risk Management, 2nd Edition (New York: McGraw-Hill, 2014). Chapter 17. Risk Capital Attribution and Risk-Adjusted Performance Measurement

(p 195-236)
“Range of practices and issues in economic capital frameworks,” (Basel Committee on Banking Supervision Publication, March 2009).

(p 237-266)
“Capital Planning at Large Bank Holding Companies: Supervisory Expectations and Range of Current Practice,” Board of Governors of the Federal Reserve System, August 2013.

(p 267-282)
“Stress Testing Banks,” Til Schuermann, reprinted from the International Journal of Forecasting 30, no. 3, (2014) pp. 717–728.


(p 283-290)
“Guidance on Managing Outsourcing Risk,” Board of Governors of the Federal Reserve System, December 2013.

(p 291-294)
Mark Carey, “Management of Risks Associated with Money Laundering and Financing of Terrorism,” GARP Risk Institute, February 2019.

(p 319-328)
Mark Carey, “Solvency, Liquidity and Other Regulation After the Global Financial Crisis,” GARP Risk Institute, April 2019.

(p 363-384)
“Cyber-resilience: Range of practices,” (Basel Committee on Banking Supervision Publication, December 2018). (Introduction through Section 6 only)

(p 385-406)
"Operational Resilience: Impact Tolerances for Important Business Services," Bank of England, Financial Conduct Authority, March 2021.


(p 1-16)
John C. Hull, Risk Management and Financial Institutions, 5th Edition (Hoboken, NJ: John Wiley & Sons, 2018). Chapter 24. Liquidity Risk

(p 381-400)
Andrew Ang, Asset Management: A Systematic Approach to Factor Investing (New York, NY: Oxford University Press, 2014). Chapter 13. Illiquid Assets

(p 17-44)
Allan Malz, Financial Risk Management: Models, History, and Institutions (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 12. Liquidity and Leverage

(p 45-54)
Shyam Venkat, Stephen Baird, Liquidity Risk Management (Hoboken, NJ: John Wiley & Sons, 2016). Chapter 6. Early Warning Indicators

(p 55-86)
Peter Rose, Sylvia Hudgins, Bank Management & Financial Services, Ninth Edition (New York, NY: McGraw-Hill, 2013). Chapter 10. The Investment Function in Financial Services Management

(p 87-118)
Peter Rose, Sylvia Hudgins, Bank Management & Financial Services, Ninth Edition (New York, NY: McGraw-Hill, 2013). Chapter 11. Liquidity and Reserves Management: Strategies and Policies

(p 119-132)
Shyam Venkat, Stephen Baird, Liquidity Risk Management (Hoboken, NJ: John Wiley & Sons, 2016). Chapter 4. Intraday Liquidity Risk Management

(p 133-154)
Antonio Castagna, Francesco Fede, Measuring and Managing Liquidity Risk (United Kindom, John Wiley & Sons, 2013). Chapter 6. Monitoring Liquidity


(p 187-208)
Moorad Choudhry, The Principles of Banking Institutions (Singapore: John Wiley & Sons, 2012). Chapter 14. Liquidity Risk Reporting and Stress Testing

(p 209-220)
Shyam Venkat, Stephen Baird, Liquidity Risk Management (Hoboken, NJ: John Wiley & Sons, 2016). Chapter 7. Contingency Funding Planning

(p 221-246)
Peter Rose, Sylvia Hudgins, Bank Management & Financial Services, Ninth Edition (New York, NY: McGraw-Hill, 2013). Chapter 12. Managing and Pricing Deposit Services

(p 247-272)
Peter Rose, Sylvia Hudgins, Bank Management & Financial Services, Ninth Edition (New York, NY: McGraw-Hill, 2013). Chapter 13. Managing Nondeposit Liabilities

(p 155-170)
Darrell Duffie, 2010. “The Failure Mechanics of Dealer Banks,” Journal of Economic Perspectives 24:1, 51-72.

(p 171-186)
Shyam Venkat, Stephen Baird, Liquidity Risk Management (Hoboken, NJ: John Wiley & Sons, 2016). Chapter 3. Liquidity Stress Testing


(p 273-286)
Bruce Tuckman and Angel Serrat, Fixed Income Securities: Tools for Today’s Markets, 3rd Edition (Hoboken, NJ: John Wiley & Sons, 2011). Chapter 12. Repurchase Agreements and Financing

(p 287-308)
Joel Grant, 2011. “Liquidity Transfer Pricing: A Guide to Better Practice,” Occasional Paper, Financial Stability Board, Bank for International Settlements.

(p 309-332)
Patrick McGuire, Gotz von Peter, 2009. “The US Dollar Shortage in Global Banking and the International Policy Response,” BIS Working Papers, Bank for International Settlements.

(p 333-348)
Claudio Borio, Robert McCauley, Patrick McGuire, Vladyslav Sushko, 2016. “Covered Interest Rate Parity Lost: Understanding the Cross-Currency Basis,” BIS Quarterly Review.

(p 349-380)
Peter Rose, Sylvia Hudgins, Bank Management & Financial Services, Ninth Edition (New York, NY: McGraw-Hill, 2013). Chapter 7. Risk management for Changing Interest Rates: Asset-Liability Management and Duration Techniques


(p 1-12)
Andrew Ang, Asset Management: A Systematic Approach to Factor Investing (New York: Oxford University Press, 2014). Chapter 6. Factor Theory

(p 1-12)
Andrew Ang, Asset Management: A Systematic Approach to Factor Investing (New York: Oxford University Press, 2014). Chapter 6. Factor Theory

(p 13-28)
Andrew Ang, Asset Management: A Systematic Approach to Factor Investing (New York: Oxford University Press, 2014). Chapter 7. Factors

(p 13-28)
Andrew Ang, Asset Management: A Systematic Approach to Factor Investing (New York: Oxford University Press, 2014). Chapter 7. Factors

(p 29-52)
Andrew Ang, Asset Management: A Systematic Approach to Factor Investing (New York: Oxford University Press, 2014). Chapter 10. Alpha (and the Low-Risk Anomaly)

(p 29-52)
Andrew Ang, Asset Management: A Systematic Approach to Factor Investing (New York: Oxford University Press, 2014). Chapter 10. Alpha (and the Low-Risk Anomaly)

(p 53-68)
Richard Grinold and Ronald Kahn, Active Portfolio Management: A Quantitative Approach for Producing Superior Returns and Controlling Risk, 2nd Edition (New York: McGraw-Hill, 2000). Chapter 14. Portfolio Construction

(p 53-68)
Richard Grinold and Ronald Kahn, Active Portfolio Management: A Quantitative Approach for Producing Superior Returns and Controlling Risk, 2nd Edition (New York: McGraw-Hill, 2000). Chapter 14. Portfolio Construction

(p 69-82)
Philippe Jorion, Value-at-Risk: The New Benchmark for Managing Financial Risk, 3rd Edition (New York: McGraw-Hill, 2007). Chapter 7. Portfolio Risk: Analytical Methods

(p 69-82)
Philippe Jorion, Value-at-Risk: The New Benchmark for Managing Financial Risk, 3rd Edition (New York: McGraw-Hill, 2007). Chapter 7. Portfolio Risk: Analytical Methods


(p 187-200)
Kevin R. Mirabile, Hedge Fund Investing: A Practical Approach to Understanding Investor Motivation, Manager Profits, and Fund Performance (Hoboken, NJ: Wiley Finance, 2016). Chapter 12. Performance Due Diligence on Specific Managers and Funds

(p 187-200)
Kevin R. Mirabile, Hedge Fund Investing: A Practical Approach to Understanding Investor Motivation, Manager Profits, and Fund Performance (Hoboken, NJ: Wiley Finance, 2016). Chapter 12. Performance Due Diligence on Specific Managers and Funds

(p 201-228)
Stephen G. Dimmock and William C. Gerken: Detecting Fraud by Investment Managers, Jounal of Financial Economics (2012), 152-172.

(p 201-228)
Stephen G. Dimmock and William C. Gerken: Detecting Fraud by Investment Managers, Jounal of Financial Economics (2012), 152-172.

(p 83-94)
Philippe Jorion, Value-at-Risk: The New Benchmark for Managing Financial Risk, 3rd Edition (New York: McGraw-Hill, 2007). Chapter 17. VaR and Risk Budgeting in Investment Management

(p 83-94)
Philippe Jorion, Value-at-Risk: The New Benchmark for Managing Financial Risk, 3rd Edition (New York: McGraw-Hill, 2007). Chapter 17. VaR and Risk Budgeting in Investment Management

(p 95-116)
Jacob Rosengarten and Peter Zangari, Modern Investment Management: An Equilibrium Approach (Hoboken, N.J. : John Wiley, 2003). Chapter 17. Risk Monitoring and Performance Management

(p 95-116)
Jacob Rosengarten and Peter Zangari, Modern Investment Management: An Equilibrium Approach (Hoboken, N.J. : John Wiley, 2003). Chapter 17. Risk Monitoring and Performance Management

(p 117-146)
Zvi Bodie, Alex Kane, and Alan J. Marcus, Investments, 12th Edition (New York: McGraw-Hill, 2020). Chapter 24. Portfolio Performance Evaluation

(p 117-146)
Zvi Bodie, Alex Kane, and Alan J. Marcus, Investments, 12th Edition (New York: McGraw-Hill, 2020). Chapter 24. Portfolio Performance Evaluation

(p 147-186)
William Fung and David A. Hsieh, Handbook of the Economics of Finance, Volume 2B: Financial Markets and Asset Pricing, Constantinides et al., 2013, Ch. 16, Pgs. 1063-1125.

(p 147-186)
William Fung and David A. Hsieh, Handbook of the Economics of Finance, Volume 2B: Financial Markets and Asset Pricing, Constantinides et al., 2013, Ch. 16, Pgs. 1063-1125.


(p 0-0)
Aziz, Saqib and Dowling, Michael M., AI and Machine Learning for Risk Management (July 14, 2018). Published as: Aziz, S. and M. Dowling (2019). “Machine Learning and AI for Risk Management”, in T. Lynn, G. Mooney, P. Rosati, and M. Cummins (eds.), Disrupting Finance: FinTech and Strategy in the 21st Century, Palgrave, pp 33-50

(p 0-0)
“Artificial Intelligence Risk & Governance”, Artificial Intelligence/Machine Learning Risk & Security Working Group (AIRS) (25 pp.)

(p 0-0)
“Covid-19 and cyber risk in the financial sector”, BIS Bulletin No 37, January 2021 (9 pp.)*

(p 0-0)
“Holistic Review of the March Market Turmoil”, Chapters 1-4, FSB, 17 November 2020 (32 pp.)

(p 0-0)
“LIBOR transition Case studies for navigating conduct risks”, FMSB, June 2020 (26 pp.)

(p 0-0)
Schrimpf and Sushko, “Beyond LIBOR: a primer on the new benchmark rates,” BIS Quarterly Review, March 5, 2019 (24 pp.)

(p 0-0)
“Climate-related risk drivers and their transmission channels”, BIS, April 2021 (45 pp.)

(p 0-0)
“The Rise of Digital Money”, IMF, 2019 (20 pp.)

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