Global Association of Risk Professionals Expands Financial Risk Manager Certification Program

    Introduces New Two-Level Certification Exam as Demands of Risk Management
Profession Increase

    NEW YORK and LONDON, Feb. 25 /PRNewswire/ -- The Global Association of
Risk Professionals, (GARP, today announced important changes to
the syllabus of its Financial Risk Manager (FRM(R)) certification program, a
designation widely recognized as the worldwide standard for risk
professionals.  According to GARP, the considerable breadth of study material
required for certification candidates has expanded beyond the point where it
can be effectively covered in a single exam.  As a result, the FRM program
will begin transitioning to a two level examination format later this year,
replacing the current single exam format.

    Richard Apostolik, Global Association of Risk Professionals President and
CEO, said, "The financial crisis is radically altering the global financial
system, and with that, elevating the status and role of the financial risk
professional. As a result, risk professionals worldwide must be prepared to
assume a place at the senior management table, and respond to the complexities
of a new global and interconnected marketplace.  The additions to our
certification program will ensure that FRM certified risk managers have the
scope of knowledge and skills necessary to address the dynamic and evolving
demands of this rapidly changing financial landscape."

    As a result, beginning in 2009, the FRM program will transition to
require a candidate to successfully complete two exams -- Level I and Level
II. Under the new program, Level I will cover core areas of risk management,
such as quantitative analysis, financial markets and products, and essential
risk modeling. Level II will cover specific topics on the practical
implementation and execution of measurement and management of market, credit
and operational risk, as well as a new section covering current issues in
financial markets.

    The exams will be given twice a year, starting with the inaugural Level I
on November 21, 2009, and the inaugural Level II in May 2010. In 2010 and
beyond, Level I and Level II exams will be offered each May and November.

    During this transition period in 2009, and to accommodate those who
deferred the exam in 2008, GARP will offer the single exam format for the last
time on November 21, coinciding with the inaugural Level I exam.

    The FRM program has experienced significant increases in registrations
with a compound annual growth rate of 25% over the last 7 years.  In 2008,
13,681 candidates registered for the FRM representing a 35% increase from
2007.  The exam, given in 80 test sites around the world, presents questions
in the context of real-world situations to test a candidate's ability to apply
theoretical learning to practical situations.  FRM test preparation will
continue to be offered in a flexible, self-study format providing candidates
with a study guide of readings, learning outcome statements and practice exams
for each level.

    Additional information about the new FRM syllabus can be found at

    About The Global Association of Risk Professionals

    The Global Association of Risk Professionals (GARP) is a not-for-profit
independent association of close to 100,000 risk management practitioners and
researchers representing banks, investment management firms, government
agencies, academic institutions, and corporations from more than 167 countries
worldwide.  It also administers the Financial Risk Manager (FRM), the
certification recognized by financial risk professionals worldwide. As the
leading professional association for risk managers, GARP's mission is to
advance the knowledge and expertise of financial risk management through
education, training and the promotion of best practices globally.


    Carl Hymans                   Danielle Robitaille
    G.S. Schwartz & Co.           G.S. Schwartz & Co
    212-725-4500, ext. 304        212-725-4500, ext. 338  


For further information:

For further information: Carl Hymans, +1-212-725-4500, ext. 304,, or Danielle Robitaille, +1-212-725-4500, ext. 338,, both for the Global Association of Risk
Professionals Web Site:       

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