- Increased regulatory focus driving demand for greater risk awareness and certification
JERSEY CITY, New Jersey, Oct. 16, 2014 /PRNewswire/ -- The Global Association of Risk Professionals (GARP), www.garp.org, a not-for-profit membership organization dedicated to preparing professionals and firms to make better informed risk decisions, today announced a significant milestone in its Financial Risk Manager (FRM®) program, reaching a record of more than 40,000 registrations for the FRM ® exams this calendar year.
Launched in 1997, the FRM® has grown rapidly, which has corresponded to the increased regulatory focus on enhanced enterprise risk management across the financial services industry. Since 2008 and the Global Financial Crisis, registrations have increased 194%, reflecting the greater industry need for certified risk managers, and the value that candidates recognize in professional and career development.
Richard Apostolik, President and CEO, GARP said: "This growth trajectory is not unsurprising given the significant emphasis that the regulators around the world are placing on better market, credit and operational risk management, the enforcement actions and fines that result as a consequence of bad risk management, and the industry's investment in risk and compliance department talent."
Christopher Donohue, Managing Director, GARP Research Center said: "A professional certification with the prestige of the FRM® provides a combination of theory and practice-driven expertise. This benefits not only the individual in their career efforts, but the industry as a whole, as better risk management understanding and practices are embedded and instilled across an increasing number of organizations globally."
"More than 923 organizations globally had five or more FRM® registrations in 2013 and we expect that number to exceed 1000 in 2014, which is another positive and objective indicator of the importance that organizations are placing on instilling a robust risk culture."
Donohue highlighted another interesting trend that the Association is seeing, with continuing year-on-year growth in markets such as China, India and the Russian Federation.
"While the US continues to grow at just over 6% and the European market remains stable, we have seen an uptick in registrations of 34% in China, and 7% in India this year, as individuals in these regions seek to further progress their risk qualifications and careers, and organizations recognize the value that certified professionals add to their own risk programs," said Donohue.
"We are pleased to see the continued growth associated with these registrations globally," said Apostolik. "It's a crucial building block in serving our goal to help create a culture of risk awareness within organizations, from entry level to board level."
The Global Association of Risk Professionals (GARP) www.garp.org is a not-for-profit global membership organization dedicated to preparing professionals and organizations to make better informed risk decisions. The GARP risk community represents over 150,000 risk management practitioners and researchers from banks, investment management firms, government agencies, academic institutions, and corporations from more than 195 countries.
GARP's mission is to educate, train and set global standards in financial and energy risk management, and administers the Financial Risk Manager (FRM®) and Energy Risk Professional (ERP®) exams; certifications recognized and valued by risk professionals worldwide. GARP also helps advance the role of risk management via comprehensive professional education and training for professionals of all levels.
Risk taking is an integral part of business, and is a catalyst for growth. Developing a robust risk culture has many benefits, chief among them, empowering a company to pursue the opportunities that should ultimately enhance stakeholder value, while avoiding unwarranted risks or even catastrophic outcomes.
SOURCE The Global Association of Risk Professionals (GARP)