⚖️ FRM — Financial Risk Manager (Exam-Prep, Parts I & II)

A free, independent, vendor-neutral exam-prep that walks through the publicly published GARP FRM Learning Objectives across Part I (foundations of risk, quantitative analysis, financial markets & products, valuation & risk models) and Part II (market, credit, operational, liquidity & treasury risk, investment management and current issues). It is awareness/study material only: it is NOT the official GARP curriculum and is NOT affiliated with or endorsed by GARP. It maps to GARP FRM Learning Objectives (Parts I & II). The course is organized into 14 modules, ending with a final exam (pass mark 70%). It is independent, free exam-preparation training — not an official or accredited review course.

What you'll learn

• Foundations of Risk Management
• Quantitative Analysis
• Financial Markets & Products I — Markets & Instruments
• Financial Markets & Products II — Derivatives
• Valuation & Risk Models
• Market Risk Measurement & Management
• Credit Risk Measurement & Management I
• Credit Risk Measurement & Management II — Portfolio & Mitigants
• Operational Risk & Resiliency
• Liquidity & Treasury Risk
• Risk & Investment Management
• Regulation & Basel: Capital, Liquidity, FRTB & Stress Testing
• Counterparty Risk & CVA
• Current Issues in Financial Markets

Learning objectives

• Recognise that this is independent FRM exam-prep across the public Learning Objectives, not the official GARP curriculum
• Explain the FRM credential, the two-part exam format and the core vocabulary of financial risk management
• Apply the foundations of risk — risk types, the risk-return trade-off, the CAPM and risk-adjusted performance measures
• Use the quantitative toolkit: probability, distributions, hypothesis testing, regression, time series and volatility modelling (EWMA/GARCH)
• Price and risk-assess financial products — futures, forwards, options and the Greeks, swaps and fixed income
• Measure market risk with Value at Risk, expected shortfall, stress testing and backtesting
• Quantify credit risk (PD, LGD, EAD), counterparty risk and CVA, and frame operational risk under Basel
• Apply Basel II/III capital and liquidity rules and manage investment, liquidity and treasury risk
• Discuss current issues — climate risk, crypto-assets and AI/machine learning in risk
• Pass a 45-question exam (80% to earn your certificate)