JERSEY CITY - The Global Association of Risk Professionals (GARP) has set a new benchmark in its Financial Risk Manager (FRM®) program with its recent announcement of reaching a record of more than 40,000 registrations for the FRM ® exams this year.
GARP, www.garp.org, which is a non-profit global membership organization working dedicatedly to ready professionals and organizations to make better informed risk decisions, launched the FRM® program in 1997. The remarkable growth of the FRM® program can be directly linked to the increased regulatory focus on enhanced enterprise risk management across the financial services industry.
It was also noted that since the Global Financial Crisis in 2007-2008, registrations for the program have increased 194%. The fact reflects the greater industry need for certified risk managers and the value that candidates recognise in professional and career development.
The President and Chief Executive Officer of GARP, Richard Apostolik, while explaining the reason for this growth, said: "This growth trajectory is not anything unexpected 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 of the GARP Research Center, who was in complete agreement with Apostolik's ideas, said: "A professional certification with the prestige of the FRM® provides a combination of theory and practice-driven expertise."
Further explaining the usability of the program's structure, Donohue said: "The overall structure of the program 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."
He noted that in 2013, globally there were more than 923 organizations which had five or more FRM® registrations, adding that the GARP expects the number to exceed 1000 in 2014. Donohue said that this is one of the most positive and objective indicator of the importance that organisations are placing on instilling a robust risk culture.
Donohue also emphasized on one more 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 in 2014," he said.
He stressed that the managers in these regions seek to further progress their risk qualifications and careers and the organizations, now, recognize the value that certified professionals add to their own risk programs.
"We are pleased to see the continued growth associated with these registrations globally. 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 GARP CEO said.
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