GARP

The FRM certification consists of two multiple-choice exams, with 100 questions in Part I and 80 questions in Part II. GARP offers the exams in May, August and November, and candidates typically study around 240 hours over several months. After passing both parts, candidates must show at least two years of relevant work experience before they are certified.

Registration for the FRM exams includes one year of individual GARP membership for candidates who have not received it through another GARP program. Holders of the FRM are exempt from the first of the two exams for the Professional Risk Manager designation of PRMIA.

The standard individual membership of GARP costs 195 US dollars a year and suits practicing risk professionals and candidates of the GARP programs. Holders of the FRM, SCR or RAI pay 150 US dollars a year, and taxes such as VAT are added depending on the country. Members get priority registration for chapter meetings, the member directory, a multimedia library and preferred rates for GARP programs and events.

GARP chapters hold in-person meetings where members register first and non-members can attend when seats remain. The Germany chapter is led by Markus Quick of KPMG and Natalie Packham, professor of mathematics and statistics at the Berlin School of Economics and Law, and its committee includes Enrique Rivero of the ECB banking supervision. At the Frankfurt School of Finance & Management, the chapter discussed model risk management in the age of AI, from governance and validation to trusted AI adoption.

The Switzerland chapter, led by Jing Lue Gramespacher and Alessandro Mauro, met at UBS in Zurich for a case study on the value of tokenized assets. In London, Lan Luan of Oliver Wyman and Carlos Balula of Nomura lead the United Kingdom chapter, which discussed risk frameworks for high-impact, low-probability events. In Paris, GARP was a partner of a joint event on stablecoins with CFA Society France and the CAIA Association.

Since 2025, GARP has held the European Financial Risk Symposium in London, a half-day meeting of regulators and industry practitioners. The second edition takes place at the Moorgate offices of Deutsche Bank and asks whether international standard setting under Basel still works and whether regulatory reform can strengthen European competitiveness. Further topics are internal models compared with standardized approaches for the trading book and the real opportunities of digital assets.

Outside Europe, GARP has held annual Global Risk Forums in collaboration with central banks around the world since 2011.

The GARP Benchmarking Initiative, launched in 2012, runs quantitative and qualitative cross-border impact studies and other benchmarking work on risk topics for global banks, asset managers and industry bodies. The GARP Risk Institute was set up in 2017 for research in risk management and publishes surveys on climate and nature risk. Its second global survey of nature risk management covered 48 firms, including 29 banks, eleven asset managers and eight insurers.

Christopher Donohue became chief executive of GARP on 1 July 2026 and succeeded Richard Apostolik, who joined GARP in 2003 and retired as president and chief executive. Christopher Donohue has worked at GARP for more than 20 years, first on its educational programs and since 2012 as managing director of the GARP Benchmarking Initiative. The headquarters of GARP is at 111 Town Square Place in Jersey City, New Jersey, and its offices in Shanghai, Hong Kong and Mumbai opened from 2019 onward.