Financial Risk Manager (FRM®) Certification Training Program 2018 January Intake

Course Objective

This program helps to prepare professionals in the financial industry for the rigorous examinations of the FRM® certification program. This certification is globally recognized and is administered by the Global Association of Risk Professionals (GARP).

The Global Association of Risk Professionals (GARP) is a not-for-profit organization and the only globally recognized membership association for risk managers. GARP's goal is to help create a culture of risk awareness within organizations, from entry level to board level.

In the areas of financial and energy risk management, GARP sets the global standard in professional designation with the FRM (Financial Risk Manager) and ERP (Energy Risk Professional) certifications. Through our educational programs, specialized content, in-person or online events, and chapter program, GARP promotes best practices in risk management and supports ongoing professional and career development for risk managers.

FINANCIAL RISK MANAGER (FRM®) CERTIFICATION

With seismic changes continuing to occur in the financial services industry worldwide, professionals who manage risk, money and investments are recognizing the need to objectively demonstrate a globally standardized level of up-to-date industry knowledge.

Requiring the successful completion of a rigorous two-part, practice-oriented examination, the Financial Risk Manager (FRM) designation provides a bedrock foundation in a profession and industry that is rapidly evolving. Since the FRM Program's inception in 1997, Certified FRMs have achieved positions such as Chief Risk Officer, Senior Risk Analyst, Head of Operational Risk, and Director of Investment Risk Management, to name a few.

The global FRM community is growing dramatically, with Certified FRMs represented at nearly every major banking institution, government regulator, consulting firm and financial services institution around the world.

Target Audience

• A financial risk professional with work experience in risk management or related field including auditing, trading, portfolio management, academic/industry research, risk consulting and/or risk technology
• An individual with a sufficient amount of working experience in a business field other than risk management, but is interested in switching career paths to risk management
• A recent graduate with little work experience

*This course is designed to help students prepare for the FRM examination administered by GARP. For those who want to take the FRM examination, they must satisfy the entry requirements set by GARP. For details and registration of the examination, please visit the website: www.garp.com.

Exam Structure

Part I: 100 multiple-choice questions (4 hours)
Part II: 80 multiple-choice questions (4 hours)

FRM examination consists of two parts.

The FRM Part I curriculum covers the tools used to assess financial risk: quantitative analysis, fundamental risk management concepts, financial markets and products, and valuation and risk models.

The FRM Exam Part II focuses on the application of the tools acquired in Part I: market, credit, operational and integrated risk management, investment management as well as current market issues.

Different topics and mark distributions are shown in the charts below:

 

Part I Mark Distribution | Part II Mark Distribution

Module 1: Foundation of Risk Management & Quantitative Analysis

(6, 13, 20 and 27 Jan)
Module 1 covers 40 percent of the topics included in the Part I of the FRM examination. It covers two broad topics:

Foundation of risk management

• Basic risk types, measurement and management tools
• Creating value with risk management
• The role of risk management in corporate governance
• Enterprise Risk Management (ERM)
• Financial disasters and risk management failures
• The Capital Asset Pricing Model (CAPM)
• Risk-adjusted performance measurement
• Multi-factor models
• Data aggregation and risk reporting
• Ethics and the GARP Code of Conduct

Quantitative analysis

• Discrete and continuous probability distributions
• Estimating the parameters of distributions
• Population and sample statistics
• Bayesian analysis
• Statistical inference and hypothesis testing
• Estimating correlation and volatility using EWMA and GARCH models
• Volatility term structures
• Correlations and copulas
• Linear regression with single and multiple regressors
• Time series analysis and forecasting
• Simulation methods

Module 2: Financial Markets and Products & Valuation and Risk Models

(10 and 24 Feb, 3 and 10 Mar)
Module 2 covers the remaining 60 percent of the topics included in Part I of the FRM examination. It covers two areas:

Financial Markets and Products

• Structure and functions of financial institutions
• Structure and mechanics of OTC and exchange markets
• Structure, mechanics, and valuation of forwards, futures, swaps and options
• Hedging with derivatives
• Interest rates and measures of interest rate sensitivity
• Foreign exchange risk
• Corporate bonds
• Mortgage-backed securities

Valuation and Risk Models.

• Value-at-Risk (VaR)
• Expected shortfall (ES)
• Stress testing and scenario analysis
• Option valuation
• Fixed income valuation
• Hedging
• Country and sovereign risk models and management
• External and internal credit ratings
• Expected and unexpected losses
• Operational risk

Module 3: Market Risk and Credit Risk: Measurement and Management

(17 and 24 Mar, 7 Apr)
Module 3 covers 50 percent of the topics included in Part II of the FRM examination. Specifically, it covers two topics:

Market Risk Measurement and Management Valuation and Risk Models.

• VaR and other risk measures
• Modeling dependence: correlations and copulas
• Term structure models of interest rates
• Discount rate selection
• Volatility: smiles and term structures

Credit Risk Measurement and Management

• Credit analysis
• Default risk: Quantitative methodologies
• Expected and unexpected loss
• Credit VaR
• Counterparty risk
• Credit derivatives
• Structured finance and securitization

Module 4: Operational Risk, Risk Management, Risk Management and Investment Management and Current Issues in Financial Markets

(14, 21 and 28 Apr, 5 May)
Module 4 covers the remaining 50 percent of the topics included in Part II of the FRM examination.

Operational and Integrated Risk Management

• Principles for sound operational risk management
• Enterprise Risk Management (ERM) and enterprise-wide risk governance
• IT infrastructure and data quality
• Internal and external operational loss data
• Methods of determining operational risk capital
• Model risk and model validation
• Extreme value theory (EVT)
• Risk-adjusted return on capital (RAROC)
• Economic capital frameworks and capital planning
• Liquidity risk measurement and management
• Failure mechanics of dealer banks
• Stress testing banks
• Third-party outsourcing risk
• Regulation and the Basel Accords

Risk Management and Investment Management

• Factor theory
• Portfolio construction
• Portfolio risk measures
• Risk budgeting
• Risk monitoring and performance measurement
• Portfolio-based performance analysis
• Hedge funds

Current Issues in Financial Markets

• Bitcoin and virtual currencies
• Market and funding liquidity
• Algorithmic trading and fixed income market algorithmic trading
• Negative policy rates
• Emerging economies and corporate debt

Course Schedule

To meet the needs of the working professionals, the classes will be held on Saturday 9.00am to 12.30pm and 1.30pm to 5.00pm
Venue will be 21 Heng Mui Keng Terrace, I3 Building, Level 4, Executive Seminar Room, Singapore 119613.

Course Fee

		Early Bird Special Enroll on or before
		1 Dec 2017	8 Dec 2017
		(Save 30%)	(Save 15%)	Original Price
Module 1	Foundation of Risk Management & Quantitative Analysis	1085	1320	1550
Module 2	Financial Markets and Products & Valuation and Risk Models	1600	1940	2280
Module 3	Market Risk and Credit Risk: Measurement and Management	1345	1630	1920
Module 4	Operational Risk, Risk Management and Investment Management & Current Issues in Financial Markets	1345	1630	1920
	Complete Course (Save 5%)	5110	6200	7290

Fees quoted are subject to 7% GST

This programme is approved for listing on the Financial Training Scheme (FTS) Programme Directory and is eligible for FTS claims subject to all eligibility criteria being met.

Please note that in no way does this represent an endorsement of the quality of the training provider and programme. Participants are advised to assess the suitability of the programme and its relevance to participants' business activities or job roles.

The FTS is available to eligible entities, at a 50% funding level of programme fees subject to all eligibility criteria being met. FTS claims may only be made for programmes listed on the FTS Programme Directory with the specified validity period. Please refer to www.ibf.org.sg or email to funding@ibf.org.sg for more information.

The program is listed under MAS SkillsFuture Study Award for Financial Sector: http://www.skillsfuture.sg/studyawards/financial

All Singaporeans aged 25 and above can use their $500 SkillsFuture Credit from the government to pay for a wide range of approved skills-related courses. Visit the SkillsFuture Credit website (www.skillsfuture.sg/credit) to choose from the courses available on the Training Exchange course directory. Skillsfuture credits will be offset from the fees payable. Course Reference Number: P170815RBS, Funding Validity Period: 11 Nov 2017 - 10 Nov 2019.

Crossed cheques are to be made payable to: "National University of Singapore"

Please send the completed registration form together with your payment to:

Ms Jaslin Chong
NUS Risk Management Institute
National University of Singapore
21 Heng Mui Keng Terrace
I3 Building #04-03
Singapore 119613
Tel: 6516 8497 Fax: 6874 5430
Email: rmicsh@nus.edu.sg
(Cancellations are non-refundable although participants can be substituted.)