FRM考试是GARP协会专门为风险管理设计的一门课程，当你深入学习后你会发现他里面蕴含的许多哲学思想。学习这门课程不光具有实际的操作性指导作用，还可以让你对人生的规划抉择有一定的帮助~
FRM Learning Objectives Part I
Foundations of Risk Management
Quantitative Analysis
Financial Markets and Products
Valuation and Risk Models
FRM一级总共有四个科目
风险管理基础
定量分析
金融市场和产品
估值和风险模型
Foundations of Risk Management PART I EXAM WEIGHT | 20% (FRM)
This area focuses on foundational concepts of risk management and how risk management can add value to an organization. The broad knowledge points covered in Foundations of Risk Management include the following:
Basic risk types, measurement, and management tools
Creating value with risk management
Risk governance and corporate governance
Credit risk transfer mechanisms
The Capital Asset Pricing Model (CAPM)
Risk-adjusted performance measurement
Multifactor models
Data aggregation and risk reporting
Financial disasters and risk management failures
Ethics and the GARP Code of Conduct
Enterprise risk management (ERM)
科目一：风险管理基础
考试分值所占比重| 20%；科目一共有11个小章节
这一领域关注的是风险管理的基本概念，以及风险管理如何增加价值组织。《风险管理基础》涵盖的广泛知识点包括:
基本风险类型、度量和管理工具
通过风险管理创造价值
风险治理和公司治理
信用风险转移机制
资本资产定价模型(CAPM)
风险调整绩效测量
多因素模型
数据聚合和风险报告
金融危机和风险管理失败案例
道德规范和GARP行为准则
企业风险管理(ERM)
Chapter 1. The Building Blocks of Risk Management
After completing this reading, you should be able to:
Explain the concept of risk and compare risk management with risk taking.
Evaluate, compare and apply tools and procedures used to measure and manage risk, including quantitative measures, qualitative risk assessment techniques, and enterprise risk management.
Distinguish between expected loss and unexpected loss and provide examples of each.
Interpret the relationship between risk and reward and explain how conflicts of interest can impact risk management.
Describe and differentiate between the key classes of risks, explain how each type of risk can arise, and assess the potential impact of each type of risk on an organization.
Explain how risk factors can interact with each other and describe challenges in aggregating risk exposures.
第一章： 风险管理的构建模块
读完本文后，你应该能够:
解释风险的概念，并比较风险管理和承担风险。
评估，比较和应用工具和程序，用于衡量和管理风险，包括定量、度量、定性风险评估技术和企业风险管理。
区分预期损失和非预期损失，并分别提供实例。
解释风险和回报之间的关系，并解释利益冲突会如何影响风险管理。
描述并区分关键风险类别，解释每种风险如何产生，并进行评估每种风险对组织的潜在影响。
解释风险因素如何相互作用，并描述在聚集风险暴露方面面临的挑战。
Chapter 2. How Do Firms Manage Financial Risk?
After completing this reading, you should be able to:
Compare different strategies a firm can use to manage its risk exposures and explain situations in which a firm would want to use each strategy.
Explain the relationship between risk appetite and a firm’s risk management decisions.
Evaluate some advantages and disadvantages of hedging risk exposures and explain challenges that can arise when implementing a hedging strategy.
Apply appropriate methods to hedge operational and financial risks, including pricing, foreign currency, and interest rate risk.
Assess the impact of risk management tools and instruments, including risk limits and derivatives.
第二章：企业如何管理财务风险?
读完本文后，你应该能够:
比较公司可以用来管理风险暴露的不同策略，并解释公司所处的情况会想要使用每种策略。
解释风险偏好和公司风险管理决策之间的关系。
评估对冲风险暴露的一些优点和缺点，并解释可能出现的挑战执行套期保值策略时。
采用适当的方法对冲操作和财务风险，包括定价、外汇和利率风险。
评估风险管理工具和工具的影响，包括风险限制和衍生品。
Chapter 3. The Governance of Risk Management
After completing this reading, you should be able to:
Explain changes in regulations and corporate risk governance that occurred as a result of the 2007-2009 financial crisis.
Describe best practices for the governance of a firm’s risk management processes.
Explain the risk management role and responsibilities of a firm’s board of directors.
Evaluate the relationship between a firm’s risk appetite and its business strategy, including the role of incentives.
Illustrate the interdependence of functional units within a firm as it relates to risk management.
Assess the role and responsibilities of a firm’s audit committee.
第三章：风险管理的治理
读完本文后，你应该能够:
解释2007-2009年金融危机导致的监管和公司风险治理方面的变化。
描述公司风险管理过程治理的最佳实践。
解释公司董事会的风险管理角色和责任。
评估一个公司的风险偏好与其商业策略之间的关系，包括激励的作用。
阐明一个公司内与风险管理相关的职能单位之间的相互依赖。
评估公司审计委员会的角色和职责。
Chapter 4. Credit Risk Transfer Mechanisms
After completing this reading, you should be able to:
Compare different types of credit derivatives, explain their applications, and describe their advantages.
Explain different traditional approaches or mechanisms that firms can use to help mitigate credit risk.
Evaluate the role of credit derivatives in the 2007-2009 financial crisis and explain changes in the credit derivative market that occurred as a result of the crisis.
第四章：信用风险转移机制
读完本文后，你应该能够:
比较不同类型的信用衍生品，解释它们的应用，并描述它们的优势。
解释公司可以用来帮助降低信用风险的不同传统方法或机制。
评估信用衍生品在2007-2009年金融危机中的作用，并解释由于危机而发生的信用衍生品市场的变化。
解释证券化的过程，描述一个特殊目的载体(SPV)，并评估银行可以用于证券化产品的不同商业模式的风险。
Chapter 5. Modern Portfolio Theory (MPT) and the Capital Asset Pricing Model (CAPM) [FRM–5]
After completing this reading, you should be able to:
Explain Modern Portfolio Theory and interpret the Markowitz efficient frontier.
Understand the derivation and components of the CAPM.
Describe the assumptions underlying the CAPM.
Interpret and compare the capital market line and the security market line.
Apply the CAPM in calculating the expected return on an asset.
Interpret beta and calculate the beta of a single asset or portfolio.
Calculate, compare, and interpret the following performance measures: the Sharpe performance index, the Treynor performance index, the Jensen performance index, the tracking error, information ratio, and Sortino ratio.
第五章：现代投资组合理论(MPT)与资产定价模型(CAPM)
读完本文后，你应该能够:
解释现代投资组合理论和马科维茨有效边界。
理解CAPM的推导和组成部分。
描述CAPM的基本假设。
理解并比较资本市场线和证券市场线。
应用资本资产定价模型(CAPM)计算资产的预期收益。
解读并计算单个资产或投资组合的beta值。
计算、比较和解释以下业绩指标:夏普业绩指数、Treynor性能指标，Jensen性能指标，跟踪误差，信息比，和Sortino比率。
Chapter 6. The Arbitrage Pricing Theory and Multifactor Models of Risk and Return
After completing this reading, you should be able to:
Explain the Arbitrage Pricing Theory (APT), describe its assumptions, and compare the APT to the CAPM.
Describe the inputs (including factor betas) to a multifactor model and explain the challenges of using multifactor models in hedging.
Calculate the expected return of an asset using a single-factor and a multifactor model.
Explain how to construct a portfolio to hedge exposure to multiple factors.
Describe and apply the Fama-French three-factor model in estimating asset returns.
第六章：套利定价理论与多因素风险收益模型
读完本文后，你应该能够:
解释套利定价理论(APT)，描述其假设，并将APT与CAPM进行比较。
描述多因素模型的输入(包括因素beta)，并解释在套期保值中使用多因素模型的挑战。
使用单因素和多因素模型计算资产的预期收益。
解释如何构建一个投资组合来对冲多个因素的风险敞口。
描述并应用Fama-French三因素模型来估计资产收益。
Chapter 7. Principles for Effective Data Aggregation and Risk Reporting
After completing this reading, you should be able to:
Explain the potential benefits of having effective risk data aggregation and reporting.
Explain challenges to the implementation of a strong risk data aggregation and reporting process and the potential impacts of using poor quality data.
Describe key governance principles related to risk data aggregation and risk reporting.
Describe characteristics of effective data architecture, IT infrastructure, and risk reporting practices.
第七章：有效数据聚合和风险报告的原则
完成阅读后,你应该能够:
解释有效风险数据聚合和报告的潜在好处。
解释实施强风险数据汇总和报告流程所面临的挑战，以及使用低质量数据的潜在影响。
描述与风险数据聚合相关的主要治理原则和风险报告。
描述有效的数据架构、IT基础设施和风险报告实践的特点。
Chapter 8. Enterprise Risk Management and Future Trends
After completing this reading, you should be able to:
Describe Enterprise Risk Management (ERM) and compare an ERM program with a traditional silo-based risk management program.
Describe the motivations for a firm to adopt an ERM initiative.
Explain best practices for the governance and implementation of an ERM program.
Describe risk culture, explain the characteristics of a strong corporate risk culture, and describe challenges to the establishment of a strong risk culture at a firm.
Explain the role of scenario analysis in the implementation of an ERM program and describe its advantages and disadvantages.
Explain the use of scenario analysis in stress testing programs and capital planning.
第八章：企业风险管理与未来趋势
读完本文后，你应该能够:
描述企业风险管理(ERM)，并将ERM计划与传统的基于竖井的风险管理计划进行比较。
描述公司采用ERM计划的动机。
解释ERM项目的管理和实施的最佳实践。
描述风险文化，解释一个强大的企业风险文化的特征，并描述在一个公司建立强大的风险文化所面临的挑战。
解释情景分析在ERM程序实施中的作用，并描述它的优点和缺点。
解释情景分析在压力测试项目和资本计划中的使用。
Chapter 9. Learning from Financial Disasters [FRM–9]
After completing this reading, you should be able to:
• Analyze the key factors that led to and derive the lessons learned from case studies involving the following risk factors:
- Interest rate risk, including the 1980s savings and loan crisis in the US.
- Funding liquidity risk, including Lehman Brothers, Continental Illinois, and Northern Rock.
- Implementing hedging strategies, including the Metallgesellschaft case.
- Model risk, including the Niederhoffer case, Long Term Capital Management, and the London Whale case.
- Rogue trading and misleading reporting, including the Barings case.
- Financial engineering and complex derivatives, including Bankers Trust, the Orange County case, and Sachsen Landesbank.
- Reputational risk, including the Volkswagen case.
- Corporate governance, including the Enron case.
- Cyber risk, including the SWIFT case.
第9章：从金融灾难中吸取教训
读完本文后，你应该能够:
•分析导致以下风险因素的关键因素，并从涉及以下风险因素的个案研究中汲取经验教训:
-利率风险，包括上世纪80年代美国的储蓄和贷款危机。
-融资流动性风险，包括雷曼兄弟(Lehman Brothers)、伊利诺伊大陆银行(Continental Illinois)和北岩银行(Northern Rock)。
-实施套期保值策略，包括Metallgesellschaft案例。
-建立风险模型，包括尼德霍夫案例、长期资本管理公司(Long Term Capital Management)和伦敦鲸(London Whale)案例。
-流氓交易和误导性报道，包括霸菱案。
-金融工程和复杂衍生品，包括信托银行(Bankers Trust)、奥兰治县(Orange County)案件和萨克森州立银行。
-声誉风险，包括大众案。
-公司治理，包括安然案。
-网络风险，包括SWIFT案件。
Chapter 10. Anatomy of the Great Financial Crisis of 2007-2009
After completing this reading, you should be able to:
Describe the historical background and provide an overview of the 2007-2009 financial crisis.
Describe the build-up to the financial crisis and the factors that played an important role.
Explain the role of subprime mortgages and collateralized debt obligations (CDOs) in the crisis.
Compare the roles of different types of institutions in the financial crisis, including banks, financial intermediaries, mortgage brokers and lenders, and rating agencies.
Describe trends in the short-term wholesale funding markets that contributed to the financial crisis, including their impact on systemic risk.
Describe responses made by central banks in response to the crisis.
第十章：2007-2009年金融危机剖析
读完本文后，你应该能够:
描述历史背景，概述2007-2009年金融危机。
描述金融危机的形成过程和发挥重要作用的因素。
解释次级抵押贷款和债务抵押债券(cdo)在危机中的作用。
比较不同类型的机构在金融危机中的角色，包括银行，金融、中介机构，抵押经纪人和贷款人，以及评级机构。
描述导致金融危机的短期批发融资市场的趋势，包括它们对系统风险的影响。
描述各国央行在应对危机时的反应。
Chapter 11. GARP Code of Conduct*
After completing this reading, you should be able to:
Describe the responsibility of each GARP Member with respect to professional integrity, ethical conduct, conflicts of interest, confidentiality of information, and adherence to generally accepted practices in risk management.
Describe the potential consequences of violating the GARP Code of Conduct.
第十一章：GARP行为守则
读完本文后，你应该能够:
描述每个GARP成员在职业操守、道德行为、利益冲突，信息保密，和遵守普遍接受的惯例风险管理。
描述违反GARP行为准则的潜在后果。
注：资料来源于GARP官网的学习指导文件
这一科目主要是让大家大致了解风险管理的基础知识，站在管理层的角度去看，能更好的理解官网想要给我们传达的知识，更多的是以公司高层来看待风险，从公司的组织架构中或有怎样的风险存在，识别出风险，如何处理风险，以及过往的失败案例所带给人的启示~
