2015
ERP Candidate Guide
ERP® CandidatE GuidE | OvERviEw
The Energy Risk Professional (ERP®) designation is the only global certification for risk professionals in the energy field.
The ERP was developed in response to the growing need for risk
the ERP curriculum covers:
managers who understand the breadth and complexity of risk across the physical and financial energy markets.
•
Exploration, production, transportation, storage, refining, processing, and
Whether you currently work in the energy industry or are inter-
distribution of physical energy
ested in transitioning to a career in energy, earning the ERP
commodities
designation can help accelerate your career and professional development.
•
Structuring and valuation of financially traded energy products
Topics covered in the ERP Program are meant to improve your understanding of how global energy markets operate and influ-
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Identification and management of
ence one another. This framework for identifying and analyzing
market, credit, and enterprise
a variety of energy risk-related issues, and can differentiate you
management risk
when being considered for assignments of increasingly higher responsibility. The ERP Exam is developed with a panel of leading energy risk practitioners whose expertise spans the full range of disciplines covered by the exam. Updated annually, the ERP curriculum is derived from current industry standards and practices. It creates a link between the physical and financial energy markets.
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The ERP Exam is a comprehensive, practiceoriented assessment that spans both the physical and financial markets. Test weights and question allocation are structured to create an exam that balances intellectual rigor against exam validity and reliability, two important characteristics of any professional certification exam. Enrolling in the ERP Program is straightforward; candidates register for the ERP Exam online via the GARP website. The ERP Exam is offered twice a year, in May and November. There are no educational or professional prerequisites to register for the ERP Exam. After achieving a passing score on the ERP Exam, a candidate must satisfy a work experience requirement in order to be certified. Candidates demonstrate a minimum of two years of full-time work experience in the area of energy risk management or another related field including, but not limited to: trading, portfolio management, faculty academic, industry research, economics, auditing, risk consulting, and/or risk technology. A sample list of job titles that GARP uses for ERP certification purposes is available on our website. Once certified, ERPs are required to further their skills and knowledge through a mandatory Continuing Professional Development (CPD) program. GARP’s CPD program provides a formal means to meet the growing demands of their profession while ensuring the ongoing integrity of the certification. CPD offers ERPs a framework to remain abreast of industry trends such as: challenges and solutions in energy modeling and optimization of physical assets, enterprise risk management, fundamental supply and demand trends in physical energy commodity markets, and compliance with new accounting and regulatory initiatives. The CPD program requires 40 credit hours to be earned every two years.
ERP Exam 8 hours/ 140 questions
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demonstrate 2 Years Related work Experience
Certified Energy Risk Professional
Mandatory Continuing Education 40 hours/2 years
2014: 1300+ registrations for the ERP Exam Top 7 countries/regions with the most ERPs: United States—33%, United Kingdom—10%, Canada—9%, India—7%, Singapore—6%, Switzerland—6%, Germany—5%
&
400+ organizations have had three or more registrations for the ERP Exam since 2009
{
in 2014 ERP candidates came from 70 different countries across the globe
Registration has grown an average of
17.5%
per year since 2010
The ERP Exam: Structure and Content
GARP’s Energy Oversight Committee (EOC), a panel of
The content and question allocation for the 2015 ERP Exam
the leading energy risk practitioners worldwide, supervises
has been structured to balance intellectual rigor against
the development of the ERP Exam. Current members
exam validity and reliability, two important characteristics
include academics and practitioners with expertise in risk
of any professional certification exam.
consulting, risk management, commodity trading, and quantitative analysis from both the physical and financial
The test weights for the 2015 ERP Exam are as follows:
energy markets. PHYSICAL ENERGY COMMODITIES AND ELECTRICITY— The ERP curriculum is developed in conjunction with the
tOtaL wEiGHt: 50%
EOC to address the fundamental knowledge, skills and abilities necessary for professionals that manage risk in
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Mineral Rights and Project development (5%)
the energy industry. This body of knowledge is published
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Mineral rights and project development
in the ERP Study Guide. A more detailed summary of the
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Project development and real options
key learning objectives associated with each topic are summarized in the ERP Program Manual.
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Crude Oil Markets and Refined Products (15%) •
Crude oil production
ERP Exam Structure
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Global crude oil benchmarks
The ERP Exam is a pencil and paper multiple choice exam
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Crude oil transportation and storage
of 140 questions. The ERP Exam is eight hours long and is
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Petroleum refining
divided into two sessions of four hours each, the AM session
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Unconventional Oil
and the PM session. •
natural Gas and Coal Markets (10%)
Each session contains 70 multiple choice questions. The
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Natural gas properties, transportation and storage
exam is offered exclusively in English, twice a year in May
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Global natural gas markets and price dynamics
and November, in person at approximately 90 exam sites
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Global coal markets
around the world. This approach ensures that there is fairness and consistency for all candidates globally.
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Electricity Markets and Renewable Generation (20%) •
Economics of electricity markets
ERP Exam Content
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Cash markets for power trading
The ERP Exam is a comprehensive, practice-oriented
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Analytical tools and structured solutions for
energy markets. Candidates are expected to demonstrate
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Global market design
an understanding of important concepts associated with
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Renewable generation, integration and project
assessment that spans both the physical and financial
several broad areas of study.
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electricity markets
finance
Companies Employing the Most FINANCIAL PRODUCTS AND RISK MANAGEMENT—
ERP Candidates
tOtaL wEiGHt: 50% FinanCiaL inStitutiOnS •
•
•
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Financially traded Energy Products (15%)
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Barclays Capital
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Commodity trading and risk management
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Citi
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Forward contracts and exchange traded futures
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Credit Suisse
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Energy commodity swaps
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HSBC
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Options and option strategies
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JPMorgan Chase
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Natural gas and crude oil market dynamics
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Morgan Stanley
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Regulation of financially traded energy products
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Standard Chartered
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UBS
data analysis and Market Risk (15%)
EnERGY COMPaniES
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Data analysis tools and applications
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Market risk tools
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Capital Power
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Energy spot price formation
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Constellation
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Energy price volatility and modeling
BP
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DTE Energy
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EDF Energy
Credit, Counterparty, and Country Risk assessment (15%)
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ENI
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Fundamental credit assessment
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E.ON
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Credit exposure metrics
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Gazprom
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Counterparty credit exposures, pricing, mitigation and documentation
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GDF SUEZ
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Central counterparty clearing
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Hess
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Wrong-way risk
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Litasco
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Country risk assessment
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RWE AG
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Shell
Enterprise Risk Management and Business Ethics (5%)
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Statoil
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Enterprise risk management (ERM) framework
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TransAlta
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Determining and communicating risk appetite and risk tolerance
COnSuLtinG FiRMS
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Quantitative and qualitative risk metrics
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Allegro
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Implications of E3 and a Complex Infrastructure System (CIS)
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Deloitte
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The GARP Code of Conduct
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EY
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KPMG
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PwC
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Sapient
PuBLiC/GOvERnMEnt aGEnCiES •
Federal Energy Regulatory Commission (FERC)
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Registering for the ERP Exam
In 2015, the ERP Exam will be offered on May 16, 2015 and November 21, 2015.
Registration Periods
Deferrals
Candidates can register online for the ERP in one of three
An ERP candidate may only defer exam registration once to
registration periods: Early, Standard, and Late. There is a
the next test date. Please note:
difference in price between the three periods, which are
•
A deferral to the next examination date must be
detailed in the “Fees” section below.
submitted by the last day of registration. For example,
Fees
for the November Exam the last day of registration is
the last day of registration for the May Exam is April 15; When registering for the ERP Exam for the first time, candidates pay an enrollment fee and an exam fee.
October 15. •
There is an administrative processing fee of US$100 that accompanies each exam deferral.
The enrollment fee covers the basic costs associated
This fee is payable by credit card only at the time of your
with developing the ERP Program and administering the
deferral request.
ERP Exam. Candidates are required to pay the enrollment
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Suggested readings will change from year to year.
fee when they initially register for the ERP Program. The enrollment fee is to participate in the ERP Program,
More information on deferring the ERP Exam can be found
not to sit for the exam. Additionally, the enrollment fee
on GARP’s website.
entitles you to a complimentary one year GARP Individual Membership (a US$195 value). Fees can be paid via secure online payment, by check (if drawn on a U.S. bank and payable in U.S. dollars), or by wire transfer. The Exam Fee is the cost to sit for a particular exam. This fee varies based on the registration period. Fees associated with each registration period are as follows: •
Early Registration: US$450
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Standard Registration: US$575
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Late Registration: US$750
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BEFORE REGISTRATION: A CHECKLIST
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Before registering for the ERP Exam, we suggest that you:
Ensure that your passport or driver’s license will not expire by the date of the exam, and the name on your passport or driver’s license exactly matches the name under which you are registering for the exam. •
•
• •
Only a current and valid passport or driver’s license, which must include a photograph of the ERP candidate, will be accepted for identification purposes. GARP will not accept work/employer identification cards, voter identification cards, PAN cards, a learner’s permit or even a student identification card. The name on your passport or driver’s license must be exactly the same as the name on your exam registration. For example, the name 李学成 cannot be used to register for the exam; Xuecheng Li would be the correct name to use to register using the phonetic alphabet. We cannot list all forms of identification that are not acceptable. This is why we only accept an original country-issued passport or driver’s license for admission. Please visit our website for additional information on our ID policy, to ensure you are not turned away on exam day.
PASSPORT
˛ ˛ ˛ ˛ ˛
COPY COPY COPY COPY
DRIVER’S LICENSE
12/34/5678 PERMANENT ACCOUNT NUMBER
Familiarize yourself with key ERP Exam deadlines. Learn about GARP’s exam policies. Decide where to take your exam. Review, understand and agree to GARP’s Code of Conduct and Candidate Responsibility Statement. Evaluate your need for special accommodations for Americans with Disabilities (ADA), or request an alternative exam date for religious reasons (RAD).
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Preparing for the ERP Exam
To help ERP candidates get ready for the ERP Exam, GARP provides study resources, Practice Exams, and information on approved, third-party Exam Preparation Providers. Due to the sizeable amount of material covered in the exam, we suggest that you create a weekly study schedule to spread out study hours over an extended
2015
period. Cramming for the exam in the few weeks leading up to it is not recommended. The time needed for exam preparation will vary from person to person and will be based on a number of factors including an individual’s professional
ERP Exam Study Guide
comprehension aptitude. For past exams, a majority of candidates report
The designation for risk professionals in the energy sector
spending anywhere between 150 to 400 hours preparing for the exam.
experience, their general level of knowledge of the energy markets and reading
Study Materials •
The ERP Study Guide summarizes all required readings for the ERP Exam. In addition, Key Concepts appear as bullet points at the beginning of each
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section of the Study Guide and are intended to help candidates identify the major themes and knowledge areas associated with a particular section.
ERP Program Manual
•
The ERP Program Manual was developed to assist ERP candidates in their preparation for the ERP Exam by outlining learning objectives and suggesting strategies for completing the reading material detailed in the ERP Study Guide. The manual also contains a sample 15-week study plan. It can be downloaded from the GARP website.
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2015
Practice Exams are available and are free to registered candidates on the GARP website. Candidates are strongly encouraged to download and take the ERP Practice Exams. Practice Exams will provide candidates with
ERP Practice Exam
a good sense of the question types to expect when sitting for the actual ERP Exam, and will allow the candidate to estimate how much time they can expect to spend answering individual questions. Each Practice Exam contains questions, answer keys, and detailed explanations for all answers. It is recommended that candidates mimic exam day conditions when taking each Practice Exam. Allocate 1.5 hours for each exam with only paper, pencil, calculator, and a timer.
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2015 •
ERP Exam Course Pack VOLUME 1 Mineral Rights and Project Development Crude Oil Markets and Refined Products Natural Gas and Coal Markets
ERP Core Readings and Course Packs. The ERP Core Readings cover risk management in both the physical and financial sides of the global energy markets. Study areas include: the production, distribution and trading of physical energy commodities; the structure of worldwide electricity markets; the structuring, trading and valuation of energy-based financial instruments; principles for modeling energy price behavior; techniques for evaluating and managing risk in the energy markets; and principles for evaluating and managing credit, counterparty, and country risk.
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Exam Preparation Providers Some candidates for the ERP Exam may wish to study the exam material with the assistance of an ERP Exam Preparation Provider. Exam Preparation
ERP Exam Course Pack
Providers may offer courses online or in person.
VOLUME 2 Electricity Markets and Renewable Generation
GARP provides a list of approved ERP Exam Preparation Providers on our website as a service to ERP candidates. Please note that GARP does not endorse, promote, review or warrant the accuracy of the products or services offered by providers of ERP related information, nor does it endorse any pass rates claimed by the Exam Preparation Provider. Further, GARP is not
2015
responsible for any fees or costs paid by the user to an ERP Exam Preparation Provider.
ERP Exam Course Pack VOLUME 3 Financially Traded Energy Products Data Analysis and Market Risk
Study Groups While the ERP curriculum is designed to be a self-study program, many candidates find that studying with their peers positively impacts their exam preparation. You can connect with other ERP candidates to form study groups by joining our Facebook or LinkedIn groups. Alternatively, many GARP Professional and University Chapters now facilitate study group sessions that enable ERP candidates in the same city or region to meet each other and ask GARP
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Regional Chapter Directors questions about the exam.
ERP Exam Course Pack VOLUME 4 Credit, Counterparty, and Country Risk Assessment Enterprise Risk Management and Business Ethics
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Sitting for the ERP Exam
The exam is offered in person at approximately 90 exam sites around the world.
Exam Locations
The calculators approved for use during the ERP Exam are:
The ERP Exam is a pencil and paper multiple-choice exam
•
offered exclusively in English. This in-person approach
Hewlett Packard 12C (including the HP 12C Platinum and the Anniversary Edition)
ensures that there is fairness and consistency for all candi-
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Hewlett Packard 10B II
dates, globally. While cities remain the same, locations
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Hewlett Packard 10B II+
within each city may change from year to year. A complete
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Hewlett Packard 20B
list of exam sites is available on the GARP website.
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Texas Instruments BA II Plus (including the BA II Plus Professional)
Identification Upon your arrival at one of the exam sites, only a current
GARP’s calculator policy should be reviewed on the GARP
and valid government-issued passport or driver’s license,
website in advance of exam day.
which must include a photograph of the ERP candidate, will be accepted for identification purposes. The name on your
Prohibited Items
passport or driver’s license must be exactly the same as the
In order to maintain the integrity of the testing process,
name on your exam registration. For more information, visit
no cameras, mobile phones (including smartphones
the GARP website.
or iPhones), computers, pagers, headsets or PDAs are
Calculators
backpacks, handbags, tote bags, briefcases, laptop bags,
Only GARP-approved calculators are permitted to be used
luggage, carrying cases or pencil cases is not permitted in
at the ERP Exam. Use of a non-authorized calculator during
the testing room, although a designated area away from
the exam will result in the candidate’s answer sheet not
the testing room can be accessed during the examination.
permitted. Additionally, baggage of any kind such as
being graded, and the candidate will receive no score for the exam. Candidates may not consult the operator’s
A full list of permitted and prohibited items can be found
manual for their calculator during the exam. Calculator
on the GARP website under “Exam Center/Room Policies.”
memory must be cleared prior to the start of the exam.
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Duration of the Exam
What to bring on exam day:
Each part of the ERP Exam is four hours long, for a total of eight hours.
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Exam admission ticket
The AM session consists of 70 multiple choice questions and the PM
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Current driver’s license or
session also consists of 70 multiple choice questions. You must sit for
passport
both the AM and PM sessions in order for your ERP Exam to be graded.
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approved calculator
Both the AM and PM sessions must be attended in a single exam
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#2 or hard black (HB) pencils
administration. the following items may be carried Scoring the Exam
in your pockets or in transparent
There are no penalties for incorrect answers. The passing score is
plastic bags. Plastic bags must
determined in conjunction with the Energy Oversight Committee.
be placed under your chair and may be accessed during the exam.
Exam Violations
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wallet (or money purse)
GARP seriously reviews each and every exam Violation Report. Here are
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Calculator batteries
some of the violations that have resulted in a Candidate Violation Report
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Erasers
being filed and, subsequently, a candidate’s exam not being graded:
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Pencil sharpeners
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Candidate began the exam early
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Eyeglasses
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Candidate opened the exam booklet early
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Earplugs
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Candidate continued to write after the session ended
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Medicine
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Candidate brought a cellular telephone into the exam room
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tissues
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Candidate was caught cheating
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Other medically necessary or
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Candidate violated GARP’s calculator policy
personal items
Exam Results
Food and drink containers may not
Exam results are pass/fail and are released via email approximately
be opened in the testing room. all
six weeks after the exam is administered. Candidates are provided with
food and drinks must be consumed
quartile results that enable them to see how they scored on specific
outside the testing room.
areas relative to other candidates.
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Using the ERP to Build Your Career
Certified ERPs have a competitive advantage that provides them the opportunity to accelerate their careers across many facets of the energy space. Candidates who pass the ERP Exam demonstrate their understanding of the unique link between physical energy commodity markets and the financially traded instruments, as well as their mastery in the measurement and management of energy risk. Candidate Types Energy Professionals Professionals in the energy space leverage the ERP certification to broaden their knowledge of the complex energy value chain, to sharpen their ability to identify, analyze and manage risk, and to remain abreast of emerging trends across the energy industry, particularly in areas where they have less direct professional experience. For younger energy professionals near the start of their careers, becoming a ERP is an excellent way to stand out among their peers while demonstrating a commitment to the energy industry. Career Changers Career changers, such as those individuals previously working in non-finance, non-risk, or non-energy roles, become ERPs in order to develop specialized, practical knowledge in the rapidly growing global energy space. Undertaking the rigorous course of study to become an ERP signals commitment to the energy sector. Students Students with an interest in a career within the energy field may elect to sit for the ERP Exam during or immediately after completing their studies in order to complement their prior coursework or to develop a base of specialized knowledge that was not available in their university curriculum. Students recognize the benefit of signaling to prospective employers their dedication to learning about the energy marketplace through engagement in the ERP Program.
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Career Benefits
demonstrate your leadership
Stand out to current and prospective employers
Mastering the ERP curriculum requires discipline and repre-
Whether you currently work in the energy industry or are
sents a significant commitment to the risk management
interested in transitioning to a career in energy, earning the
profession and energy markets. Because of this, ERPs
ERP designation can help accelerate your career. Becoming
are considered leaders in the industry with a strong
an ERP demonstrates your commitment to the energy
commitment to professional excellence.
markets. It empowers you with a knowledge framework for identifying and analyzing a variety of risk-related problems
Confirm your achievements
across the energy value chain, while instilling confidence
Real-world experience is an essential component of
to seek assignments with increasingly higher levels of
attaining ERP certification. Candidates are required to
responsibility.
demonstrate related professional experience—so becoming
Join an elite group
an exam.
a Certified ERP means considerably more than passing ERPs join a lifelong network of similarly-minded risk management professionals, allowing you to expand your
Enhance your reputation
professional career opportunities within the worlds of
All ERPs are expected to adhere to principles that promote
finance and energy. Candidates for the ERP designation
the highest levels of ethical conduct and disclosure beyond
work in a number of industries, including:
following the letter of applicable rules and regulations.
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Energy companies—including oil, power, natural gas and
Employers know that ERPs will help safeguard their firms’
LNG, renewables
reputations.
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Financial Institutions—including commercial and investment banks, asset management firms, hedge funds
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Consulting firms
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Technology firms
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Government agencies
Join a Global Network—ERPs Come from 56 Countries: Australia • Austria • Belgium • Brazil • Bulgaria • Canada • China • Cyprus • Czech Republic • Denmark • France • Germany • Ghana • Greece • Hong Kong • Hungary • India • Indonesia • Ireland • Italy • Jamaica • Japan • Kenya • South Korea • Kuwait • Lebanon • Luxembourg • Malta • Namibia • Netherlands • New Zealand • Nigeria • Norway • Pakistan • Philippines • Poland • Portugal • Qatar • Romania • Russian Federation • Saudi Arabia • Singapore • Slovakia • Slovenia • South Africa • Spain • Sweden • Switzerland • Taiwan • Thailand • Trinidad and Tobago • Turkey • Ukraine • United Arab Emirates • United Kingdom • United States of America
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Frequently Asked Questions
Q. How much time is needed to prepare for the ERP Exam? A. Candidates’ preparation times will vary based on their prior professional experience level, academic
Q. what are my career prospects after becoming a Certified Energy Risk Professional? A. By choosing the ERP, you are selecting the only risk
backgrounds, and familiarity with the concepts tested on
management designation in the world for energy
the curriculum. It is difficult to recommend a particular
risk professionals. As global economies continue to
number of hours to dedicate to studying, but candidates
rebound and the world population grows, global
should expect to commit to between 150-400 hours of
energy requirements will expand, creating demand for
preparation time.
highly trained energy risk professionals. Earning your ERP designation not only broadens your skill set, it
Q. How much work experience is required before sitting for the ERP Exam? A. There are no educational or professional prerequisites
demonstrates a standardized level of industry knowledge, making you a recognized leader in energy risk management.
to sit for the ERP Exam. However, there is a professional experience requirement that must be fulfilled before
Q. what is the difference between the FRM and the ERP?
candidates can become certified as an Energy Risk
A. Many of the techniques used to evaluate and manage
Professional. To review ERP certification requirements,
market, credit, and operational risk in traditional finan-
visit the GARP website.
cial markets have been adopted and applied to energy risk management. However, the factors that drive
Q. How quantitative is the ERP Exam?
price formation, volatility, and risk in physical energy
A. The ERP Exam is not meant to be a rigorous quantitative
commodity markets are quite different from conven-
exercise that requires memorization of highly complex
tional financial assets like equities, fixed income and
formulas. ERP candidates are, however, expected to
foreign exchange. In addition, forwards, futures, and
have an understanding of fundamental quantitative
swaps have been more heavily emphasized in the ERP
concepts and relationships covered in the core readings.
curriculum given their extensive use in energy markets.
Candidates should be prepared to solve a number
Finally, the capital investment and highly leveraged
of mathematical calculations based solely on their
physical facilities required in energy production, genera-
understanding of these fundamental concepts. While
tion, distribution and storage infrastructure creates a
we do not provide a list of formulas for the exam, in
unique set of financial, operational and safety challenges
some cases, particularly for more complex or obscure
not found in the financial markets. A unique curriculum
calculations, information about terms or values within
that integrates knowledge about physical energy
an equation may be provided to the candidate in the
markets, financially traded products used in energy
question.
trading and hedging activities, and risk management applications all characterize and distinguish the ERP from the FRM.
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Frequently Asked Questions
Q. in what languages can i take the exam?
Q. is continuing education mandatory for Certified ERPs?
A. The only language that the exam is administered and
A. ERPs are required to participate in the CPD program in
instructions read on exam day is American English. The
order to use their ERP professional designation. The CPD
ERP Exam is not offered in any other language. The
program is based on 24-month cycles and participants
dialect used in the examination is American English.
are required to earn 40 credits each cycle. As a general
GARP is aware that not every ERP candidate has
rule, 60 minutes spent on an educational activity is equal
American English as his or her native language. In the
to one CPD credit.
exam development process, GARP strives to ensure that questions are written in a clear, concise form and avoid the use of colloquialisms or other terms or phrases that may be unfamiliar to a non-native American English speaker. Q. do i have to be a member of GaRP to sit for the ERP Exam? A. No. Membership is not required to sit for the ERP Exam. However, you will receive complimentary membership privileges as an Individual Member of GARP for one year upon paid enrollment in the ERP Program.
Further information about the ERP Program and Exam can be found on GARP’s website, garp.org/erp, or you can contact GARP directly with any additional questions at
[email protected].
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About GARP
The Global Association of Risk Professionals (GARP) is the only globally recognized professional association for financial and energy risk certification and education. In fulfilling our unique mission to elevate the practice of risk management at all levels throughout an organization, GARP sets the global standard through independence, expertise, and leadership.
Founded in 1996, GARP is a nonprofit, nonpartisan membership organization. GARP does not engage in political lobbying or donations, allowing us to be a true advocate for our Members and the risk profession. This independence enables us to develop, design, and administer certification programs that reflect industry best practices. A volunteer Board of Trustees, composed of leading risk management practitioners from some of the most prominent global financial firms and universities, oversees our Association.
From its inception, GARP’s exclusive focus has been on risk management. Maintaining this focus has enabled GARP to develop unmatched expertise in risk, which we transmit globally through our professional designations. Through GARP’s network of contacts derived from our more than 150,000 Members, we have access to the best risk practitioners worldwide. GARP also bridges the gap between academic research and real-world practice, maintaining partnerships with top universities and business schools.
To calibrate and benchmark its understanding of the demands of the global risk management community, GARP also conducts formal job task analysis surveys to determine the knowledge, skills and abilities required to function effectively as a financial risk manager around the world.
GARP’s global leadership status in financial risk management education is independently validated by the rapid growth in the number of institutions having five or more registrations for the FRM Program, as well as by the growth in GARP Membership to encompass members in more than 195 countries and territories worldwide.
Creating a culture of risk awareness®
Global Association of Risk Professionals 111 Town Square Place 14th Floor Jersey City, New Jersey 07310 U.S.A. + 1 201.719.7210 2nd Floor Bengal Wing 9A Devonshire Square London, EC2M 4YN U.K. + 44 (0) 20 7397 9630 www.garp.org
© 2015 Global Association of Risk Professionals. All rights reserved. 1-16-15
