Financial Risk Manager (FRM) Part II Program

Short Introduction

The FRM Part II Program is designed to support preparation for the FRM Part II examination through structured learning across advanced financial risk management topics.

The program includes concept-driven learning, revision support, MCQ-based practice, mock examinations, and self-paced learning access.

The curriculum covers:

• Market Risk Measurement and Management
• Credit Risk Measurement and Management
• Operational Risk and Resilience
• Liquidity and Treasury Risk Measurement and Management
• Risk Management and Investment Management
• Current Issues in Financial Markets

Program Highlights

• 225+ Hours of Learning Content
• Concept-driven classes
• Crisp, to-the-point learning approach
• Comprehensive study notes
• Quick revision mind maps
• Extensive MCQ practice
• Case-based discussions
• Practical insights across risk areas
• Monthly live mock tests
• Self-paced learning format
• Dedicated learning platform compatible with Windows and Mac
• Quarterly MCQ-based certification assessments
• Internship opportunities
• Placement assistance

Curriculum / Modules

FRM Exam Part II: Market Risk Measurement and Management | 20%

This area focuses on market risk measurement and management techniques. The broad knowledge points covered in Market Risk Measurement and Management include the following:

Topics Covered

• VaR and other risk measures
  • Parametric and non-parametric methods of estimation
  • VaR mapping
  • Backtesting VaR
  • Expected shortfall (ES) and other coherent risk measures
  • Extreme Value Theory (EVT)
• Modeling dependence: correlations and copulas
• Term structure models of interest rates
• Volatility: smiles and term structures
• Fundamental Review of the Trading Book (FRTB)

FRM Exam Part II: Credit Risk Measurement and Management | 20%

This area focuses on a candidate's understanding of credit risk management, with some focus given to structured finance and credit products such as collateralized debt obligations and credit derivatives. The broad knowledge points covered in Credit Risk Measurement and Management include the following:

Topics Covered

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

FRM Exam Part II: Operational Risk and Resilience | 20%

This area focuses on methods to measure and manage operational risk as well as methods to manage risk across an organization, including risk governance, stress testing, and regulatory compliance. The broad knowledge points covered in Operational Risk and Resilience include the following:

Topics Covered

• Governance of operational risk management frameworks
• Identification, classification, and reporting of operational risks
• Measurement and assessment of operational risks
• Mitigation of operational risks
• Cyber-resilience and operational resilience
• Risks related to money laundering, financing of terrorism, financial crime, and fraud
• Third-party outsourcing risk
• Model risk and model validation
• Stress testing banks
• Risk-adjusted return on capital (RAROC)
• Economic capital frameworks and capital planning
• Regulation and the Basel Accords

FRM Exam Part II: Liquidity and Treasury Risk Measurement and Management | 15%

This area focuses on methods to measure and manage liquidity and treasury risk. The broad knowledge points covered in Liquidity and Treasury Risk Management include the following:

Topics Covered

• Liquidity risk principles and metrics
• Liquidity portfolio management
• Cash-flow modeling, liquidity stress testing, and reporting
• Contingency funding plan
• Funding models
• Funds transfer pricing
• Cross-currency funding
• Balance sheet management

FRM Exam Part II: Risk Management and Investment Management | 15%

This area focuses on risk management techniques applied to the investment management process. The broad knowledge points covered in Risk Management and Investment Management include the following:

Topics Covered

• Factor theory
• Portfolio construction
• Portfolio risk measures
• Risk budgeting
• Portfolio performance measurement and analysis
• Hedge funds and private markets
• Risk monitoring and due diligence
• Scenario analysis and stress testing
• Asset liquidity

FRM Exam Part II: Current Issues in Financial Markets | 10% ONLINE ONLY

This area focuses on current issues that have a strong impact on financial markets. The broad knowledge points covered in Current Issues in Financial Markets include the following:

Topics Covered

• Artificial intelligence (AI)
• Private credit
• Geopolitical risk
• Risks of rising government debt
• Cryptocurrency and digital assets
• Digital resilience

Learning Experience

The program is structured to support focused learning and revision through:

• Concept-driven classes
• Case-based discussions
• Practical insights across risk areas
• Organized study notes
• Quick revision mind maps
• Extensive MCQ-based practice
• Live mock tests for exam simulation
• Self-paced access through the learning platform

Program Structure

• Learning Format: Self-paced
• Program Start: Anytime enrollment
• Total Learning Duration: 225+ Hours
• Delivery Platform: Dedicated learning application compatible with Windows and Mac
• Assessment: Quarterly MCQ-based examination

Career Opportunities

The program includes:

• Internship opportunities
• Placement assistance

About FRM Certification

The Financial Risk Manager (FRM) certification offered by GARP is one of the most globally recognized certifications in risk management.

FRM professionals are highly valued across banking, financial services, consulting, fintech, investment management, and corporate finance sectors.

The certification focuses on risk management concepts, quantitative techniques, financial markets, valuation models, and practical applications in modern financial systems.

Know Your Trainer

Karan Aggarwal (Qualified FRM Charterholder, CFA Level 3 Cleared, and CQF professional)