Foundations of Risk Management（风险管理基础）：2021年FRM考试中有何变化？

12月1日，GARP协会更新了2021年FRM考纲，今天，先带大家了解一下Foundations of Risk Management（风险管理基础）有何变化？>>>点击领取2021年FRM备考资料大礼包（戳我免·费领取）

Foundations of Risk Management（风险管理基础）是FRM一级考试的内容，在2021年占比是20%。

Foundations of Risk Management（风险管理基础）考纲变化部分：

1、Describe elements, or building blocks, of the risk management process and identify problems and challenges that can arise in the risk management process.

该条删除

2、Evaluate and apply tools and procedures used to measure and manage risk,

改做：

Evaluate, compare, and apply tools and procedures used to measure and manage risk。预计无实质性改变。

第二章LOS没有变化

第三章：

1、 Explain changes in corporate risk governance

改做

Explain changes in regulations and corporate risk governance。估计没有实质性变化

2、Compare and contrast best practices in corporate governance with those of risk management.

Assess the role and responsibilities of the board of directors in risk governance

改做：

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.

虽有改动，但说法较为相似。

第四章：

Compare different types of credit derivatives, explain how each one transfers credit risk and describe their advantages and disadvantages

改做：

Compare different types of credit derivatives, explain their applications, and describe their advantages.

删除了原来的“缺点”部分，但说法比较相似。

第五章

Interpret the capital market line

改做:

Interpret and compare the capital market line and the security market line.

去年教材混淆了CML和SML，今年这里是一处实质性改变。

第六章

1、 Describe the inputs (including factor betas) to a multifactor model.

改做：

Describe the inputs (including factor betas) to a multifactor model and explain the challenges of using multifactor models in hedging.

新增挑战容。

2、Explain models that account for correlations between asset returns in a multi-asset portfolio.此条删除。

第七章

1、Describe the impact of data quality on model risk and the model development process

Describe characteristics of a strong risk data aggregation capability and demonstrate how these

characteristics interact with one another.

Describe characteristics of effective risk reporting practices.

Describe the role that supervisors play in the monitoring and implementation of the risk data aggregation and reporting practices.

这四条删除。

2、新增：

Explain challenges to the implementation of a strong risk data aggregation and reporting process and the potential impacts of using poor quality data.

3、 Identify the governance framework, risk data architecture and IT infrastructure features that can contribute to effective risk data aggregation and risk reporting practices.

改做：

Describe characteristics of effective data architecture, IT infrastructure, and risk reporting practices

不过两者说法相似

第八章

1、Compare the benefits and costs of ERM and describe the motivations for a firm to adopt an ERM initiative.

改做

Describe the motivations for a firm to adopt an ERM initiative.

删除了“好处”和“成本”

2、Describe important dimensions of an ERM program and relate ERM to strategic planning.本条删除。

第九章没有变化

第十章没有变化

第十一章没有变化