GARP 2021 Annual Report

Table of Contents
Table of
Contents

2 Letter to Our Stakeholders

5 Building a Better Future

7 Education
11 Adapting to Today’s Times

12 Engaging the Risk Community

15 Research and Thought Leadership
16 Hitting Our Digital Stride
18 Life at GARP
21 Financials
22 Board of Trustees
23 GARP Senior Leadership

1
 Letter to Our
GARP 2021 Annual Report
Stakeholders
August 22, 2022
To Our Stakeholders:
Every new year presents numerous and unexpected
challenges. The best laid plans require
modifications to deal with issues that could not
have been foreseen or anticipated. 2020 was that
type of year for virtually everyone around the globe,
especially in dealing with COVID. 2021 presented its
own challenges and opportunities, but built on our
2020 learnings and successes.
GARP’s financials for 2021 show a year of record
revenue growth. Total revenues increased by
USD 19 million, a jump unmatched in GARP’s
history. Yet expenses only increased a modest
USD 1.7 million, in line with rising global costs.
This reflected a conservative approach to
headcount and corporate expense management
mirroring the uncertainties surrounding COVID
and what was a changing and highly uncertain
global marketplace for educational activities; and
continued to position GARP for 2022’s uncertainties.
2021 also built on 2020’s successes in terms of
dealing with a highly volatile global examination
testing environment. We were able to provide
Financial Risk Manager (FRM®) Exams to over
80,000 candidates, an increase of just under 13%
from the year prior, while regularly handling local
site COVID restrictions and changes which caused
numerous examination cancellations and deferrals
throughout the year.
2 3
We also streamlined exam candidate testing
notice requirements, providing almost immediate
notice of any local exam site changes resulting
from local authorities making last-minute public
safety decisions.
And we affirmatively considered the burdens these
last-minute changes had on registrants by offering
as much flexibility as possible to candidates by
allowing free examination deferrals to the next two
exam dates and free exam materials if the exam
crossed into the next year.
The FRM program continued to flourish in 2021,
retaining its status as the global standard for
financial risk managers. But we also made major
strides in solidifying our Sustainability and Climate
Risk (SCR®) Certificate program as the world’s
leading designation for professionals wanting
to expand and demonstrate their knowledge of
climate-related risk issues.
The SCR program was launched in 2020 during
the pandemic and quickly established itself as the
world’s leading climate risk educational program.
2020 saw 1,243 SCR registrations, a major success
given the program’s launch was mid-year. However,
2021’s SCR registrant growth was exceptional with
4,297 candidates signing on to sit for the Exam,
a 250% increase over 2020. 2022 will also show
substantial program growth.
All GARP’s educational programs are designed to
measure the practice-driven skills and knowledge
required of a professional engaged in financial
and/or climate risk management. Each program’s
curriculum is regularly reviewed and updated by
a committee of global experts who lend their time
and expertise to ensure the programs are current
and of the highest quality globally.
We want to thank the numerous committee
members for their time, consideration, and
interest. The importance of their work cannot be
overstated. And the results speak for themselves.
GARP’s educational programs continue to be
world-leading. But like the risk management
profession, we don’t stand still, regularly looking
for new opportunities to advance the field and
make a difference.
In that regard, we started work in 2021 on two new
risk-related initiatives. One is to enhance our climate
risk activities, with the other addressing material
issues around fighting financial crime. We expect
to announce “next steps” with both in the fourth
quarter of 2022.
Letter to Our Stakeholders
All the above was in addition to expanding our
already large lineup of webcasts and podcasts,
increasing the number of GARP Chapters globally,
adding to our membership offerings, building on
our university outreach efforts around the world,
and growing our social media communications
and outreach.
This was made much easier to accomplish because of
the support of our Board of Trustees. Their interest,
expertise, guidance, and professionalism play a
leading and highly-valuable role in GARP’s growth.
GARP is dedicated to remaining the world’s leading
risk management association. And we will
continue to provide our members and the industry
with an ever-increasing array of educational
materials and resources to advance the profession
of risk management.
We hope that you enjoy GARP’s 2021 Annual Report.
Bradford Hu Richard Apostolik
Chair of the President and Chief
Board of Trustees Executive Officer
GARP 2021 Annual Report

Building a Better Future

Building a
Better Future
In 2020, we faced a resilience test unlike any other we have ever experienced — a deadly
pandemic, heightened political instability, unrest over racial equality, increased climate risk,
and more. But we didn’t buckle, as our commitment and connection to risk management
helped us realize our strength and resolve in a time of disruption.

In comparison with the unique situation posed by 2020, 2021 proved to be a two-pronged
success. It saw us moving past our COVID-created struggles, with exam registration
numbers reverting back to their pre-2020 levels and our employees returning to in-person
work for the first time since early 2020.

But 2021 was also a year of innovation and fresh ideas. As the world began to slowly open
up, we continued seeking and capitalizing on new, creative ways of engaging our risk
community and buoying the risk profession, blazing a steady path toward a stronger, better
future that we’re working to realize in 2022 and beyond.

4 5
 Education
GARP 2021 Annual Report

Education
Financial Risk
To meet the evolving needs of financial risk professionals, we made key updates in 2021 to the Financial
Risk Manager (FRM ®) program, the leading global certification for risk managers.

FRM Exams were fully and officially moved from a paper-and-pencil format to computer-based testing
(CBT), completing a transition that started in 2020. In addition to our regular exam administrations
in May and November/December, we offered Exams in January and July in 2021 to give candidates
greater options and flexibility given COVID-related challenges.

We made changes to our FRM Advisory Committee, employing new collaboration among
subcommittees, external subject-matter experts, and GARP staff. Renowned finance expert and
distinguished professor John Hull began serving as a special advisor, helping oversee the review
of existing program material and suggesting any necessary additions to ensure the FRM’s cutting-
edge nature. A multi-year cycle of curriculum review and content maintenance was also developed
and implemented.

Following a challenging 2020 due to COVID, FRM registration numbers increased from the previous
year by 12.8%, rising from 71,468 in 2020 to 80,628 in 2021. Top registration regions included China,
India, U.S., U.K., Canada, and Hong Kong, with registrants coming from more than 150 different
countries and territories.

Buoyed by the marketing theme “Brave the Future,” we worked to build GARP’s presence on the
major social networks including Facebook, Instagram, LinkedIn, Twitter, Douyin, and Zhihu, while also
experimenting with new content mediums and platforms to reach audiences in creative ways. Overall,
we saw more than 8,000 FRM candidates receive their certification, bringing the total number of FRMs
to 70,343 around the world.

80,628 8,096 70,343

TOTAL FRM NEW FRMS FRMS AROUND
REGISTRATIONS IN 2021 THE WORLD

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 Climate Risk Energy Risk
GARP 2021 Annual Report

2021 marked the first full year of exam registration for our Sustainability
and Climate Risk (SCR ) Certificate program. It was a highly successful
®
one, demonstrating the growing importance of comprehensive
Education
In 2020, we determined that the Energy Risk Professional (ERP ®) program, one of the Association’s
educational offerings since 2009, was not meeting the needs of today’s energy and financial risk
management professionals. Therefore, we made the difficult decision to phase out the ERP Exam by the

250% knowledge and skills around climate change risk.

Throughout the year, we began observing a shift in candidate sentiment

end of 2021, with the last ERP Exams offered in November 2021.

INCREASE IN
REGISTRATIONS around climate change risk from awareness to action. Capitalizing on
this shift, we chose to center our marketing campaign “Lead Ahead”
on the urgency to prepare for climate change and lead the climate risk
strategies of tomorrow. Overall, the SCR saw a nearly 250% increase
in registrations from 2020 to 2021, from 1,243 to 4,297, with 1,236 SCR
candidates receiving their certificate. This brought the total number of
SCR holders to 1,572.
The wind-down process involved active communication with existing ERPs and candidates, as well
as the development of a plan to continue supporting both existing ERPs and the broader energy risk
community. In the end, 619 people registered for the final ERP Exams and 134 new professionals received
their certification.
Despite the end of the ERP program, we made it a priority to support and engage our energy community
in 2021 through podcasts, articles, and other forms of quality content hosted on our Risk Intelligence
page. We also continued our partnership with the International Energy Forum, producing a series of

4,297
In 2021, we continued to improve the learning experience for candidates,
making key updates to the SCR curriculum to include new sections on
2021 SCR financial stability and climate change, operating principles for impact
REGISTRATIONS management, mental health and climate change, cities and climate
resilience, flooding and climate change beliefs, and maladaptation to
climate change.
educational webcasts on the state of energy networks and infrastructure adaptations in a time of rising
climate demands.
Internally, we created a new staff team focused on content, information, and continuing education (CICE),
combining the expertise of employees from the ERP team with the existing continuing professional
development staff. To date, CICE has been highly helpful in advancing several key educational objectives
and softening the task load of the FRM and SCR Exam development teams.

In addition, we planned, developed, and created an entirely new

GARP-owned SCR book in preparation for use in 2022, eliminating
Continuing Professional Development
key redundancies from the 2021 edition and improving its concision
GARP’s Continuing Professional Development (CPD) program, offering accessible programming and

1,572
and reader-friendliness. This edition includes new, original insights
learnings to all FRMs, ERPs, and SCR Certificate holders, saw a 22% growth in activities from 2020. CPD
from thought leaders in sustainability and climate risk, along with the
continues to be a strong career development and learning tool in the eyes of certified professionals and
contributions from some of the authors featured in the 2021 book.
SCR CERTIFICATE certificate holders alike; the program was accessed by more than 8,300 FRMs, ERPs, and SCR Certificate
HOLDERS holders in 2021.

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 Adapting to
GARP 2021 Annual Report

Adapting to Today’s Times

Today’s Times
Global Practice Analysis Report
In 2021, GARP surveyed nearly 1,000 FRMs and 1,500 financial risk managers
overall as part of our fourth triennial Global Practice Analysis (GPA) survey.
The survey embodies the pulse of the financial risk profession, allowing us
to further modernize and refine our flagship FRM program for the imminent
future and beyond.

Key takeaways include a growing emphasis on operational risk and resilience

skills among today’s risk professionals, with 22% of respondents’ time spent in
this area on issues ranging from cyber and IT risk to rogue trading, third-party
risk, conduct risk, and pandemic risk. This marked a 5% increase from the most
recent GPA survey in 2017.

Transitioning to Computer-Based Testing

In 2021, we began transitioning our 2021 FRM and ERP Exams from a paper-and-pencil format to
computer-based testing (CBT) at secure testing sites around the world. By the end of the year, all
Exams were administered through CBT. CBT also enabled us to offer our Exams over a range of dates
as opposed to just a single date, as well as offer the FRM Exam in January and July in addition to May
and November/December.

This new flexibility helped us manage the disruption and limitations caused by COVID, giving our
candidates additional opportunities to take their Exams.

Administering Exams in a Pandemic

When COVID-19 first hit in early 2020, we postponed our May Exams around the world. Learning from the
disruption we experienced in the prior year, we persevered through the volatility in 2021 by ensuring exam dates
occurred as scheduled where COVID restrictions permitted and accommodating exam deferrals from 2020.

But perseverance wasn’t easy. To ensure all needs were met, our Member Services team worked tirelessly
to balance candidates’ career goals with their safety — communicating with exam providers and dealing
with localized postponements in the event of a regional surge. At the same time, our Marketing department
disseminated timely information and messaging around vaccination and COVID test requirements via our
website and email, while our Exams and Certifications group increased the production of testing questions
by approximately 10 times to handle the new multi-day and multi-form exam delivery structure around CBT.

Overall, it was an all-hands-on-deck effort, and a testament to the staff’s resilient spirit.

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 Engaging the
GARP 2021 Annual Report

Engaging the Risk Community

Risk Community
Membership and Chapters
During the pandemic, GARP’s Membership program provided risk
professionals with a platform to share their experiences, garner practical
insights, and stay connected in a time of virtual communication. In 2021,
the Association welcomed nearly 24,000 new Individual Members,

195+
and widened the GARP community to 279,000 across more than 195
countries and regions.

COUNTRIES
Supporting Members at every stage of their career via educational and AND REGIONS
networking events, GARP Chapters, a global network of vibrant local

279,000
risk communities, experienced a successful, standout 2021. We launched
three new chapters in 2021 in Italy, Indonesia, and Peru, bringing the total
number to 28, with Italy’s Chapter receiving over 300 registrations for its
inaugural event. In 2021, GARP hosted 30 virtual Chapter meetings with GARP MEMBERS
TOTAL
a total of 9,819 registrations overall — our highest number ever. We also
broadened our geographical reach and accessibility, hosting a variety of
events in local languages to welcome new Members into our community.

In addition, we leveraged our risk community to get a detailed look at

24,000
NEW INDIVIDUAL
the state of the profession through our first-ever Risk Careers survey. MEMBERS
Polling 2,100 risk professionals across 101 countries, we learned that
nearly 70% of risk managers were reportedly both satisfied with their risk
careers and expecting to see an increase in career opportunities over the
next 18 months.

At the same time, the survey found that a striking 95% of risk managers
said they required additional communication skills to progress in their
careers. We worked to meet this need by organizing a webcast for
GARP Members and certified professionals on communicating with
impact and launching a new Member Multimedia Library to provide
access to a wide range of financial, climate, and energy risk resources for
additional learning.

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 Partnerships and Business Development
GARP 2021 Annual Report

Research and Thought Leadership

In 2021, the FRM became accredited by the Institute of Banking and Finance (IBF Singapore), making
citizens or permanent residents of Singapore who complete the FRM program eligible for reimbursement.
Research and
Thought Leadership
We began a partnership with the Indian Institute of Banking and Finance around our Financial Risk and
Regulation (FRR®) Certificate. The goal of these collaborations was to increase awareness of the value of a
risk education.

We continued to expand the roster of our Academic Partnership Program, which offers a wide range of
benefits for institutions, including exclusive FRM scholarships, opportunities to network with local risk
professionals, research fellowships, and more. Nine new master’s level programs were approved in 2021,
including the Master of Applied Finance program at the University of Western Australia and the Master of
GARP Risk Institute to understand their views on these turbulent markets.
These were spearheaded by then GRI Co-President
Business Administration program at the Asian Institute of Management, bringing the total active university
GARP Risk Institute (GRI) centered its thought Mark Carey, who departed GARP in the middle
program partnerships at the end of 2021 to 109.
leadership and research efforts in 2021 almost of 2021.

exclusively on climate risk and sustainability.

GARP Forums
Led by GRI President Jo Paisley, the Institute
The GARP Buy Side Risk Managers Forum joins together chief risk officers from the largest global asset published its Third Annual Climate Risk Survey
management firms to share learning, best practices, and actionable discussions of current and emerging featuring insights from 78 leading financial
risk issues. Building on the successful U.S. and European-based Buy Side Risk Managers Forums, GARP institutions around the world, including banks, asset
launched an Asia-Pacific Buy Side Risk Managers Forum in May 2021. The initial APAC forum consisted managers, insurers, and other firms. Participating
of 15 senior risk leaders, including chief risk officers and heads of risk management at some of the largest survey respondents had an aggregate USD 46
asset management firms in Singapore, Hong Kong, and Australia. trillion of assets on their balance sheets, and total
assets under management at around USD 50 trillion.
In addition, we hosted our 12th Annual Global Risk Forum — virtually convening nearly 60 global regulators, GRI also hosted a successful two-day Climate Risk
senior financial-market practitioners, and academics — and continued our Energy Risk Forum webcasts Symposium in November — GARP’s third-annual
with the International Energy Forum. edition of the event — and organized a physical risk
scenario game at our annual Risk Convention.
GRI continued to produce high-quality white papers,
articles, and webcasts on climate risk management
for their engaged global audience on topics such as
the ABCs of ESG, the push for net zero emissions,
and the history of climate regulations. GRI completed
the second season of its Climate Risk Podcast series,
with 15 episodes recorded and broadcasted in 2021.
Distinguished interview subjects included economist
and climate leader Sir Dieter Helm, Harvard
sustainability expert James Stock, and Deputy CEO
of Hong Kong Monetary Authority Arthur Yuen.
On the finance side, GRI continued its educational
and policy-related output on the risks of leveraged
loans, conducting a study of nearly 90 FRMs active
in leveraged loans and collateralized loan obligations
GARP Benchmarking Initiative
GARP Benchmarking Initiative (GBI) continued its
work to support banks in their understanding of the
impacts of the revised Basel framework. This included
several studies focused on the implementation within
jurisdictions such as the U.S. and EU. GBI worked
throughout the year to improve the performance
and functionality of its study process, creating faster,
more comprehensive, and better-individualized
results to be provided to participating firms.
In addition, GBI leveraged its benchmarking and
technological capabilities to build a Pillar 3 Data
Platform, allowing users to select a comparison set
of banks and view how capital ratios, risk-weighted
assets, default probabilities, and losses given defaults
have trended over time. This platform includes data
from over 70 banks globally and has been integrated
within the GBI portal — enabling faster incorporation
of new views, notifying users of updates, and
generating quarterly peer reports.
Lastly, GBI worked collaboratively with GRI on a
climate risk study that considered the probability of
default transitions over the next 30 years in particular
climate change scenarios.

14 15
GARP 2021 Annual Report

Hitting Our Digital Stride

Hitting Our
150 50,932 30M
Digital Stride RISK INTELLIGENCE
ARTICLES PUBLISHED
TOTAL PODCAST
STREAMS
FRM/SCR VIDEO VIEWS
AROUND THE WORLD

GARP Risk Convention

In 2021, the GARP Risk Convention returned to a three-day format — but remained fully remote as in 2020.
Built around the theme “Rise to the Moment,” it continued the legacy of our annual event in an engaging
virtual format designed to accommodate the geographic diversity of the risk management community and
the unique circumstances driven by COVID-19.
39,301 288,585
Despite the lack of in-person networking and communication, the Convention was a success on multiple WEBCAST WEEKLY NEWSLETTER
fronts. More than 500 professionals from nearly 60 countries attended to watch TIAA President Roger REGISTRANTS SUBSCRIBERS
Ferguson, Visa Chief Risk Officer Paul Fabara, BlackRock Co-Founder Barbara Novick, and other top
speakers offer their thoughts on today’s pressing risk topics. In addition, more than 60% of attendees held
senior roles — reinforcing GARP’s strong reputation among global finance leaders — and post-Convention
surveys revealed that nearly 95% of overall registrants were satisfied with their experience.

Digital Content
Throughout the year, we released 57 different webcasts on topics ranging from career development to
model risk to operational resilience, with overall webcast registrations exceeding 39,000. Driven by the
growth around the GRI-produced Climate Risk Podcast series, podcast streams increased by more than
15,000. GARP’s long-standing digital content hub, Risk Intelligence, published a total of 150 pieces in 2021,
while increasing its weekly newsletter subscribers by over 50,000.

On the marketing side, we published our first-ever brand videos for the FRM and SCR programs, allowing
us to explore the unique story behind each product. The videos were seen 30 million times, with nearly
7 million video completions — reaching relevant audiences worldwide. The marketing department also
initiated a new content management system (CMS) via the platform HubSpot to help modernize both our
web editing and email automation processes. The new CMS launch was the product of a strong cross-team
effort and was launched in collaboration with our technology team. While the benefits of the new CMS
can only be felt internally at this time, the task is the first step in a larger project to redesign our website,
improve the online visitor experience, and unveil a new look and feel for garp.org.

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 Life at GARP
GARP 2021 Annual Report

Life at GARP
Returning to the Office
For the entire first half of 2021, employees performed their jobs in a fully remote environment.
With Zoom and Microsoft Teams as key communication outlets, our teams managed to tackle such
difficulties as changing exam schedules, new demands for risk management content, and other forms of
pandemic disruption.

In early September 2021, GARP’s Jersey City office officially reopened its doors to employees, with the
London and Hong Kong offices following soon thereafter. The goal was to re-stimulate pre-pandemic levels
of communication and collaboration while prioritizing the safety and health of our workers.

We accomplished this by offering rapid COVID tests onsite three days a week, requiring all employees to
complete a self-evaluation health app before entering GARP offices, and redesigning the office to enhance
health and safety. In addition, we instated a hybrid work schedule of three days in the office and two days
at home to improve employee flexibility, which we are still adhering to today.
.

Continuing Our Diversity Efforts

In 2020, GARP created two diversity committees, one dedicated to internal communications and the other
externally focused. Last year saw the expansion of the mission behind these groups.

The committees continued their work reaching out to Historically Black Colleges and Universities to
broaden awareness of risk, leveraging GARP’s existing network to attract and recruit a more racially
diverse workforce to risk management. In addition, they launched a staff mentoring program, implemented
floating holidays, hosted a webinar on the importance of diversity in risk, and established internal affinity
groups — giving employees opportunities to bond over hobbies like photography, visual arts, books,
and more.

Looking to the Future

2021 saw us building toward a better, stronger, more agile future. Here’s what the future looks like
for GARP:

• Planning a new, updated garp.org

• A return to in-person programming for our annual Risk Convention
• A new initiative to address and combat financial crime
• The migration of our Sustainability and Climate Risk Resource Center to Risk Intelligence

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 Financials
GARP 2021 Annual Report

Financials
The following highlights are from the GARP Consolidated Financial Statements as of December 31, 2021
and December 31, 2020. For a full set of financials, please contact memberservices@garp.com.

GLOBAL ASSOCIATION OF RISK PROFESSIONALS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 2021 AND 2020

ASSETS 2021 2020

Total assets $66,882,118 $60,089,090

LIABILITIES AND NET ASSETS

Total liabilities $21,897,817 $24,325,770

Net assets - without donor restrictions $44,984,301 $35,763,320

Total liabilities and net assets $66,882,118 $60,089,090

CONSOLIDATED STATEMENTS OF ACTIVITIES FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020

REVENUES AND OTHER SUPPORT 2021 2020

Total revenues and other support $56,784,043 $37,714,819

EXPENSES

Total expenses $47,563,062 $45,832,924

Change in net assets $9,220,981 ($8,118,105)

Net assets - without donor restrictions,
$35,763,320 $43,881,425
beginning of year
Net assets - without donor restrictions,
$44,984,301 $35,763,320
end of year

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 Board of Trustees
GARP 2021 Annual Report
Chairmen
Chair, Board of
Trustees
Bradford Hu
Executive Vice President
and Chief Risk Officer,
State Street Corporation
Trustees
Richard Apostolik
President and
Chief Executive
Officer, GARP
Lewis O’Donald
Former Chief Risk Officer,
Senior Managing Director,
Nomura Holdings
Peter Tufano
Professor, Harvard
Business School
Emeritus Professor and
Dean, Saïd Business School,
University of Oxford
22
GARP Senior
GARP Senior Leadership
Leadership
Chair, Audit and Chair, Compensation Chair, Governance
Risk Committee Committee Committee
Dr. Victor Ng Jacques Longerstaey Geoffrey Greener
Managing Director, Chief Risk Officer, Chief Risk Officer,
Head of Risk Nuveen Bank of America
Architecture,
Goldman Sachs
Richard Apostolik Priscella Cervantes Christopher Donohue Rachel Lerner
President and Chief Financial Officer, Managing Director, General Counsel
Chief Executive Officer Chief Administrative Officer GARP Benchmarking
Initiative
Ben Golub Andrew Gray Stuart Lewis
Chief Risk Officer, Managing Director, Chief Risk Officer,
BlackRock, Inc. Group Chief Risk Deutsche Bank
Officer, DTCC
William May Jo Paisley Michael Sell
Global Head, Certifications President, Global Head,
and Education Programs GARP Risk Institute Business Development
Alessa Quane Frank Roncey Alan Smith
Executive Vice President Group Chief Risk Officer, Senior Advisor, First Church
and Chief Risk Officer, BNP Paribas Estates Commissioner,
AIG Insurance Church Commissioners
of the Church of England
First Church Estates
Commissioner, Church
Commissioners of the
Church of England
23
GARP 2021 Annual Report

GARP 2021 Annual Report

JUST
AN IDEA
(FPO)

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