Curriculum Map
The full FRM topic structure with exam weights. Each topic becomes a chapter hub with explainers, mapped readings, and practice questions. Skeleton for now — content mining is Phase 2.
Part 1 — Tools of Risk Management
Foundations of Risk Management
Risk types, risk governance, CAPM & performance measures, ERM, financial disasters & case studies, GARP Code of Conduct.
Quantitative Analysis
Probability, distributions, hypothesis testing, regression, time series, simulation and bootstrapping, EWMA/GARCH volatility.
Financial Markets and Products
Banks, insurers, funds; forwards, futures, swaps, options; interest rates, FX, commodity and exotic products.
Valuation and Risk Models
VaR and expected shortfall, bond pricing, duration/convexity, term structure, binomial trees, Black–Scholes–Merton, Greeks, stress testing, country/credit ratings.
Part 2 — Applied Risk Management
Market Risk Measurement and Management
Parametric/non-parametric VaR, backtesting, ES, correlations & copulas, term-structure models, FRTB.
Credit Risk Measurement and Management
PD/LGD/EAD, structural vs reduced-form models, counterparty risk, CVA, credit derivatives, securitization.
Operational Risk and Resilience
Op-risk frameworks, loss data, capital modeling, cyber and model risk, third-party risk, resilience, Basel op-risk requirements.
Liquidity and Treasury Risk Measurement and Management
Funding vs market liquidity, LCR/NSFR, ALM, transfer pricing, liquidity stress testing, repo markets.
Risk Management and Investment Management
Portfolio construction, risk budgeting, performance attribution, hedge funds, factor investing.
Current Issues in Financial Markets
Rotating annual readings — AI/ML in risk, climate risk, crypto, recent market events.