Risk Management Reports

November, 1999
Volume 26, No. 11
 
GARP Update

Earlier this year I suggested that GARP, the Global Association of Risk Professionals, would probably become the world's largest association for risk management before January 1. It has already achieved that status, reporting some 8000+ members in 85 countries as of the end of September, continuing its growth at about 200 new members each month. That's impressive growth for a three-year-old group!

This fact illustrates the growing significance of financial risk management, especially within financial institutions around the globe. More and more GARP members are steering the definition and structure of risk management within major organizations. Witness the rise of risk management committees, Chief Risk Officers, econometric risk models, daily and weekly risk reports to senior management, and the explosion of interest in the FRM (Financial Risk Manager) examinations and certification. Membership in GARP is now a prerequisite for anyone seriously interested in organizational risk management. It's not hard, since GARP is a "virtual" association, operating over the Internet without dues. It does, however, sponsor many local chapter meetings worldwide, a monthly email report, a new magazine,

Risk Professional (reviewed in RMR in July 1999), and, in 2000, its first global annual conference.

GARP 2000 is scheduled for New York's Marriott World Trade Center from January 31 through February 2, focusing on risk management as a profession and on increasing risk transparency within organizations. It begins with two all-day workshop sessions on Monday, January 31, on "Operational Risk Management" and " Market-Based Credit Risk Measurement & Management," led by specialists from KMV Corp. and Credit Suisse. Tuesday sees three morning roundtable discussions on counterparty credit risk, hedge fund risk, and relationships among practitioners and regulators. That afternoon the sessions break into three risk tracks: market, credit and operational. The conference concludes on Wednesday with another three risk tracks: market: balance sheet and corporate risk management, integrated risk measurement and management, and operational. It promises to be a challenging three days. Risk Management Reports will be there and will provide a summary report in the March 2000 issue.

For full information on GARP 2000, go to its website www.garp.com or email garp2000@garpevents.com

Copyright H. Felix Kloman and Seawrack Press, Inc.

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