12月1日GARP協(xié)會(huì)公布了FRMzui新考綱，整體考綱變化不大，2023年的FRM考綱中所有科目的權(quán)重沒有發(fā)生變化。變化的科目主要是在一級(jí)的數(shù)量分析；二級(jí)的信用、操作和熱點(diǎn)；其余科目基本保持不變。

》》》2023年新版FRM一二級(jí)內(nèi)部資料免·費(fèi)領(lǐng)??！【精華版】

點(diǎn)擊領(lǐng)取

PART 1 #金融風(fēng)險(xiǎn)管理

01.章節(jié)的變動(dòng)

新增兩個(gè)章節(jié)（14、15章）關(guān)于機(jī)器學(xué)習(xí)的內(nèi)容，老考綱FRM二級(jí)熱點(diǎn)部分有關(guān)于機(jī)器學(xué)習(xí)的內(nèi)容，如今也加入到數(shù)量分析當(dāng)中，并且新增了兩個(gè)章節(jié)，說明它的內(nèi)容比較重要，也另外一個(gè)層面說明FRM考試很貼合實(shí)際生活。其他章節(jié)共新增3條新考點(diǎn)。

02.具體內(nèi)容的變動(dòng)

Chapter 7: Linear Regression [QA-7]

新增1條：

● Estimate the correlation coefficient from the R2 measure obtained in linear regressions with a single explanatory variable.

Chapter 8: Regression With Multiple Explanatory Variables [QA-8]

新增1條：

● Calculate the regression R2 using the three components of the decomposed variation of the dependent variable data: the explained sum of squares, the total sum of squares, and the residual sum of squares.

Chapter 12: Measuring Returns, Volatility, and Correlation [QA-12]

新增1條：

● Compare and contrast the different measures of correlation used to assess dependence.

新增章節(jié)

● Chapter 14: Machine-Learning Methods [QA-14]

● Chapter 15: Machine Learning and Prediction [QA-15]

PART 1 #市場風(fēng)險(xiǎn)

01.具體內(nèi)容的變動(dòng)

Chapter 3. Estimating Market Risk Measures: An Introduction and Overview [MR–1]

刪除1條：

● Describe coherent risk measures.

總結(jié)：市場風(fēng)險(xiǎn)內(nèi)容變動(dòng)不大，僅僅刪除一條關(guān)于一致性風(fēng)險(xiǎn)的考點(diǎn)。

PART 2 #信用風(fēng)險(xiǎn)

01.具體內(nèi)容的變動(dòng)

Chapter 9：Structured Credit Risk [CR–8]

新增1條：

● Describe the treatment of excess spread in a securitization structure and estimate the value of the overcollateralization account at the end of each year.

Chapter 6: Netting, Close-out and Related Aspects [CR–10]

新增1條：

● Provide examples of trade compression of derivative positions, calculate net notional exposure amount, and identify the party holding the net contract position in a trade compression.

Chapter 7：Margin (Collateral) and Settlement [CR–11]

新增1條：

● Calculate the credit support amount (margin) under various scenarios.

Chapter 17. CVA [CR–13]

新增1條：

● Explain the distinctions between unilateral CVA (UCVA) and BCVA, and between unilateral DVA (UDVA) and BCVA.

Chapter 12. An Introduction to Securitization [CR–17]

刪除1條：

● Determine the notional value of the net contract resulting from trade compression and identify the counterparty with the net contract.

新增3條：

● Describe the various features of subprime MBS and explain how these features are designed to protect investors from losses on the underlying mortgage loans.

● Distinguish between corporate credit ratings and asset-backed securities (ABS) credit ratings.

● Explain how through-the-cycle ABS rating can amplify the housing cycle.

總結(jié)：信用風(fēng)險(xiǎn)一共新增7個(gè)考點(diǎn)，刪除1個(gè)考點(diǎn)。新增的內(nèi)容都可能會(huì)是未來考試的重點(diǎn)部分，大家要引起重視，緊跟網(wǎng)課復(fù)習(xí)！

PART 2 #操作風(fēng)險(xiǎn)

01.章節(jié)的變動(dòng)

原來27個(gè)章節(jié)，現(xiàn)在變成24個(gè)章節(jié)，對(duì)于原來分散的知識(shí)點(diǎn)進(jìn)行了整合，使得整本操作風(fēng)險(xiǎn)變得更加系統(tǒng)，學(xué)生學(xué)起來能夠更加容易理清思路，形成學(xué)習(xí)框架，即風(fēng)險(xiǎn)管理的步驟就是：風(fēng)險(xiǎn)識(shí)別、風(fēng)險(xiǎn)測量和評(píng)估、風(fēng)險(xiǎn)緩解、風(fēng)險(xiǎn)報(bào)告、綜合風(fēng)險(xiǎn)管理。

以前FRM考生在備考時(shí)，總反映操作風(fēng)險(xiǎn)難學(xué)，現(xiàn)在協(xié)會(huì)也是針對(duì)性對(duì)于學(xué)習(xí)內(nèi)容進(jìn)行了優(yōu)化，讓學(xué)生更有系統(tǒng)性的學(xué)習(xí)，明白風(fēng)險(xiǎn)管理的邏輯，也更好應(yīng)用于實(shí)踐。

新考綱內(nèi)容變動(dòng)雖然比較大，但是總體章節(jié)內(nèi)容少了3章，原來復(fù)雜分散的內(nèi)容也變得更加整體，對(duì)于老考生和新考生來說都是有利的，相比以前復(fù)習(xí)起來會(huì)相對(duì)容易，大家也不必對(duì)于大幅度的考綱變動(dòng)太過于擔(dān)憂~

02.具體內(nèi)容的變動(dòng)

Chapter 1. Introduction to Operational Risk and Resilience [ORR-1]

Chapter 2. Risk Governance [ORR-2]

Chapter 3. Risk Identification [ORR-3]

Chapter 4. Risk Measurement and Assessment [ORR-4]

Chapter 5. Risk Mitigation [ORR-5]

Chapter 6. Risk Reporting [ORR-6]

Chapter 7: Integrated Risk Management [ORR–7]

Chapter 9. Case Study: Cyberthreats and Information Security Risks [ORR-9]

Chapter 10. “Sound Management of Risks related to Money Laundering and Financing of Terrorism,” Basel Committee on Banking Supervision, January 2014, revised July 2020. (through p.16, para. 83) [ORR-10]

Chapter 11. Case Study: Financial Crime and Fraud [ORR-11]

Chapter 13. Case Study: Third-Party Risk Management [ORR-13]

Chapter 14. Case Study: Investor Protection and Compliance Risks in Investment Activities [ORR-14]

Chapter 16. Case Study: Model Risk and Model Validation [ORR-16]

總結(jié)：上面13個(gè)章節(jié)都是新增章節(jié)，考生需要重新進(jìn)行復(fù)習(xí)，17-24章內(nèi)容保留了老考綱的內(nèi)容，大約保留了1/3的內(nèi)容，分別是以下內(nèi)容：

Til Schuermann, (2014), “Stress Testing Banks,” International Journal of Forecasting, 30:3, 717–728. [ORR–17]

Chapter 17. Risk Capital Attribution and Risk-Adjusted Performance Measurement [ORR–18]

“Range of practices and issues in economic capital frameworks,” Basel Committee on Banking Supervision Publication, March 2009. [ORR–19]

“Capital Planning at Large Bank Holding Companies: Supervisory Expectations and Range of Current Practice,” Board of Governors of the Federal Reserve System, August 2013. [ORR–20]

Mark Carey, “Capital Regulation Before the Global Financial Crisis,” GARP Risk Institute, April 2019. [ORR-21]

Mark Carey, “Solvency, Liquidity and Other Regulation After the Global Financial Crisis,” GARP Risk Institute, April 2019. [ORR-22]

“High-level summary of Basel III reforms,” Basel Committee on Banking Supervision Publication, December 2017. [ORR-23]

“Basel III: Finalising post-crisis reforms,” Basel Committee on Banking Supervision Publication, December 2017, pp. 128-136. [ORR-24]

PART 2 #熱點(diǎn)

01.章節(jié)的變動(dòng)

保留了Artificial Intelligence/Machine Learning兩篇文章，刪除了6篇文章，新增了6篇熱點(diǎn)文章，關(guān)于氣候風(fēng)險(xiǎn)、通貨膨脹風(fēng)險(xiǎn)、區(qū)塊鏈、加密貨幣和去中心化金融。熱點(diǎn)基本上每年都會(huì)變動(dòng)，F(xiàn)RM考試就是緊跟時(shí)事變化，貼近現(xiàn)實(shí)生活，考FRM對(duì)于我們工作和學(xué)習(xí)幫助都是很大的。

保留的兩篇文章：

Machine Learning and AI

● Aziz, S. and M. Dowling (2019). “Machine Learning and AI for Risk Management”, in T. Lynn, G. Mooney, P. Rosati, and M. Cummins (eds.), Disrupting Finance: FinTech and Strategy in the 21st Century, Palgrave, 2019)

● “Artificial Intelligence Risk & Governance,” Artificial Intelligence/Machine Learning Risk & Security Working Group (AIRS)

02.具體內(nèi)容的變動(dòng)

Climate Risk

● “Climate-related risk drivers and their transmission channels,” Basel Committee on Banking Supervision Publication, April 2021

● “Climate- related financial risks – measurement methodologies,” Basel Committee on Banking Supervision Publication, April 2021

● “Principles for the effective management and supervision of climate-related financial risks,” Basel Committee on Banking Supervision Publication, June 2022

Inflation Risk

● “Inflation: a look under the hood,” Annual Economic Report, Basel Committee on Banking Supervision Publication, June 2022, pp. 41-64

Blockchain, Cryptocurrency, and Decentralized Finance

● David Andolfatto and Fernando M. Martin, “The Blockchain Revolution: Decoding Digital Currencies,” Federal Reserve Bank of St. Louis Review, Third Quarter 2022, pp. 149-65

● “The future monetary system,” Annual Economic Report, Basel Committee on Banking Supervision Publication, June 2022, pp. 75-103

另附詳細(xì)《23年FRM考綱分析》，點(diǎn)擊在線咨詢或者添加融躍FRM老師微信（rongyuejiaoyu）領(lǐng)取