Free GARP FRM Part II Lessons

All 28 GARP FRM Part II lessons are free to read, each with worked examples and audio narration. No signup required.

Current Issues in Financial Markets

• AI in Capital Markets, Private Credit Drivers, and Geopolitical Risk (22 min)
• Government Debt, Crypto Regulation, Tokenization, and Digital Resilience (24 min)

Credit Risk Measurement and Management

• Credit Risk Fundamentals, Governance, and Economic Capital (20 min)
• Credit Scoring, Country Risk, Default Probabilities, and Credit VaR (19 min)
• Portfolio Credit Risk and the Vasicek Single-Factor Model (19 min)
• Structured Credit and Credit Derivatives (22 min)
• Counterparty Risk, Netting, Close-out, and Margin (19 min)
• Central Clearing, xVA, CCR Stress, and Securitization (23 min)

Risk Management and Investment Management

• Factor Theory, Factors, Alpha, and Portfolio Construction (22 min)
• Portfolio Risk, VaR Budgeting, and Performance Evaluation (22 min)
• Hedge Funds, Private Credit, and Private Markets (22 min)
• Due Diligence, Distress, Madoff, Stress Scenarios, and Liquidity (22 min)

Liquidity and Treasury Risk Measurement and Management

• Liquidity Risk Fundamentals, Metrics, and Early Warning Indicators (21 min)
• Investment Function, Reserves, Intraday Liquidity, Stress Testing, and Dealer-Bank Failure (23 min)
• Liquidity Reporting, Contingency Funding Plans, Non-Deposit Liabilities, and Repos (24 min)
• Funds Transfer Pricing, Cross-Currency Funding, and Asset-Liability Management (25 min)

Market Risk Measurement and Management

• Estimating Market Risk Measures (20 min)
• Backtesting VaR and VaR Mapping (20 min)
• Validating Bank VaR Models — Beyond Backtesting (19 min)
• Correlation Risk and Copulas (21 min)
• Term Structure Models (22 min)
• Volatility Smiles and the Fundamental Review of the Trading Book (22 min)

Operational Risk and Resilience

• Operational Risk Framework, Governance, and Identification (20 min)
• Risk Measurement, Mitigation, and Reporting (22 min)
• Integrated Risk Management, Cyber-Resilience, and Financial Crime (23 min)
• Third-Party Outsourcing Risk and Model Risk Management (21 min)
• Stress Testing, RAROC, and Capital Planning (21 min)
• Basel Regulations: Pre-Crisis Through Basel III Endgame (24 min)