2023年FRM考纲有什么变化？一起来深度解读！
最新公告 | 2022-12-05
以下是FRM考试内容变化：
PART 1 #金融风险管理
01.
章节的变动
新增两个章节（14、15章）关于机器学习的内容，老考纲FRM二级热点部分有关于机器学习的内容，如今也加入到数量分析当中，并且新增了两个章节，说明它的内容比较重要，也另外一个层面说明FRM考试很贴合实际生活。其他章节共新增3条新考点。》》》FRM考纲有疑问点我咨询
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02.
具体内容的变动
Chapter 7: Linear Regression [QA-7]
新增1条：
● 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条：
● 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条：
● Compare and contrast the different measures of correlation used to assess dependence.
新增章节
● Chapter 14: Machine-Learning Methods [QA-14]
● Chapter 15: Machine Learning and Prediction [QA-15]
PART 1 #市场风险
01.
具体内容的变动
Chapter 3. Estimating Market Risk Measures: An Introduction and Overview [MR–1]
删除1条：
● Describe coherent risk measures.
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总结：市场风险内容变动不大，仅仅删除一条关于一致性风险的考点。
PART 2 #信用风险
01.
具体内容的变动
Chapter 9：Structured Credit Risk [CR–8]
新增1条：
● 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条：
● 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条：
● Calculate the credit support amount (margin) under various scenarios.
Chapter 17. CVA [CR–13]
新增1条：
● Explain the distinctions between unilateral CVA (UCVA) and BCVA, and between unilateral DVA (UDVA) and BCVA.
Chapter 12. An Introduction to Securitization [CR–17]
删除1条：
● Determine the notional value of the net contract resulting from trade compression and identify the counterparty with the net contract.
新增3条：
● 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.
总结：信用风险一共新增7个考点，删除1个考点。新增的内容都可能会是未来考试的重点部分，大家要引起重视，紧跟金程网课复习！》》》FRM网课点我咨询
PART 2 #操作风险
01.
章节的变动
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原来27个章节，现在变成24个章节，对于原来分散的知识点进行了整合，使得整本操作风险变得更加系统，学生学起来能够更加容易理清思路，形成学习框架，即风险管理的步骤就是：风险识别、风险测量和评估、风险缓解、风险报告、综合风险管理。
以前FRM考生在备考时，总反映操作风险难学，现在协会也是针对性对于学习内容进行了优化，让学生更有系统性的学习，明白风险管理的逻辑，也更好应用于实践。
新考纲内容变动虽然比较大，但是总体章节内容少了3章，原来复杂分散的内容也变得更加整体，对于老考生和新考生来说都是有利的，相比以前复习起来会相对容易，大家也不必对于大幅度的考纲变动太过于担忧，金程课程也会根据新考纲录制针对性课程，帮助你快速***~
02.
具体内容的变动
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]
总结：上面13个章节都是新增章节，考生需要重新进行复习，17-24章内容保留了老考纲的内容，大约保留了1/3的内容，分别是以下内容：
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]
23年FRM完整版考纲解析
PART 2 #热点
01.
章节的变动
保留了Artificial Intelligence/Machine Learning两篇文章，删除了6篇文章，新增了6篇热点文章，关于气候风险、通货膨胀风险、区块链、加密货币和去中心化金融。热点基本上每年都会变动，FRM考试就是紧跟时事变化，贴近现实生活，考FRM对于我们工作和学习帮助都是很大的，想要最新的热点文章，欢迎咨询金程老师。
保留的两篇文章：
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.
具体内容的变动
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
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