小伙伴们大家好呀~

2022年12月1日GARP协会公布了最新考纲，新途英才FRM研发组第一时间仔细对比了FRM协会2023和2022年老考纲，发现整体考纲变化不大，2023年的FRM考纲中所有科目的权重没有发生变化。变化的科目主要是在一级的数量分析；二级的信用、操作和热点；其余科目基本保持不变。

还有一个重大变化就是，协会新增了 8 月考期，但是只有 1天时间。23年FRM考期详情请点击了解：

以下是考试内容变化：

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。

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.

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，紧跟新途英才课程复习！

PART 2 #操作风险

01.章节的变动

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，新途课程也会根据新考纲录制针对性课程，帮助你快速通关~

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]

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，欢迎咨询新途老师。

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

另外，需要跟大家说的是，23年FRM考试5/8/11考期安排已经公布了。22年5月FRM一/二级考试已经开始报名了，想要参加23年FRM考试的同学要抓紧了哦~