Its services include setting standards, training, education, industry networking, and promoting risk management practices.

[8] In 1997, a year after they founded GARP, Lore and Borodovsky introduced the Financial Risk Manager (FRM) certification.

[9] The Financial Risk Manager (FRM) is a Master's degree equivalent[10] professional designation issued by GARP.

[11] [12] [13] FRMs possess specialized knowledge in assessing and managing risk, and typically work for major banks, insurance companies, accounting firms, regulatory agencies, and asset management firms.

Candidates must pass two FRM exams and attain 2 years of relevant practical work experiences prior to being certified.