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2017

2017 ERP ® Study Guide

ERP ®

Study Guide

2017 ERP ® Study Guide
2017 ERP ® Study Guide

ENERGY RISK PROFESSIONAL (ERP®) PROGRAM

The Global Association of Risk Professionals (GARP) created the ERP Program to meet the growing demand for professionals who understand the complexity of physical and financial energy markets and their related risks. Certified ERPs are able to apply knowledge on a range of topics that includes:

production, transportation and storage of physical energy commodities; mechanics of financially- traded energy products and their practical application; data assessment and modeling of energy prices; and tools for assessing and managing risk in the energy sector.

ERP EXAMINATION

Development of the ERP Exam and its underlying curriculum is guided by the GARP Energy Oversight Committee (EOC), a panel of senior practitioners and academics with practical market experience. Readings and topics covered in the ERP Study Guide and Learning Objectives are updated annually in conjunction with the EOC to ensure the Exam remains a timely and accurate assessment of the knowledge and skills required of an energy risk practitioner. Completion of the self-study curriculum culminates with candidates sitting for the ERP Exam, a two-part, multiple choice exam that objectively benchmarks a candidate’s knowledge of important concepts within the following topics:

ERP EXAM PART I – 80 QUESTIONS

• Introduction to Energy Commodities and Risk Management

• Crude Oil and Refined Product Markets

• Natural Gas and Coal Markets

• Electricity Markets and Renewable Generation

ERP EXAM PART II – 60 QUESTIONS

• Financial Energy Products

• Risk Assessment and Energy Price Modeling

• Market Risk Valuation and Management

• Credit and Counterparty Risk Assessment

• Operational Risk and Enterprise Risk Management

To further align with industry needs, the ERP Exam is created in close consultation and collaboration with practicing ERPs active across a variety of disciplines and geographies. Exam questions combine theory and “real-world” work experience drawn from market insights shared by EOC members and practicing ERPs.

2017 ERP LEARNING OBJECTIVES AND STUDY GUIDE

The ERP Study Guide outlines the core concepts and required readings contained in the curriculum.

The study guide should be referenced in conjunction with the ERP Learning Objectives, a separate

document that summarizes the specific knowledge points from each reading in the ERP curriculum. In

addition to published works, the ERP Study Guide includes a number of readings from online sources.

Links to all required online readings are available for download directly from the GARP website. All

exam question are developed from and directly reference a specific reading and learning objective.

Candidates are expected to be familiar with and able to apply the learning objectives on the ERP Exam

Part I and Part II, respectively.

2017 ERP STUDY GUIDE CHANGES

Returning 2016 ERP candidates should also review the Study Guide Changes document which summarizes

the readings deleted from the 2016 curriculum, and the new required readings added for 2017.

2017 Energy Risk Professional (ERP) Exam Study Guide

COMMONLY-USED CONTRACT SPECIFICATIONS

Exchange-traded energy commodity futures and options contracts are typically transacted in standardized lot sizes. Unless otherwise noted, exam questions will assume the following standard volumetric terms:

Crude Oil: 1,000 barrels (equal to 42,000 gallons) per contract

Gasoline Futures: 42,000 gallons per contract

ULSD Futures: 42,000 gallons per contract

Gasoil (Diesel) Futures: 100 Metric Tons (MT) per contract

Natural Gas (Henry Hub) Futures: 10,000 MMBtu per contract

COMMONLY USED ABBREVIATIONS AND ACRONYMS

The following is a list of commonly used abbreviations and acronyms that may appear on the exam:

• ATC: Around-the-clock

• Bbl: Barrel of

• BOE: Barrel of Oil Equivalent

• CCP: Central Counterparty

• CDD: Cooling Degree Days

• Cf: Cubic Feet

• CFD: Contract for Differences

• CIF: Cargo, Insurance, Freight

• CRO: Chief Risk Officer

• CSA: Credit Support Annex

• CVA: Credit Value Adjustment

• DA: Day-Ahead

• DAP: Delivered at Place

• DDP: Delivered Duty Paid

• DDU: Delivered Duty Unpaid

• E&P: Exploration and Production

• EFP: Exchange for Physicals

• ERM: Enterprise Risk Management

• EWMA: Exponentially Weighted Moving Average

• FAS: Free Alongside Ship

• FOB: Free on Board

• FTR: Financial Transmission Right

• GARCH: Generalized AutoRegressive Conditional Heteroskedasticity

• HDD: Heating Degree Days

• ICE: Intercontinental Exchange

• IOC: Independent Oil Company

• IRR: Internal Rate of Return

• ISDA: International Swaps and Derivatives Association

• ISO: Independent System Operator

• KPI: Key Performance Indicators

• KRI: Key Risk Indicators

• kW: Kilowatt

• kWh: Kilowatt Hour

• LMP: Locational Marginal Pricing

• LNG: Liquefied Natural Gas

• LSE: Load Serving Entity

• MCf: Million Cubic Feet

• MMBtu: One Million British Thermal Units

• MT: Metric Tons

• MtM: Mark-to-Market

• MW: Megawatt

• MWh: Megawatt Hour

• NGL: Natural Gas Liquid

• NOC: National Oil Company

• NPV: Net Present Value

• NYH: New York Harbor

• NYMEX: New York Mercantile Exchange

• OPEC: Organization of the Petroleum Exporting Countries

• OTC: Over-the-Counter

• PADD: Petroleum Allocation for Defense District

• PFE: Potential Future Exposure

• PV: Photovoltaic

• PSC: Production Services Contract

• RBOB: Reformulated Blendstock for Oxygenate Blending (Gasoline)

• RFS: Renewable Fuel Standard

• RIN: Renewable Identification Number

• RTO: Regional Transmission Organization

• RVO: Renewable Volume Obligation

• ULSD: Ultra-low Sulfur Diesel

• USGC: United States Gulf Coast

• VaR: Value-at-Risk

• VPP: Volumetric Production Payment

• WACC: Weighted Average Cost of Capital

• WTI: West Texas Intermediate Crude Oil

ERP EXAM PART I

2017 Energy Risk Professional (ERP) Exam Study Guide

ERP Exam Part I

The 4-hour, Part I Exam consists of 80 multiple choice questions. The exam structure has been designed in conjunction with the EOC to assess learning outcomes associated with the physical energy commodity markets based on the following topics and weights:

Introduction to Energy Commodities and Risk Management Crude Oil Markets and Refined Products Natural Gas and Coal Markets Electricity Markets and Renewable Generation

10%

8 questions

35%

28 questions

25%

20 questions

30%

24 questions

ERP Exam Part I Total

100%

80 questions

ERP EXAM PART I

Introduction to Energy Commodities and Risk Management

Part I Exam Weight | 10%

Topics and Readings

The broad areas of knowledge covered in readings related to Introduction to Energy Commodities and Risk Management include the following:

• Physical energy commodity markets

• Basis markets and pricing benchmarks

• Fundamental price drivers

• Physical vs. financially settled transactions

• Basic risk types, measurement and management tools

• Business ethics and the GARP Code of Conduct

Readings for Introduction to Energy Commodities and Risk Management | 8 Questions

1. Glen Swindle. Valuation and Risk Management in Energy Markets. (New York, NY: Cambridge Press, 2014).

• Chapter 1. Context

2. S. Mohamed Dafir and Vishnun N. Gajjala. Fuel Hedging and Risk Management. (Hoboken, NJ: John Wiley & Sons, 2016).

• Chapter 1. Energy Commodities and Price Formation

3. Michael Crouhy. The Essentials of Risk Management, 2 nd Edition. (New York, NY: McGraw-Hill Education, 2014)

• Chapter 1. Risk Management: A Helicopter View

• Appendix 1.1. Typology of Risk Exposures

4. *Global Association of Risk Professionals (GARP) Code of Conduct.

ERP EXAM PART I

2017 Energy Risk Professional (ERP) Exam Study Guide

Crude Oil Markets and Refined Products

Part I Exam Weight | 35%

Topics and Readings

The broad areas of knowledge covered in readings related to Crude Oil Markets and Refined Products include the following:

• Physical properties of crude oil

• Crude oil grades

• Unconventional crude oils

• Global benchmarks

• Economic fundamentals

• Exploration and production

• Reserve identification

• Project development

• Fiscal regimes

• Oil and gas lending and collateral evaluation

• Economics of production

• Transportation and storage economics

• Crude oil refining

• Distillation, blending and other refining processes

• Refinery complexity

• Refining margins and their determinants

• Finished products and specifications

Readings for Crude Oil Markets and Refined Products | 28 Questions

1. Andrew Inkpen and Michael H. Moffett. The Global Oil and Gas Industry: Management, Strategy and Finance. (Tulsa, OK: PennWell Books, 2011).

• Chapter 3. Access, Leasing, and Exploration

• Chapter 4. Developing Oil and Gas Projects

• Chapter 5. Production of Oil and Gas Products

• Chapter 6. Fiscal Regimes

• Chapter 10. The Market for Crude Oil

• Chapter 12. Refining

2. *An Introduction to Petroleum Refining and the Production of Ultra Low Sulfur Gasoline and Diesel Fuel. The International Council on Clean Transportation. MathPro (Oct 2011).

3. Charlotte Wright & Rebecca Gallun. Fundamentals of Oil & Gas Accounting, 5 th Edition. (Tulsa, OK:

PennWell Books, 2008).

• Chapter 15. Accounting for International Petroleum Operations

ERP EXAM PART I

4. Vincent Kaminski. Energy Markets. London Risk Books (London, UK: Risk Books, 2012).

• Chapter 16. Oil Transportation and Storage

• Chapter 17. Oil Pricing

5. *A Practical Guide to Incoterms 2010. (Livingston International).

6. *Transporting Crude Oil by Rail in Canada. (Canadian Association of Petroleum Producers, March 2014).

7. *How Pipelines Make the Oil Market Work – Their Networks, Operation, and Regulation. (Allegro Energy Group, December 2001).

8. *Deborah Gordon. Understanding Unconventional Oil. The Carnegie Papers (The Carnegie Endowment for Peace, May 2012).

9. *Oil and Gas Exploration and Production Lending. (Office of the Comptroller of the Currency, March 2016).

10. *Christophe Barret. Brent Prices: Impact of PRA Methodology on Price Formation. (Oxford Energy, March 2012).

ERP EXAM PART I

2017 Energy Risk Professional (ERP) Exam Study Guide

Natural Gas and Coal Markets

Part I Exam Weight | 25%

Topics and Readings

The broad areas of knowledge covered in readings related to Natural Gas and Coal Markets include the following:

Natural Gas

• Physical properties of natural gas

• Types of natural gas, units of measure, and heat content

• Natural Gas Liquids (NGLs) and condensates

• Global natural gas markets and economic fundamentals

• Market dynamics and pricing

• Gas sales agreements and trading

• Transportation and storage economics

• Liquefied Natural Gas (LNG)

• Market dynamics and pricing

Coal Markets

• Physical properties of coal

• Types of coal, units of measure, and heat content

• Benchmarks, contract specifications and trading

• Global coal markets and economic fundamentals

• Transportation

Readings for Natural Gas and Coal Markets | 20 Questions

1. Vincent Kaminski. Managing Energy Price Risk, 4 th Edition (London, UK: Risk Books, 2016).

• Chapter 7. US Natural Gas Markets

• Chapter 12. Coal

2. *Reserve Bank of Australia. Developments in Thermal Coal Markets (June 2015).

3. Vincent Kaminski. Energy Markets (2012).

• Chapter 10. Natural Gas Transportation and Storage

4. *International Gas Union. Wholesale Gas Price Formation: A Global View of Price Drivers and Regional Trends (June 2011). Sections 1 to 5, and 8 to 10 only.

5. *Gas Storage Industry Primer. Niska (April 2010).

6. *Oxford Energy: US NGL Production and Steam Cracker Substitution (Sept 2014).

7.

*Anthony J. Melling. Natural Gas Pricing and its Future: Europe as the Battleground. Carnegie Endowment (2010).

ERP EXAM PART I

• Chapter 1. The Development of European Gas Contracting

• Appendix. Key Terms of Long-Term Oil-Indexed Take-or-Pay Contracts

8. *Jonathan Stern and Howard Rogers. The Dynamics of a Liberalised European Gas Market – Key Determinants of Hub Prices, and Roles and Risks of Major Players. (Oxford Energy, December 2014) Sections 1.1 to 1.4 only.

9. *Ministry of Economy, Trade and Industry. Strategy for LNG Market Development: Creating a Flexible LNG Market and Developing an LNG Trading Hub in Japan (May 2016).

10. Michael D. Tusiani and Gordon Shearer. LNG: Fuel for a Changing World - A Nontechnical Guide - 2 nd Edition (Tulsa, OK: PennWell Books, 2016).

• Chapter 12. LNG Project Formation

• Chapter 13. Upstream Gas Supply Agreements

• Chapter 14. LNG Sale and Purchase Agreements

• Chapter 15. LNG Tanker Contracts

ERP EXAM PART I

2017 Energy Risk Professional (ERP) Exam Study Guide

Electricity Markets and Renewable Generation

Part I Exam Weight | 30%

Topics and Readings

The broad areas of knowledge covered in readings related to Electricity Markets and Renewable Generation include the following:

• Physical properties of electricity

• Types of power generation (fossil fuel and renewables)

• Transmission and distribution

• Electricity market economics

• Base load, mid-merit, peak and off-peak generation

• Capacity factor, heat rate, and spark spread

• Market data and price discovery

• Investing in generating capacity

• Electric energy markets and trading

• Power pools (ISOs and RTOs) and bi-lateral trading

• Contracts and structured solutions for energy markets

• Liberalized (deregulated) wholesale power market design

• Energy markets (day-ahead vs. real-time) and balancing markets

• Energy only vs. capacity markets

• Ancillary services

• Integration of renewable energy

• Global electricity markets and economic fundamentals

• Emission reduction programs and regulation

Readings for Electricity Markets and Renewable Generation | 24 Questions

1. Darryl R. Biggar and Mohammad Reza Hesamzadeh. The Economics of Electricity Markets. (West Sussex, UK: John Wiley & Sons, 2014).

Chapter 2. Introduction to Electric Power Systems

• Chapter 3. Electricity Industry Market Structure and Competition

2. Daniel Kirschen and Goran Strbac. Fundamentals of Power System Economics (West Sussex, UK: John Wiley & Sons, 2004).

Chapter 3. Markets for Electrical Energy

• Chapter 4. Participating in Markets for Electrical Energy (Sections 4 to 4.3.1.14 only)

• Chapter 7. Investing in Generation

3. Vincent Kaminski. Energy Markets (2012).

Chapter 22. Analytical Tools

• Chapter 23. Electricity Market Transactions

4.

*ISO New England. Overview of New England’s Wholesale Electricity Markets and Market Oversight (May 2014).

ERP EXAM PART I

5. Barry Murray. Power Markets and Economics: Energy Costs, Trading, Emissions. (West Sussex, UK: John Wiley & Sons, 2009).

Chapter 11. Ancillary Service Markets

6. Rafal Weron. Modeling and Forecasting Electricity Loads and Prices. (Hoboken, NJ: John Wiley & Sons,

2006).

Chapter 1. Complex Electricity Markets

7. *Kenneth Skinner. Heat Rates, Spark Spreads and the Economics of Tolling Agreements (Dec 2010).

8. *Quadrennial Technology Review 2015. Chapter 4: Technology Assessments – Solar Power Technologies. US Department of Energy (2015).

9. Rebecca Busby. Wind Power: The Industry Grows Up. (Tulsa, OK: PennWell Books, 2012).

Chapter 6. Wind Farms: Developing and Operating Wind Power Plants

10. *International Renewable Energy Agency (IRENA). Renewable Energy Integration in Power Grids (April 2015).

11. *Leibniz Information Center for Economics. The Future of the European Power Market (2015).

12. *KU Leuven Energy Institute. The Current Electricity Market Design in Europe (2015).

13. *KU Leuven Energy Institute. Cross-Border Electricity Trading: Towards Flow-Based Market Coupling (2015).

14. *KU Leuven Energy Institute. Capacity Mechanisms (2013).

15. *KU Leuven Energy Institute. Negative Electricity Market Prices (2014).

16. *KU Leuven Energy Institute. Storage Technologies for the Power System (2014).

17. *Tim Buckley and Jai Sharda. India’s Electricity Sector Transformation. (Institute for Energy Economics and Financial Analysis, Aug 2015). Sections 1 to 6 only.

18. Andrea Roncoroni, Gianluca Fusai, Mark Cummins, eds. Handbook of Multi-Commodity Markets and Products: Structuring, Trading and Risk Management. (Hoboken, NJ: John Wiley & Sons, 2015). • Chapter 5. Emissions Markets and Products

ERP EXAM PART II

2017 Energy Risk Professional (ERP) Exam Study Guide

ERP Exam Part II

The 4-hour, Part II Exam consists of 60 multiple choice questions. The exam structure has been designed in conjunction with the EOC to assess learning outcomes associated with financially-traded energy products, probability and statistics, energy price formation, and the assessment and management of physical and financial energy risk based on the following topics and weights:

Financial Energy Products Risk Assessment and Energy Price Modeling Risk Management Tools

30%

18 questions

20%

12 questions

50%

30 questions

ERP Exam Part II Total

100%

60 questions

ERP EXAM PART II

Financial Energy Products

Part II Exam Weight | 30%

Topics and Readings

The broad areas of knowledge covered in readings related to Financial Energy Products include the following:

• Structure and operation of OTC and exchange markets

• Energy derivative contracts

• Forwards and futures

• Swaps

• Options and real options

• Hedging mechanics and cash flows

• Global regulatory framework for financially traded energy products

Readings for Financial Energy Products | 18 Questions

1. Jon Gregory. Central Counterparties. (West Sussex, UK: John Wiley & Sons, 2014).

• Chapter 2. Exchanges, OTC Derivatives, DPCs and SPVs (Sections 2.1 and 2.2 only)

• Chapter 3. Basic Principles of Central Clearing

2. Robert McDonald. Derivatives Markets, 3 rd Edition. (Upper Saddle River, NJ: Pearson Education, Inc., 2013).

• Chapter 4. Introduction to Risk Management

• Chapter 6. Commodity Forwards and Futures (Sections 6.1 to 6.3, and 6.6 to 6.8 only).

3. Glen Swindle. Valuation and Risk Management in Energy Markets. (2014).

• Chapter 2. Forwards and Carry

4. Vincent Kaminski. Energy Markets (2012).

• Chapter 11. US Natural Gas Markets

• Chapter 18. Transactions in the Oil Markets

5. Betty J. Simkins and Russell E. Simkins, eds. Energy Finance and Economics: Analysis and Valuation, Risk Management, and the Future of Energy. (Hoboken, NJ: John Wiley & Sons 2013).

• Chapter 11. Real Options and Applications in the Energy Industry

6. S. Mohamed Dafir and Vishnun N. Gajjala. Fuel Hedging and Risk Management. (Hoboken, NJ: John Wiley & Sons, 2016).

• Chapter 2. Major Energy Consumers and the Rationale for Fuel Hedging

• Chapter 4. Shipping and Airlines – Basics for Fuel Hedging

7. *Gordon Goodman. Swaps: Dodd-Frank Memories (July 2013).

8. *Gordon Goodman. Dodd-Frank’s Impact on Financial Entities, Financial Activities and Treasury Affiliates (Oct 2013).

ERP EXAM PART II

2017 Energy Risk Professional (ERP) Exam Study Guide

Risk Assessment and Energy Price Modeling

Part II Exam Weight | 20%

Topics and Readings

The broad areas of knowledge covered in readings related to Risk Assessment and Energy Price Modeling include the following:

• Quantitative tools for risk analysis

• Probability theory

• Statistics

• Regression analysis

• Energy commodity price formation

• Fundamental drivers

• Technical properties and time series analysis

• Modeling energy prices

• Correlation and volatility estimation

Readings for Risk Assessment and Energy Price Modeling | 12 Questions

1. Michael Miller. Mathematics and Statistics for Financial Risk Management, 2 nd Edition. (Hoboken, NJ:

Wiley & Sons, Inc., 2013).

• Chapter 2. Probabilities

• Chapter 3. Basic Statistics (Averages to Kurtosis only)

• Chapter 4. Distributions (Parametric to Student’s t Distribution only)

2. Les Clewlow and Chris Strickland. Energy Derivatives: Pricing and Risk Management. (Sydney, AUS:

Lacima Publications, 2000).

• Chapter 2. Understanding and Analyzing Spot Prices

• Chapter 3. Volatility Estimation in Energy Markets (Sections 3.1 and 3.2 only)

3. Rafal Weron. Modeling and Forecasting Electricity Loads and Prices. (2006).

• Chapter 2. Stylized Facts of Electricity Loads and Prices (Sections 2.1 to 2.4 and 2.7 only)

• Chapter 3. Modeling and Forecasting Electricity Loads

4. Vincent Kaminski. Managing Energy Price Risk, 4 th Edition (2016).

• Chapter 8. Managing Oil Price Risk: Dealing with the Time-Varying Relationship between the Price of Oil and Fundamentals

ERP EXAM PART II

Risk Management Tools

Part II Exam Weight | 50%

Topics and Readings

The broad areas of knowledge covered in readings related to Risk Management Tools include the following:

Market Risk Valuation and Management

• Value-at-Risk (VaR) and other risk measures

• Liquidity risk and liquidity adjusted VaR

• Expected shortfall

• Option “Greeks”

• Delta-gamma hedging

• Model control and price validation

Credit and Counterparty Risk

• Credit risk measurement

• Credit ratings and scoring

• Counterparty risk measurement and management

• Expected loss, loss given default, and probability of default

• Potential future exposure

• Credit valuation adjustment (CVA)

• ISDA Master and Credit Support Annex

• Collateralization and netting agreements

• Country and sovereign risk metrics and management

• Political, economic, social, and security risks

• Financial market indicators

Operational Risk

• Principles for sound operational risk management

• Evaluation and management of operational risk

• Key Risk Indicators (KRIs)

• Key Performance Indicators (KPIs)

• Liquidity/funding risk

• Liquidity stress testing

• Contingency funding

Enterprise Risk Management (ERM)

• Risk governance

• Development and communication of risk appetite and risk tolerance

• Integration of risk management in strategic decisions

• Economic capital frameworks and capital allocation

• Risk-adjusted return on capital (RAROC)

• Stress testing and scenario analysis

• Case studies in ERM implementation

ERP EXAM PART II

2017 Energy Risk Professional (ERP) Exam Study Guide

Readings for Risk Management Tools | 30 Questions

1. Glen Swindle. Valuation and Risk Management in Energy Markets. Cambridge Press (2014).

• Chapter 16. Control, Risk Metrics and Credit

2. John C. Hull. Risk Management and Financial Institutions, 4 th Edition. (Hoboken, NJ: John Wiley & Sons, 2015).

• Chapter 8. How Traders Manage Risk

• Chapter 10. Volatility

• Chapter 12. Value-at-Risk and Expected Shortfall

• Chapter 24. Liquidity Risk

3. Les Clewlow and Chris Strickland. Energy Derivatives: Pricing and Risk Management (2000).

• Chapter 10. Value-at-Risk

4. Kevin Dowd. Measuring Market Risk, Second Edition. (Hoboken, NJ: John Wiley & Sons, 2005).

• Chapter 13. Stress Testing

5. Markus Burger, Bernhard Graeber, and Gero Schindlmayr. Managing Energy Risk: An Integrated View on Power and Other Energy Markets, 2 nd Edition. (Hoboken, NJ: John Wiley & Sons, 2014).

• Chapter 3. Risk Management (Section 3.4 Credit Risk only).

6. Jon Gregory. Counterparty Credit Risk and Credit Value Adjustment: A Continuing Challenge for Global Financial Markets, 2 nd Edition. (Hoboken, NJ: John Wiley & Sons, 2012).

• Chapter 3. Defining Counterparty Credit Risk

• Chapter 4. Netting, Compression, Resets and Termination Features

• Chapter 5. Collateral

• Chapter 8. Credit Exposure (Sections 8.1 to 8.4 only)

• Chapter 10. Default Probability, Credit Spreads and Credit Derivatives (Sections 10.1 and 10.2 only)

• Chapter 12. Credit Value Adjustment (Section 12.1 only)

7. *Aswath Damodaran: Country Risk Determinants, Measures and Implications – 2015 Edition (July 2015) Pages 1 to 39 only.

8. *Operational Risk Management in the Energy Industry. (Management Solutions, 2014).

9. Shyam Venkat and Stephen Baird. Liquidity Risk Management – A Practitioner’s Perspective. (Hoboken, NJ: John Wiley & Sons, 2016).

• Chapter 3. Liquidity Stress Testing

• Chapter 7. Contingency Funding Planning

10. John Fraser and Betty Simkins. Enterprise Risk Management: Today’s Leading Research and Best Practices for Tomorrow’s Executives. (Hoboken, NJ: John Wiley & Sons, 2010).

• Chapter 8. Identifying and Communicating Key Risk Indicators

ERP EXAM PART II

11. *James Lam. Implementing an Effective Risk Appetite. (The Association of Accountants and Financial Professionals in Business, August 2015).

12. Michel Crouhy, Dan Galai, and Robert Mark. The Essentials of Risk Management, 2 nd Edition. (New York, NY: McGraw-Hill Education, 2014). • Chapter 17. Risk Capital Attribution and Risk-Adjusted Performance Measurement

13. John Fraser, Betty Simkins, and Kristina Narvaez. Implementing Enterprise Risk Management: Case Studies and Best Practices (Hoboken, NJ: John Wiley & Sons, 2015).

• Chapter 4. Value and Risk: Enterprise Risk Management at Statoil

• Chapter 20. Implementing Risk Management within Middle Eastern Oil and Gas Companies

2017 Energy Risk Professional (ERP) Exam Study Guide

2017 Energy Oversight Committee Members

Richard Apostolik

Global Association of Risk Professionals

Dr. Lawrence Austen

Trafigura

Ben Baglin, ERP

EDF Trading

Gordon E. Goodman

NRG Energy

Dr. Vince Kaminski

 

Rice University

Glenn Labhart, EOC Chair

Labhart Risk Advisors

Alessandro Mauro

MKS (Switzerland) SA

Peter O’Neill

Uniper Global Commodities

Dr. John Parsons

 

Massachusetts Institute of Technology

Michael Sell

Global Association of Risk Professionals

Jonathan C. Stein

 

Hess Corporation

Andrew Sunderman

Direct Energy

Dr. Chris Strickland

Lacima Group

Dr. Glen Swindle

 

Scoville Risk Partners

Gary Taylor

British Petroleum

Creating a Culture of Risk Awareness ®

About GARP | The Global Association of Risk Professionals (GARP) is the leading globally recognized association

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and territories. GARP’s mission is to elevate the practice of risk management at all levels, setting the industry

standard through education, training, media, and events.

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