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Financial Institution Risk Management in China: Key Takeaways from GARP’s Report

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China has witnessed significant growth in its financial sector, with over 320,000 candidates taking the Financial Risk Manager (FRM) exam since its launch in 1997. The country has seen a surge in demand for FRM-certified professionals, with over 25,000 Certified FRMs employed at major financial institutions across China.

The Future of FRM-Certified Professionals in China

As modern financial risk management continues to evolve in response to emerging risks such as artificial intelligence, cybersecurity, and climate change, what does the future hold for China’s FRM-certified and prospective professionals? A recent report by GARP, “Emerging Trends and Career Insights in China’s Financial Risk Management,” offers valuable insights into the current state of risk management in China.

Survey Results

The report surveyed 2,025 Chinese risk professionals, including FRM-certified professionals and non-certified risk managers. The results show that:

  • FRM-certified professionals have become a cornerstone of China’s banking industry.
  • Three large state-owned commercial banks among the top 10 global employers that hire the most FRM-certified professionals.

The report highlights several key trends in China’s financial risk management landscape:

  • Risk Team Growth: 74% of surveyed risk managers predict their teams will expand or remain the same size.
  • Career Advancement: 37% of respondents received a promotion within the past two years.
  • FRM Certification Benefits: FRM-certified professionals enjoy higher salaries than non-certified professionals, with incomes ranging from 13% to 29% higher.

Professional Development Priorities

The report also highlights the benefits of participating in the FRM Program:

  • 80% of respondents express a desire to enhance their professional knowledge and competence through the program.
  • The majority of participants found the knowledge covered in the program genuinely beneficial for their daily work.

Conclusion

Overall, the report provides valuable insights into the state of financial risk management in China and its relevance globally. As the industry continues to evolve, it is essential for professionals to stay up-to-date with emerging trends and best practices in risk management.