相比2022年的考綱，2023年新考綱整體變化不大，科目權(quán)重沒有發(fā)生變化，只有少量科目內(nèi)容有更新，下面我們一起看看具體的變化內(nèi)容吧！

FRM一級考綱變化

1.金融風(fēng)險管理

章節(jié)的變動

新增兩個章節(jié)（14、15章）關(guān)于機器學(xué)習(xí)的內(nèi)容，老考綱FRM二級熱點部分有關(guān)于機器學(xué)習(xí)的內(nèi)容，如今也加入到數(shù)量分析當中，并且新增了兩個章節(jié)，其他章節(jié)共新增3條新考點。

具體內(nèi)容的變動

Chapter 7: Linear Regression [QA-7]

新增1條：

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條：

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條：

Compare and contrast the different measures of correlation used to assess dependence.

新增章節(jié)

Chapter 14: Machine-Learning Methods [QA-14]

Chapter 15: Machine Learning and Prediction [QA-15]

2.市場風(fēng)險

具體內(nèi)容的變動

Chapter 3. Estimating Market Risk Measures: An Introduction and Overview [MR–1]

刪除1條：

Describe coherent risk measures.

總結(jié)：市場風(fēng)險內(nèi)容變動不大，僅僅刪除一條關(guān)于一致性風(fēng)險的考點。

FRM二級考綱變化

1.信用風(fēng)險

信用風(fēng)險一共新增7個考點，刪除1個考點

具體內(nèi)容的變動

Chapter 9：Structured Credit Risk [CR–8]

新增1條：

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條：

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條：

Calculate the credit support amount (margin) under various scenarios.

Chapter 17. CVA [CR–13]

新增1條：

Explain the distinctions between unilateral CVA (UCVA) and BCVA, and between unilateral DVA (UDVA) and BCVA.

Chapter 12. An Introduction to Securitization [CR–17]

刪除1條：

Determine the notional value of the net contract resulting from trade compression and identify the counterparty with the net contract.

新增3條：

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.

2.操作風(fēng)險

章節(jié)的變動

原來27個章節(jié)，現(xiàn)在變成24個章節(jié)，知識點沒有太大變化，只是對原來分散的知識點進行了整合，使得操作風(fēng)險的知識體系變得更加系統(tǒng)。

具體內(nèi)容的變動

1）新增13個章節(jié)，具體變動如下：

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]

2）有8個章節(jié)保留了老考綱的內(nèi)容，大約保留了1/3的內(nèi)容，具體內(nèi)容如下：

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]

3.熱點

章節(jié)的變動

保留了Artificial Intelligence/Machine Learning兩篇文章，刪除了6篇文章，新增了6篇熱點文章，關(guān)于氣候風(fēng)險、通貨膨脹風(fēng)險、區(qū)塊鏈、加密貨幣和去中心化金融。

保留的兩篇文章：

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)

具體內(nèi)容的變動

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