#FRM Part 1

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Backtesting techniques serve as a robust method for validating the accuracy of Value at Risk (VaR) models. Within this formal statistical framework, the objective is to assess whether the realized losses align with the anticipated losses.

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FRM Syllabus

Similar to an exciting book, the FRM (Financial Risk Manager) curriculum takes readers on an engrossing trip through the complexities of financial risk, with each chapter revealing a new secret about risk management. The syllabus covers a variety of risks, including market risk, credit risk, operational risk, and more, moving from basic ideas to sophisticated risk models. Think of it as a road map for mastering risk, providing you with the information and abilities needed to understand the language of financial risk. Every section is enlightening, whether you're investigating risk governance or quantitative analysis, and it will get you ready for the successes and setbacks that lie ahead in the exciting field of risk management.

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In the dynamic landscape of finance, risk management plays a pivotal role in ensuring the stability and sustainability of financial institutions. Among the myriad tools and techniques employed, Expected Shortfall (ES) stands out as a critical measure in understanding and mitigating financial risk.

As part of the FRM Level 1 curriculum, specifically in Paper-4: Valuations and Risk Models, Chapter – Measures of Financial Risk, Expected Shortfall takes center stage.

ES is the expected loss given that the portfolio return falls below the pre-specified worst-case quantile (e.g., below the 5th percentile return).

Read more and attempt quiz HERE

Table of Content:

Understanding Value at Risk (VaR)

Introduction to Expected Shortfall (ES)

Calculation of Expected Shortfall

Subadditivity Property of ES

Comparison with VaR

ES vs. VaR: Applicability and Assumptions

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FRM Course Duration

Take an exciting dive into the realm of financial risk with the FRM Course. This syllabus offers a roadmap to knowledge repositories, not just a list of subjects. Discover the mysteries of risk management as you make your way across the harsh seas of operational, credit, and market risk. As you continue on, you'll learn how to understand intricate financial products and investing techniques, becoming an expert in risk assessment. This course equips you to make decisions that drive organizations toward success and stability. It's more than simply an education; it's an expedition into understanding the inner workings of the financial world.

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