ERP

2017

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 candidates 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.

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 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

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 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
3
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
 2017 Energy Risk Professional (ERP) Exam Study Guide

ERP Exam Part I

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 10% 8 questions

Crude Oil Markets and Refined Products 35% 28 questions
Natural Gas and Coal Markets 25% 20 questions
Electricity Markets and Renewable Generation 30% 24 questions

ERP Exam Part I Total 100%

80 questions

*This reading is freely available on the GARP website. 4

 Introduction to Energy Commodities
and Risk Management
ERP EXAM PART I

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, 2nd 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.

5 *This reading is freely available on the GARP website.

 2017 Energy Risk Professional (ERP) Exam Study Guide

Crude Oil Markets and Refined Products

ERP EXAM PART I

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, 5th Edition. (Tulsa, OK:
PennWell Books, 2008).
Chapter 15. Accounting for International Petroleum Operations

*This reading is freely available on the GARP website. 6

 4. Vincent Kaminski. Energy Markets. London Risk Books (London, UK: Risk Books, 2012).
Chapter 16. Oil Transportation and Storage
ERP EXAM PART I

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).

7 *This reading is freely available on the GARP website.

 2017 Energy Risk Professional (ERP) Exam Study Guide

Natural Gas and Coal Markets

ERP EXAM PART I

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, 4th 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).

*This reading is freely available on the GARP website. 8

 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 -
2nd 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

9 *This reading is freely available on the GARP website.

 2017 Energy Risk Professional (ERP) Exam Study Guide

Electricity Markets and Renewable Generation

ERP EXAM PART I

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

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 4. *ISO New England. Overview of New Englands 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. Indias 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

11 *This reading is freely available on the GARP website.

 2017 Energy Risk Professional (ERP) Exam Study Guide

ERP Exam Part II

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 30% 18 questions

Risk Assessment and Energy Price Modeling 20% 12 questions
Risk Management Tools 50% 30 questions

ERP Exam Part II Total 100%

60 questions

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 Financial Energy Products
ERP EXAM PART II

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, 3rd 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-Franks Impact on Financial Entities, Financial Activities and Treasury
Affiliates (Oct 2013).

13 *This reading is freely available on the GARP website.

 2017 Energy Risk Professional (ERP) Exam Study Guide

Risk Assessment and Energy Price Modeling

ERP EXAM PART II

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, 2nd Edition. (Hoboken, NJ:
Wiley & Sons, Inc., 2013).
Chapter 2. Probabilities
Chapter 3. Basic Statistics (Averages to Kurtosis only)
Chapter 4. Distributions (Parametric to Students 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, 4th Edition (2016).

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

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 Risk Management Tools
ERP EXAM PART II

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

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 2017 Energy Risk Professional (ERP) Exam Study Guide

Readings for Risk Management Tools | 30 Questions

ERP EXAM PART II

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, 4th 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, 2nd 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, 2nd 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 Practitioners 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: Todays Leading Research and Best
Practices for Tomorrows Executives. (Hoboken, NJ: John Wiley & Sons, 2010).
Chapter 8. Identifying and Communicating Key Risk Indicators

*This reading is freely available on the GARP website. 16

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

12. Michel Crouhy, Dan Galai, and Robert Mark. The Essentials of Risk Management, 2nd 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

17 *This reading is freely available on the GARP website.

 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 ONeill 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

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Creating a Culture of Risk Awareness
About GARP | The Global Association of Risk Professionals (GARP) is the leading globally recognized association
dedicated to the education and certification of risk professionals, connecting members in more than 190 countries
and territories. GARPs 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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