{"id":1125,"date":"2019-08-20T12:58:00","date_gmt":"2019-08-20T12:58:00","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=1125"},"modified":"2019-10-23T14:22:33","modified_gmt":"2019-10-23T14:22:33","slug":"part-2","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/","title":{"rendered":"FRM Part 2 Study Notes"},"content":{"rendered":"<h2>Market Risk Measurement and Management<\/h2>\n<p>1.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/estimating-market-risk-measures\/\">Estimating Market Risk Measures<\/a><br \/>\n 2.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/non-parametric-approaches\/\">Non-Parametric Approaches<\/a><br \/>\n 3.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/backtesting-var\/\">Backtesting VaR<\/a><br \/>\n 4.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/var-mapping\/\">VaR Mapping<\/a><br \/>\n 5.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/message-from-the-academic-literature-on-risk-management-for-the-trading-book\/\">Messages from the Academic Literature on Risk Management for the Trading Book<\/a><br \/>\n 6.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/some-correlation-basics-properties-motivation-terminologies\/\">Some Correlation Basics: Properties, Motivation, Terminology<\/a><br \/>\n 7.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/empirical-properties-of-correlation\/\">Empirical Properties of Correlation: How Do Correlations Behave in the Real World?<\/a><br \/>\n 8.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/statistical-correlation-models-application-to-finance\/\">Statistical Correlation Models &#8211; Can We Apply Them to Finance?<\/a><br \/>\n 9.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/financial-correlation-modeling-bottom-up-approaches\/\">Financial Correlation Modeling &#8211; Bottom-Up Approaches<\/a><br \/>\n 10.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/empirical-approaches-to-risk-metrics-and-hedging\/\">Empirical Approaches to Risk Metrics and Hedging<\/a><br \/>\n 11.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/the-science-of-term-structure-models\/\">The Science of Term Structure Models<\/a><br \/>\n 12.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/the-evolution-of-short-rates-and-the-shape-of-the-term-structure\/\">The Evolution of Short Rates and the Shape of the Term Structure<\/a><br \/>\n 13.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/the-art-of-term-structure-models-drift\/\">The Art of Term Structure Models: Drift<\/a><br \/>\n 14.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/the-art-of-term-structure-models-volatility-and-distribution\/\">The Art of Term Structure Models: Volatility and Distribution<\/a><br \/>\n 15.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/market-risk-measurement-and-management\/volatility-smiles\/\">Volatility Smiles<\/a><\/p>\n<h2>Credit Risk Measurement and Management<\/h2>\n<p>1.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/the-credit-decision\/\">The Credit Decision<\/a><br \/>\n 2.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/the-credit-analyst\/\">The Credit Analysis<\/a><br \/>\n 3.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/classifications-and-key-concepts-of-credit-risk\/\">Classifications and Key Concepts of Credit Risk<\/a><br \/>\n 4.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/rating-assignments-methodologies\/\">Rating Assignment Methodologies<\/a><br \/>\n 5.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/credit-risks-and-credit-derivatives\/\">Credit Risks and Credit Derivatives<\/a><br \/>\n 6.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/spread-risk-and-default-intensity-models\/\">Spread Risk and Default Intensity Models<\/a><br \/>\n 7.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/portfolio-credit-risk\/\">Portfolio Credit Risk<\/a><br \/>\n 8.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/structured-credit-risk\/\">Structured Credit Risk<\/a><br \/>\n 9.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/counterparty-risk\/\">Defining Counterparty Credit Risk<\/a><br \/>\n 10.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/netting-close-out-and-related-aspects\/\">Netting, Compression, Resets, and Termination Features<\/a><br \/>\n 11.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/collateral\/\">Collateral<\/a><br \/>\n 12.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/credit-exposure-and-funding\/\">Credit Exposure<\/a><br \/>\n 13.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/counterparty-risk-intermediation\/\">Central Counterparties<\/a><br \/>\n 14.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/default-probability-credit-spreads-and-funding-costs\/\">Default Probability, Credit Spreads, and Credit Derivatives<\/a><br \/>\n 15.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/credit-and-debt-value-adjustments\/\">Credit Value Adjustment<\/a><br \/>\n 16.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/wrong-way-risk\/\">Wrong-Way Risk<\/a><br \/>\n 17.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/the-evolution-of-stress-testing-counterparty-exposure\/\">The Evolution of Stress Testing Counterparty Exposures<\/a><br \/>\n 18.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/credit-scoring-and-retail-credit-risk-management\/\">Credit Scoring and Retail Credit Risk Management<\/a><br \/>\n 19.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/the-credit-transfer-markets-and-their-implications\/\">The Credit Transfer Markets &#8211; And Their Implications<\/a><br \/>\n 20.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/an-introduction-to-securitization\/\">An Introduction to Securitisation<\/a><br \/>\n 21.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/credit-risk-measurement-and-management\/understanding-the-securitization-of-subprime-mortgage-credit\/\">Understanding the Securitization of Subprime Mortgage Credit<\/a><\/p>\n<h2>Operational and Integrated Risk Management<\/h2>\n<p>1.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/principles-for-the-sound-management-of-operational-risk\/\">Principles for the Sound Management of Operational Risk<\/a><br \/>\n 2.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/enterprise-risk-management-theory-and-practice\/\">Enterprise Risk Management: Theory and Practice<\/a><br \/>\n 3.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/observations-on-development-in-risk-appetite-and-it-infrastructure\/\">Observations on Developments in Risk Appetite Frameworks and IT Infrastructure<\/a><br \/>\n 4.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/information-risk-and-data-quality-management\/\">Information Risk and Data Quality Management<\/a><br \/>\n 5.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/oprisk-data-and-governance\/\">OpRisk Data and Governance<\/a><br \/>\n 6.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/external-loss-data\/\">External Loss Data<\/a><br \/>\n 7.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/capital-modeling\/\">Capital Modeling<\/a><br \/>\n 8.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/standardized-measurement-approach-for-operational-risk\/\">Standardised Measurement Approach for Operational Risk<\/a><br \/>\n 9.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/parametric-approaches-ii-extreme-value\/\">Parametric Approaches (II): Extreme Value<\/a><br \/>\n 10.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/validating-rating-models\/\">Validating Rating Models<\/a><br \/>\n 11.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/model-risk\/\">Model Risk<\/a><br \/>\n 12.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/risk-capital-attribution-and-risk-adjusted-performance-measurement\/\">Risk Capital Attribution and Risk-Adjusted Performance Measurement<\/a><br \/>\n 13.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/range-of-practices-and-issues-in-economic-capital-frameworks\/\">Range\u00a0of Practices and Issues in Economic Capital Frameworks<\/a><br \/>\n 14.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/capital-planning-at-large-bank-holding-companies\/\">Capital Planning at Large Bank Holding Companies: Supervisory Expectations and Range of Current Practice<\/a><br \/>\n 15.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/repurchase-agreements-and-financing\/\">Repurchase Agreements and Financing<\/a><br \/>\n 16.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/estimating-liquidity-risk\/\">Estimating Liquidity Risks<\/a><br \/>\n 17.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/assessing-the-quality-of-risk-measures\/\">Assessing the Quality of Risk Measures<\/a><br \/>\n 18.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/liquidity-and-leverage\/\">Liquidity and Leverage<\/a><br \/>\n 19.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/the-failure-mechanics-of-dealer-banks\/\">The Failure Mechanics of Dealer Banks<\/a><br \/>\n 20.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/stress-testing-banks\/\">Stress Testing Banks<\/a><br \/>\n 21.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/guidance-on-managing-outsourcing-risk\/\">Guidance on Managing Outsourcing Risk<\/a><br \/>\n 22.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/basel-1-basel-2-and-solvency-2\/\">Basel I, Basel II, and Solvency II<\/a><br \/>\n 23.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/basel-ii-5-basel-iii-and-other-post-crisis-changes\/\">Basel II.5, Basel III, and Other Post-Crisis Changes<\/a><br \/>\n 24.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/fundamental-review-of-the-trading-book-frtb\/\">Fundamental Review of the Trading Book<\/a><br \/>\n 25.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/operational-and-integrated-risk-management\/risk-related-to-money-laundering\/\">Sound Management of Risks related to Money Laundering and Financing of Terrorism<\/a><\/p>\n<h2>Risk Management and Investment Management<\/h2>\n<p>1.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/risk-management-and-investment-management\/factor-theory\/\">Factor Theory<\/a><br \/>\n 2.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/risk-management-and-investment-management\/factors\/\">Factors<\/a><br \/>\n 3.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/risk-management-and-investment-management\/alpha-and-the-low-risk-anatomy\/\">Alpha (and the Low-Risk Anomaly)<\/a><br \/>\n 4.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/risk-management-and-investment-management\/illiquid-assets\/\">Illiquid Assets<\/a><br \/>\n 5.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/risk-management-and-investment-management\/portfolio-construction\/\">Portfolio Construction<\/a><br \/>\n 6.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/risk-management-and-investment-management\/portfolio-risk-analytical-methods\/\">Portfolio Risk: Analytical Methods<\/a><br \/>\n 7. <a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/risk-management-and-investment-management\/var-and-risk-budgeting-in-investment-management\/\">VaR and Risk Budgeting in Investment Management<\/a><br \/>\n 8. <a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/risk-management-and-investment-management\/risk-monitoring-and-performance-measurement\/\">Risk Monitoring and Performance Measurement<\/a><br \/>\n 9.\u00a0<a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/risk-management-and-investment-management\/portfolio-performance-evaluation\/\">Portfolio Performance Evaluation<\/a><br \/>\n 10. <a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/risk-management-and-investment-management\/hedge-funds\/\">Hedge Funds<\/a><br \/>\n 11. <a href=\"https:\/\/analystprep.com\/study-notes\/frm\/part-2\/risk-management-and-investment-management\/performing-due-diligence-on-specific-managers-and-funds\/\">Performing Due Diligence on Specific Managers and Funds<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Risk Measurement and Management 1.\u00a0Estimating Market Risk Measures 2.\u00a0Non-Parametric Approaches 3.\u00a0Backtesting VaR 4.\u00a0VaR Mapping 5.\u00a0Messages from the Academic Literature on Risk Management for the Trading Book 6.\u00a0Some Correlation Basics: Properties, Motivation, Terminology 7.\u00a0Empirical Properties of Correlation: How Do Correlations&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-frm","blog-post","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FRM Part 2 Study Notes | AnalystPrep - FRM Study Materials<\/title>\n<meta name=\"description\" content=\"Market Risk Measurement and Management, Credit Risk Measurement and Management, Operational and Integrated Risk Management, Risk Management and Investment Management\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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