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2018
ERP
®
STUDY STUD Y GUI GUIDE DE
ENERGY RISK PROFESSIONAL
garp.org/erp
2018 Energy Risk Professional (ERP®) Exam Study Guide
2018 Energy Risk Professional (ERP®) Exam Study Guide ENERGY RISK PROFESSIONAL (ERP®) PROGRAM
Each year, we invite Certified ERPs from a variety of
The ERP certification is the world’s first and only
disciplines and geographies to participate in the exam
internationally recognized designation developed by
development process. Our dual collaboration with EOC
energy professionals, for energy professionals, to assess
members and certified ERP alumni helps to ensure that
and validate energy professional knowledge and skills.
the ERP Exam and its curriculum remain consistent with
It objectively assesses and validates candidates’ skills and
current industry practice.
knowledge of the tools used to manage and measure energy risk. Certified ERPs can apply knowledge about
2018 ERP LEARNING OBJECTIVES AND STUDY GUIDE
the production, transportation, and storage of physical
The 2018 ERP Learning Objectives and 2018 Study Guide
energy commodities; structure and practical application
are valuable exam tools that candidates should reference
of energy derivatives; assessment of energy market data
frequently when preparing for the Exam. Each exam
and price modeling; and identification, measurement, and
question is developed from and directly references a
management of risk in the energy industry.
specific reading and related learning objective. Candidates are expected to be familiar with the learning objectives
ERP CURRICULUM
and be able to apply the principles on the Exam.
Development of the ERP exam curriculum is guided by GARP’s Energy Oversight Committee (EOC), a panel of
2018 ERP STUDY GUIDE CHANGES
senior practitioners and academics with energy market
Returning 2017 ERP candidates should also review
experience and risk management expertise. The exam
the 2018 ERP Study Guide Changes. This document
topics and required readings listed in the 2018 ERP Study
summarizes all readings removed from the 2017 curriculum
Guide and 2018 Learning Objectives (LOBs) are updated
and includes new readings added for 2018.
annually in conjunction with the EOC to ensure the ERP Exam remains a timely and accurate assessment of the
COMMONLY-USED CONTRACT SPECIFICATIONS
knowledge and skills required of energy market and risk
Exchange-traded energy commodity futures and option
professionals.
contracts are typically transacted in standardized lot sizes. Unless otherwise noted, exam questions will assume the
ERP EXAM
following standard volumetric terms:
The ERP Exam Part I and Part II evaluate a candidate’s knowledge of key concepts aligned with the topics below:
•
Crude Oil: 1,000 barrels (equal to 42,000 gallons) per contract
ERP EXAM PART I | 80 QUESTIONS }
Crude Oil and Refined Product Markets
}
Natural Gas and Coal Markets
}
Electricity Markets and Power Generation
•
42,000 gallons per contract •
ERP EXAM PART II | 60 QUESTIONS Financially-Traded Energy Products
}
Risk Assessment and Energy Price Modeling
}
Risk Management Tools •
Market Risk Valuation and Management
•
Credit and Counterparty Risk Assessment
•
Operational Risk and Enterprise Risk Management
ULSD futures: 42,000 gallons per contract
• }
Gasoline futures:
Gasoil (diesel) futures: 100 metric tons (MT) per contract
•
Natural gas (Henry Hub) future s: 10,000 MMBtu per contract
On the following pages, an asterisk after a reading title indicates that the reading is freely available on the GARP website. garp.org/erp
1
COMMONLY-USED ABBREVIATIONS AND ACRONYMS The following is a list of commonly used abbreviations and acronyms that appear in the LOBs and that may appear on the Exam: }
Bbl: Barrel of ____________
}
KPI: Key performance indicators
}
BOE: Barrel of oil equivalent
}
KRI: Key risk indicators
}
BTU: British Thermal Unit
}
kW: Kilowatt
}
CCP: Central counterparty
}
kWh: Kilowatt-hour
}
CDD: Cooling degree days
}
LMP: Locational marginal pricing
}
Cf: Cubic feet
}
LNG: Liquefied natural gas
}
CFD: Contract for Differences
}
LSE: Load serving entity
}
CFR: Cost and freight
}
Mcf: Million cubic feet
}
CIF: Cargo, insurance, and freight
}
MMBtu: Million British Thermal Units
}
CIP: Cargo and insurance paid
}
MT: Metric ton
}
CPT: Carriage paid to all transport
}
MtM: Mark-to-market
}
CRO: Chief Risk Officer
}
MW: Megawatt
}
CSA: Credit Support Annex
}
MWh: Megawatt-hour
}
CVA: Credit value adjustment
}
NGL: Natural gas liquid
}
DA: Day-ahead
}
NOC: National oil company
}
DAP: Delivered at place
}
NPV: Net present value
}
DAT: Delivered at terminal
}
NYMEX: New York Mercantile Exchange
}
DDP: Delivered duty paid
}
OPEC: Organization of the Petroleum
}
DES: Delivered ex ship
}
EFP: Exchange for physicals
}
OTC: Over-the-counter
}
EIA: (US) Energy Information Agency
}
PFE: Potential future exposure
}
ERM: Enterprise risk management
}
PPA: Power purchase agreement
}
ETS: Emissions trading system
}
PSA: Production sharing agreement
}
EWMA: Exponentially weighted moving average
}
PTR: Physical transmission right
}
EXW: Ex-works
}
PV: Photovoltaic installation (solar)
}
FAS: Free alongside ship
}
PSC: Production services contract
}
FOB: Free on board
}
RAROC: Risk-adjusted return on capital
}
FTR: Financial transmission right
}
RBOB: Reformulated gasoline blendstock for
}
GARCH: Generalized auto-regressive
Exporting Countries
oxygen blending
conditional heteroskedasticity
}
RCSA: Risk control self-assessment
}
HDD: Heating degree days
}
RTO: Regional Transmission Organization
}
ICE: Intercontinental Exchange
}
SMP: System marginal price
}
IEA: International Energy Agency
}
ULSD: Ultra-low sulfur diesel
}
IOC: International oil company
}
VaR: Value-at-risk
}
IRR: Internal rate of return
}
VOLL: Value of lost load
}
ISDA: International Swaps and Derivatives
}
VPP: Volumetric production payment
Association
}
WACC: Weighted average cost of capital
}
ISO: Independent System Operator
}
WTI: West Texas Intermediate crude oil
}
JCC: Japan cus toms cleared (oil price)
2
© 2018 Global Association of Risk Professionals.
2018 Energy Risk Professional (ERP®) Exam Study Guide
ERP Exam Part I The four-hour ERP Exam Part I 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:
Crude Oil Markets and Refined Products
40%
32 questions
Natural Gas and Coal Markets
25%
20 questions
Electricity Markets and Power Generation
35%
28 questions
ERP Exam Part I Total
100%
80 question s
garp.org/erp
3
I T R A P M A X E P R E
Crude Oil Markets Part I Exam Weight | 40%
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
4
•
Distillation, blending and other refining processes
•
Refinery complexity
•
Refining margins and their determinants
•
Finished products and specifications
© 2018 Global Association of Risk Professionals.
2018 Energy Risk Professional (ERP®) Exam Study Guide
Readings for Crude Oil Markets | 32 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 10. The Market for Crude Oil (Crude Oil Fundamentals and The Price of Crude Oil sections only)
•
Chapter 12. Refining
2. An Introducti on to Petroleum Refini ng and the Produc tion of Ultra Low Sulfur Gasoline a nd Diesel Fuel , The International Council on Clean Transportation. (MathPro, October 2011).* 3. Charlotte Wright, Fundamentals of Oil & Gas Accounting, 6 th Edition. (Tulsa, OK: PennWell Books, 2017). •
Chapter 15. Conveyances (pp. 557 - 582 only)
•
Chapter 17. Reserve Valuation
•
Chapter 18. Accounting for International Petroleum Operations
4. Vincent Kaminski, Energy Markets, (London, UK: Risk Books, 2013). •
Chapter 16. Oil Transportation and Storage
•
Chapter 17. Oil Pricing
5. Allegro Energy Group, How Pipelines Make the Oil Market Work – Their Networks, Operation, and Regulation, (December 2001).* 6. Oil and Gas Exploration and Productio n Lending, (Office of the Comptroller of the Currency, March 2016).* 7. Incoterms 2010, Australian Customs and Border Protection Service.
* This reading is freely available on the GARP website. garp.org/erp
5
I T R A P M A X E P R E
Natural Gas and Coal Markets 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
•
NGLs and condensates
Global natural gas markets and economic fundamentals •
Market dynamics and pricing
•
Gas sales agreements and trading
}
Transportation and storage economics
}
LNG •
Market dynamics and pricing
•
Contracts and shipping
Coal }
}
6
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
© 2018 Global Association of Risk Professionals.
2018 Energy Risk Professional (ERP®) Exam Study Guide
Readings for Natural Gas and Coal Markets | 20 Questions 1. Vincent Kaminski, Managing Energy Price Risk, 4 th Edition (London, UK: Risk Books, 2016). •
Chapter 7. US Natural Gas Markets
•
Chapter 12. Coal
2. Vincent Kaminski, Energy Markets. (London, UK: Risk Books, 2013.). •
Chapter 10. Natural Gas Transportation and Storage
3. Anthony J. Melling, Natural Gas Pricing and its Future: Europe as the Battleground. (Carnegie Endowment, 2010).* •
Chapter 1. The Development of European Gas Contracting
•
Chapter 2. The Dynamics Between Oil-Indexed and Spot Prices
•
Appendix. Key Terms of Long-Term Oil-Indexed Take-or-Pay Contracts
4. 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 – 1.4 only.*
5. Michael D. Tusiani and Gordon Shearer, LNG: Fuel for a Changing World - A Nontechnical Guide - 2 nd Edition (Tulsa, OK: PennWell Books, 2016). •
Chapter 12. LNG Project Formation
•
Chapter 13. Upstream Gas Supply Agreements
•
Chapter 14. LNG Sale and Purchase Agreement
•
Chapter 15. LNG Tanker Contracts
6. William Leffler, Natural Gas Liquids: A Non-Technical Guide (Tulsa, OK: PennWell, 2014). •
Chapter 6. Refineries and the Unnatural Gas Liquids
•
Chapter 7. Logistics
•
Chapter 8. NGL Markets - Petrochemicals
•
Chapter 9. NGL Markets - Fuels
7. Chris Le Fevre, Oxford Energy: Gas Storage in Great Britain (January 2013).* •
Chapter 2. The Role of Gas Storage
* This reading is freely available on the GARP website. garp.org/erp
7
I T R A P M A X E P R E
Electricity Markets and Power Generation Part I Exam Weight | 35%
Topics and Readings The broad areas of knowledge covered in readings related to Electricity Markets and Power Generation include the following: }
}
Properties of electricity •
Types of power generation
•
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 bilateral 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
8
© 2018 Global Association of Risk Professionals.
2018 Energy Risk Professional (ERP®) Exam Study Guide
Readings for Electricity Markets and Renawble Generation | 28 Questions 1. John E. Parsons, Introduction to Electricity Markets, 2017 Energy Risk Professional (ERP) Exam Part I (Hoboken, NJ: John Wiley & Sons, 2017).† •
Chapter 1. Industry Overview
•
Chapter 2. Load
•
Chapter 3. Generation
•
Chapter 4. Transmission
•
Chapter 5. Economic Optimization of the System
•
Chapter 6. Bilateral Contracts and Trading
•
Chapter 7. Centralized Markets for Energy
•
Chapter 8. Other Electricity Markets
•
Chapter 9. Emissions Markets
2. Rafal Weron, Modeling and Forecasting Electricity Loads and Prices. (Hoboken, NJ: John Wiley & Sons, 2006) •
Chapter 1. Complex Electricity Markets
3. Kenneth Skinner, Heat Rates, Spark Spreads and the Economics of Tolling Agreements (December 2010).* 4. Quadrenn ial Technology Review 2015, Chapter 4: Technology Assessments – Solar Power Technologies. (US Department of Energy, 2015).* 5. Rebecca Busby, Wind Power: The Industry Grows Up. (Tulsa, OK: PennWell Books, 2012). •
Chapter 6. Wind Farms: Developing and Operating Wind Power Plants
6. Internation al Renewable Energy Agency (IRENA), Renewable Energy Integration in Power Grids (April 2015).* 7. KU Leuven Energy Institute, The Current Electricity Market Design in Europe (2015).* 8. KU Leuven Energy Institute, Capacity Mechanisms (2013).* 9. KU Leuven Energy Institute, Negative Electricity Market Prices (2014).* 10. KU Leuven Energy Institute, Storage Technologies for the Power System (2014).* 11. KU Leuven Energy Institute, Cross-Border Electricity Trading: Towards Flow-Based Market Coupling (2015).* 12. German Federal Ministry for the Environment, Emissions Trading Basic Principles and Experiences in Europe and Germany (November 2016).*
13. World Economic Forum, The Future of Electricity New Technologies Transforming the Grid Edge (March 2017).*
* This reading is freely available on the GARP website. † All rights reserved. Inquiries concerning reproduction of this section should be made to GARP.
garp.org/erp
9
ERP Exam Part II The four-hour ERP Exam Part II consists of 60 multiple choice questions. The exam structure has been designed in conjunction with the EOC to assess learning outcomes associated with financial energy products; probability, statistics, data analysis and energy price modeling; and the identification, measurement, and management of energy market, counterparty credit, and operational risks, 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 questio ns
10
© 2018 Global Association of Risk Professionals.
2018 Energy Risk Professional (ERP®) Exam Study Guide
E R P E X A M P A R T I I
Financial Energy Products Part II Exam Weight | 30%
Topics and Readings The broad areas of knowledge covered in readings related to Financial Energy Products include the following: }
Physical energy commodity markets •
Basis markets and pricing benchmarks
•
Fundamental price drivers
}
Physical versus financially-settled transactions
}
Structure and operation of OTC and exchange markets •
}
}
Central clearing
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, 3 rd 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. (New York, NY: Cambridge Press, 2014). •
Chapter 2. Forwards and Carry
4. Vincent Kaminski, Energy Markets (London, UK: Risk Books, 2013). •
Chapter 11. US Natural Gas Markets
•
Chapter 18. Transactions in the Oil Markets
5. Betty J. Simkins and Russell E. Simkins, editors, 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
garp.org/erp
11
I I T R A P M A X E P R E
Risk Assessment and Energy Modeling Part II Exam Weight | 20%
Topics and Readings The broad areas of knowledge covered in readings related to Risk Assessment and Energy 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 Modeling | 12 Questions 1. Michael Miller, Mathematics and Statistics for Financial Risk Management, 2 nd Edition. (Hoboken, NJ: John Wiley & Sons, Inc., 2017). •
Chapter 2. Probabilities
•
Chapter 3. Basic Statistics (Sections on Averages through Kurtosis, pp. 29-53 only)
•
Chapter 4. Distributions (Sections on Parametric Distribution through Student’s t Distribution, pp. 61-79 only)
•
Chapter 10. Linear Regression Analysis
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. (Hoboken, NJ: John Wiley & Sons, 2006).
12
•
Chapter 2. Stylized Facts of Electricity Loads and Prices (Sections 2.1-2.4 and 2.7 only)
•
Chapter 3. Modeling and Forecasting Electricity Loads
© 2018 Global Association of Risk Professionals.
2018 Energy Risk Professional (ERP®) Exam Study Guide
E R P E X A M P A R T I I
Risk Management Tools 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 }
}
VaR and other risk measures •
Liquidity risk and liquidity adjusted VaR
•
Expected shortfall
Risk metrics associated with option contracts (“Greeks”) •
Delta-gamma hedging
•
Model control and price validation
Credit and Counterparty Risk Assessment }
Credit risk measurement •
}
}
Credit ratings and scoring
Counterparty risk measurement and management •
Expected loss, loss given default, and probability of default
•
Potential future exposure
•
CVA
•
ISDA Master and CSA
•
Collateralization and netting agreements
Country and sovereign risk metrics and management •
Political, economic, social, and security risks
•
Financial market indicators
Operational Risk and ERM }
Principles for sound operational risk management
}
Evaluation and management of operational risk
}
•
KRIs
•
KPIs
Liquidity/funding risk •
Liquidity stress testing
•
Contingency funding
}
Cybersecurity
}
ERM frameworks and risk governance
}
Integration of risk management in strategic decisions
}
•
Economic capital frameworks and capital allocation
•
RAROC
•
Stress testing and scenario analysis
Case studies in ERM implementation
Business Ethics and the GARP Code of Conduct
garp.org/erp
13
I I T R A P M A X E P R E
Readings for Risk Management Tools | 30 Questions 1. Glen Swindle, Valuation and Risk Management in Energy Markets. (New York, NY: Cambridge University 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. (Sydney, AUS: Lacima Publishing, 2000). •
Chapter 10. Value-at-Risk
4. Kevin Dowd, Measuring Market Risk, 2 nd 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, The xVA Challenge: Counterparty Credit Risk, Funding, Collateral and Capital, 3 rd Edition. (Hoboken, NJ: John Wiley & Sons, 2015). •
Chapter 4. Counterparty Risk (Sections 4.1 to 4.3 only)
•
Chapter 5. Netting, Close-Out, and Related Aspects
•
Chapter 6. Collateral (Sections 6.1 to 6.6 only)
•
Chapter 7. Credit Exposure and Funding (Sections 7.1 to 7.4 only)
•
Chapter 10. Quantifying Credit Exposure (Sections 10.1 to 10.4. 5 only)
•
Chapter 12. Default Probabilities, Credit Spreads and Funding Costs (Sections 12.1 to 12.2 .5 only)
•
Chapter 14. Credit Value Adjustment (Sections 14.1 to 14.2 .8 only)
•
Chapter 17. Wrong-Way Risk (Sections 17.1 to 17.2. 4 only)
7. Aswath Damodaran, Country Risk Determinants, Measures and Implications – 2015 Edition. (July 2015) (Pages 1 to 39 only).* 8. James Lam, Implementing Enterprise Risk Management – From Methods to Applications. (Hoboken, NJ: John Wiley & Sons, 2017). •
Chapter 7. The ERM Framework
•
Chapter 13. Risk Control Self-Assessments
•
Chapter 15. Strategic Risk Management
•
Chapter 17. Integration of KPIs and KRIs
* This reading is freely available on the GARP website. 14
© 2018 Global Association of Risk Professionals.
2018 Energy Risk Professional (ERP®) Exam Study Guide
9. Shyam Venkat and Stephen Baird, Liquidity Risk Management – A Practitioner’s Perspective. (Hoboken, NJ: John Wiley & Sons, 2016). •
Chapter 3. Liquidity Stress Testing
•
Chapter 7. Contingency Funding Planning
10. 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
11. World Energy Council, World Energy Perspectives, The Road to Resilience: Managing Cyber Risks (2016). 12. 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
13. Global Association of Risk Professionals (GARP), Code of Conduct.*
* This reading is freely available on the GARP website. garp.org/erp
15
2018 Energy Oversight Committee Richard Apostolik...............................................................................................Global Association of Risk Professionals Dr. Lawrence Austen .......................................................................................... Trafigura Ben Baglin, ERP ..................................................................................................EDF Trading Gordon E. Goodman .......................................................................................... Retired (Occidental Petroleum, NRG Energy) Dr. Vince Kaminski .............................................................................................. Rice University Glenn Labhart, EOC Chair ................................................................................. Labhart Risk Advisors Alessandro Mauro............................................................................................... MKS (Switzerland) SA Peter O’Neill ........................................................................................................Archer Daniels Midland Dr. John Parsons ................................................................................................. Massachusetts Institute of Technology Laurent Pommier, ERP .......................................................................................PSE&G Michael Sell .........................................................................................................Global Association of Risk Professionals Jonathan C. Stein ............................................................................................... Hess Corporation Dr. Chris Strickland............................................................................................. Lacima Group Dr. Glen Swindle .................................................................................................Scoville Risk Partners Gary Taylor ..........................................................................................................British Petroleum
16
© 2018 Global Association of Risk Professionals.
Creating a culture of risk awareness�
garp.org The Global Association of Risk Professionals (GARP) is the leading association dedicated to the education and certific�tion of risk professionals, connecting members in more than 190 countries and territories. GARP’s 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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