Recently, the Global Association of Risk Professionals (GARP) started a new certification program for energy risk professionals. This article provides an overview of the ERP certification, its benefits and the uniqueness of the program.
What is the ERP?
An energy risk professional is someone who deals with the diverse range of energy commodities and is responsible (directly or indirectly) for managing the risks inherent in dealing with these commodities. The Energy Risk Professional (ERP) program was created with direct input from leading energy risk experts and practitioners from around the world. The program is designed to comprehensively measure an energy risk professional’s ability to manage risk in a real-world energy environment.
Focus of the ERP Program
The ERP program provides individuals with a comprehensive understanding of potential risks associated with the physical and financial energy marketplaces, thus allowing individuals to better identify and manage a wide array of real-life scenarios.
Physical energy markets covered in the ERP program include: exploration, production and risk management techniques for crude oil, refined petroleum products, natural gas, liquefied natural gas, coal, electricity, and alternative energies. Successful candidates will also attain an understanding of the sophisticated financial instruments and risk management approaches used by producers and consumers to price and hedge energy products. Moreover, candidates will gain fundamental knowledge of the many regulations applying to the management and supervision of financial risk in the energy industry.
The aim of the ERP is to develop a candidate’s knowledge of the energy i
ndustry based on accepted industry standards and practices. With increasing globalization and interdependence of energy products, delivery mechanisms, and risk management techniques, it is imperative that everyone in the energy industry “speaks the same language.”
If you are into energy markets, the ERP certification can give you a great career advantage. The program not only broadens your skill set, it also demonstrates a standardized level of knowledge in the field, making you a leader in energy risk management. As economic and political conditions continue to alter the outlook for world energy markets, the need for highly trained energy risk professionals becomes increasingly critical.
The Energy Risk Professional (ERP) is developed by the GARP Risk Academy.