12 chapters added to Part II (AI/ML, private credit, tokenization, crypto)
MajorNew material spans AI and machine learning applications in risk management, private credit risk frameworks, digital asset tokenization mechanics, and crypto market risk. Each new chapter has its own learning objectives in the GARP Study Guide.
Who this affects
Every Part II candidate sitting in 2026. Largest content addition in years.
What to do
Pull GARP's 2026 FRM Study Guide. Map each new chapter to dedicated study time — these are non-skippable additions.
9 chapters retired from prior syllabus
ModerateGARP dropped 9 chapters in areas where market practice or risk methodology has shifted. Specific deletions are listed in the public 2026 Study Guide release notes.
Who this affects
Candidates who already studied the deleted chapters — those hours are now sunk cost.
What to do
Cross-reference your 2025 materials against the 2026 syllabus. Skip the deleted topics in your final review.
AI/ML in risk management is a new emphasis area
MajorGARP's framing: as ML models enter credit, market, and operational risk practice, candidates must understand both the techniques and the governance risk. Tests interpretability, model risk, and validation in an AI context.
Who this affects
Candidates from traditional risk backgrounds without ML exposure.
What to do
If you have not worked with supervised learning or interpretability frameworks, budget 20+ hours specifically on AI/ML risk chapters.
Private credit expanded coverage
ModerateGARP added structural coverage of private credit — direct lending, distressed debt, structured private credit vehicles, and risk metrics specific to non-marked-to-market exposures.
Who this affects
Candidates from banking/public markets without private credit exposure.
What to do
Use GARP's readings + a private credit primer (any major buy-side asset manager publishes a free overview). Drill metrics specific to illiquid credit.
Digital assets and tokenization added
ModerateToken economic models, custody risk, settlement risk for on-chain assets, and stablecoin mechanics. Crypto-specific market risk and ops risk added.
Who this affects
Candidates without prior crypto exposure.
What to do
GARP's readings are sufficient — you don't need third-party crypto materials. Focus on risk concepts, not crypto-trading mechanics.
Part I syllabus unchanged
MinorPart I (Quantitative Analysis, Foundations, Valuation and Risk Models, Financial Markets) carries forward from 2025 with no major changes.
Who this affects
Part I candidates only — no change.
What to do
No action needed for Part I prep.