相比2022年的考纲，2023年新考纲整体变化不大，科目权重没有发生变化，只有少量科目内容有更新，下面我们一起看看具体的变化内容吧！

FRM一级考纲变化

1.金融风险管理

章节的变动

新增两个章节（14、15章）关于机器学习的内容，老考纲FRM二级热点部分有关于机器学习的内容，如今也加入到数量分析当中，并且新增了两个章节，其他章节共新增3条新考点。

具体内容的变动

Chapter 7: Linear Regression [QA-7]

新增1条：

Estimate the correlation coefficient from the R2 measure obtained in linear regressions with a single explanatory variable.

Chapter 8: Regression With Multiple Explanatory Variables [QA-8]

新增1条：

Calculate the regression R2 using the three components of the decomposed variation of the dependent variable data: the explained sum of squares, the total sum of squares, and the residual sum of squares.

Chapter 12: Measuring Returns, Volatility, and Correlation [QA-12]

新增1条：

Compare and contrast the different measures of correlation used to assess dependence.

新增章节

Chapter 14: Machine-Learning Methods [QA-14]

Chapter 15: Machine Learning and Prediction [QA-15]

2.市场风险

具体内容的变动

Chapter 3. Estimating Market Risk Measures: An Introduction and Overview [MR–1]

删除1条：

Describe coherent risk measures.

总结：市场风险内容变动不大，仅仅删除一条关于一致性风险的考点。

FRM二级考纲变化

1.信用风险

信用风险一共新增7个考点，删除1个考点

具体内容的变动

Chapter 9：Structured Credit Risk [CR–8]

新增1条：

Describe the treatment of excess spread in a securitization structure and estimate the value of the overcollateralization account at the end of each year.

Chapter 6: Netting, Close-out and Related Aspects [CR–10]

新增1条：

Provide examples of trade compression of derivative positions, calculate net notional exposure amount, and identify the party holding the net contract position in a trade compression.

Chapter 7：Margin (Collateral) and Settlement [CR–11]

新增1条：

Calculate the credit support amount (margin) under various scenarios.

Chapter 17. CVA [CR–13]

新增1条：

Explain the distinctions between unilateral CVA (UCVA) and BCVA, and between unilateral DVA (UDVA) and BCVA.

Chapter 12. An Introduction to Securitization [CR–17]

删除1条：

Determine the notional value of the net contract resulting from trade compression and identify the counterparty with the net contract.

新增3条：

Describe the various features of subprime MBS and explain how these features are designed to protect investors from losses on the underlying mortgage loans.

Distinguish between corporate credit ratings and asset-backed securities (ABS) credit ratings.

Explain how through-the-cycle ABS rating can amplify the housing cycle.

2.操作风险

章节的变动

原来27个章节，现在变成24个章节，知识点没有太大变化，只是对原来分散的知识点进行了整合，使得操作风险的知识体系变得更加系统。

具体内容的变动

1）新增13个章节，具体变动如下：

Chapter 1. Introduction to Operational Risk and Resilience [ORR-1]

Chapter 2. Risk Governance [ORR-2]

Chapter 3. Risk Identification [ORR-3]

Chapter 4. Risk Measurement and Assessment [ORR-4]

Chapter 5. Risk Mitigation [ORR-5]

Chapter 6. Risk Reporting [ORR-6]

Chapter 7: Integrated Risk Management [ORR–7]

Chapter 9. Case Study: Cyberthreats and Information Security Risks [ORR-9]

Chapter 10. “Sound Management of Risks related to Money Laundering and Financing of Terrorism,” Basel Committee on Banking Supervision, January 2014, revised July 2020. (through p.16, para. 83) [ORR-10]

Chapter 11. Case Study: Financial Crime and Fraud [ORR-11]

Chapter 13. Case Study: Third-Party Risk Management [ORR-13]

Chapter 14. Case Study: Investor Protection and Compliance Risks in Investment Activities [ORR-14]

Chapter 16. Case Study: Model Risk and Model Validation [ORR-16]

2）有8个章节保留了老考纲的内容，大约保留了1/3的内容，具体内容如下：

Til Schuermann, (2014), “Stress Testing Banks,” International Journal of Forecasting, 30:3, 717–728. [ORR–17]

Chapter 17. Risk Capital Attribution and Risk-Adjusted Performance Measurement [ORR–18]

“Range of practices and issues in economic capital frameworks,” Basel Committee on Banking Supervision Publication, March 2009. [ORR–19]

“Capital Planning at Large Bank Holding Companies: Supervisory Expectations and Range of Current Practice,” Board of Governors of the Federal Reserve System, August 2013. [ORR–20]

Mark Carey, “Capital Regulation Before the Global Financial Crisis,” GARP Risk Institute, April 2019. [ORR-21]

Mark Carey, “Solvency, Liquidity and Other Regulation After the Global Financial Crisis,” GARP Risk Institute, April 2019. [ORR-22]

“High-level summary of Basel III reforms,” Basel Committee on Banking Supervision Publication, December 2017. [ORR-23]

“Basel III: Finalising post-crisis reforms,” Basel Committee on Banking Supervision Publication, December 2017, pp. 128-136. [ORR-24]

3.热点

章节的变动

保留了Artificial Intelligence/Machine Learning两篇文章，删除了6篇文章，新增了6篇热点文章，关于气候风险、通货膨胀风险、区块链、加密货币和去中心化金融。

保留的两篇文章：

Machine Learning and AI

Aziz, S. and M. Dowling (2019). “Machine Learning and AI for Risk Management”, in T. Lynn, G. Mooney, P. Rosati, and M. Cummins (eds.), Disrupting Finance: FinTech and Strategy in the 21st Century, Palgrave, 2019)

“Artificial Intelligence Risk & Governance,” Artificial Intelligence/Machine Learning Risk & Security Working Group (AIRS)

具体内容的变动

Climate Risk

“Climate-related risk drivers and their transmission channels,” Basel Committee on Banking Supervision Publication, April 2021

“Climate- related financial risks – measurement methodologies,” Basel Committee on Banking Supervision Publication, April 2021

“Principles for the effective management and supervision of climate-related financial risks,” Basel Committee on Banking Supervision Publication, June 2022

Inflation Risk

“Inflation: a look under the hood,” Annual Economic Report, Basel Committee on Banking Supervision Publication, June 2022, pp. 41-64

Blockchain, Cryptocurrency, and Decentralized Finance

David Andolfatto and Fernando M. Martin, “The Blockchain Revolution: Decoding Digital Currencies,” Federal Reserve Bank of St. Louis Review, Third Quarter 2022, pp. 149-65

“The future monetary system,” Annual Economic Report, Basel Committee on Banking Supervision Publication, June 2022, pp. 75-103