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GARP is still missing important pieces in risk management such as ALM and funds transfer pricing. While claiming to update curriculum every year, the content appears to change form rather then substance. GARP seems to lag behind PRMIA recently in term of transformation and curriculum...

Hi David, What is the real meaning of creating a beta distribution for recovery rate? I mean that alpha and beta are computed from average recovery rate and standard deviation of the data set and then pdf will be created. We can create a graph which illustrates distribution of recovery rate...