Explanation

According to the GARP Code of Conduct and professional standards:

• I. Suspension from GARP's Membership roles - This is a valid disciplinary action that GARP can impose
• II. Suspension of the right to work in the risk management profession - GARP does NOT have the authority to suspend someone's right to work in the profession; this would be determined by regulatory bodies or employers
• III. Removal of the right to use the FRM designation - GARP can revoke the use of their granted designations
• IV. Required participation in ethical training - This is a valid disciplinary measure that GARP can require

Therefore, the correct combination is I and III only (Option B), as GARP can suspend membership and remove designation rights, but cannot suspend someone's right to work in the profession.