Risk Management Certification

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Identifying, analyzing, assessing, controlling, avoiding, minimizing, or eliminating unacceptable hazards is what risk management is all about. Where do risks come from? Causes include Acts of God (natural causes and disasters), unpredictable or unknowable events, and deliberate attacks from adversaries, such as agents of terrorism. There are also legal liabilities, credit risks, financial market uncertainties, accidents, or threats of project failures.

There are also business risks that you cannot legally regulate, but that still require risk management. These may involve strategies around competition, operational strategies to limit the effect of the loss or breakdown of equipment, or commercial risks, like the failure of key suppliers or customers. You can learn more about vendor risk management in this article: Definitive Guide to Vendor Risk Management.

Risk management certifications help professionals learn the organizational skills to assess and prioritize real and potential risks, and they often use matrices in the risk assessment process. You can find more information and tools about creating a risk assessment matrix within this article: All the Risk Assessment Matrix Templates You Need.

Enterprise risk management helps organizations identify, analyze and manage circumstances that can create business risk. In companies, risk comes in many different forms and could lead to disruptions that negatively affect business or IT operations. Some of the most common risks that ERM programs must address include financial, operational, legal, compliance and strategic ones.

ERM is also concerned with IT and cybersecurity risks that can hamper business activities. That includes cyber attacks and other security threats, as well as inadequate IT systems, a lack of technical skills and technology failures caused by security incidents, natural disasters, power outages or other issues.

A successful risk management initiative provides an ERM framework that enables an organization to be aware of the various risks it faces and better prepared to deal with them. But ERM expertise is also required, and one way for IT, security and risk management professionals to obtain it is by earning enterprise risk management certifications.

In general, certifications enable job seekers to stand out from the crowd of applicants. Also, with the right type of certification, an existing employee can earn higher pay and potentially a promotion. ERM certifications in particular provide third-party validation of an individual's knowledge of the risk management process.

An ERM certification is especially useful for members of a risk management team in an organization. But risk management expertise is often a requirement for other workers too. For example, ERM skills are valuable for the CFO and employees in finance and accounting roles to help manage financial risk. ERM certifications are also useful for IT operations and security management professionals and for workers who are responsible for regulatory compliance, project management and other functions.

Risk management requires being able to both plan for unknown incidents and react quickly to limit potential harm when they occur. While those capabilities are rarely gained via certification alone, an ERM certification is a baseline indicator of a person's know-how, which can then be expanded further through on-the-job experience.

There are a variety of ERM certifications for individuals and organizations to consider. Often, the key difference surrounding them is their focus and area of concentration. Some certifications are truly enterprise in nature and cover all aspects of risk management, while others are more specifically aligned with financial, IT, cybersecurity, business continuity or project risks.

Certification details: The CRCMP program includes a six-part course of study that starts with an introduction to risk management and governance, risk and compliance (GRC) concepts. Other modules cover the Sarbanes-Oxley Act and its international derivatives; the Basel II and III standards on GRC practices; the COSO ERM and internal control frameworks; implementing risk management and compliance programs; and AI issues in risk management. The IARCP provides presentations with a total of 1,935 slides as a self-directed study guide. The exam includes 35 multiple-choice questions that must be completed within 90 minutes. It's an open-book exam -- the IARCP says the goal of the program for participants is to "acquire knowledge and skills, not commit something to memory."

Who should get this certification: Risk management professionals, ERM consultants and board members who oversee risk management programs. Participants should have at least two to six years of ERM experience and some exposure to COSO's updated ERM framework, which was published in 2017.

Certification details: Participants are trained on the concepts and principles of the COSO ERM framework through a course that includes seven self-study modules and a hands-on workshop component. After passing an online exam, they also receive 13.5 hours of continuing professional education (CPE) credits. COSO oversees the certification, which is available through four of its five sponsoring organizations: the American Institute of Certified Public Accountants; Financial Executives International; the Institute of Internal Auditors; and the Institute of Management Accountants.

Who should get this certification: The ERMCP target audience is experienced risk management professionals who have at least three to six years of experience and are looking to boost their ERM expertise and career progression.

Certification details: The ERMCP involves an exam that assesses an individual's knowledge of ERM practices based on the ISO 31000 risk management framework developed by the International Organization for Standardization, commonly known as ISO. The exam consists of 140 multiple-choice questions designed to test technical competency and 10 that focus on professional behavior. Registrants get access to study materials and an exam simulation in ERMA's exam portal. The certification is valid for two years; to maintain it, holders are required to obtain 40 professional development units -- akin to CPE credits -- through ERMA's Continuous Professional Development program.

Who should get this certification: GRCP is primarily designed for professionals who work in GRC positions or various related roles. But no specific work experience or educational degrees are required.

Certification details: Based on the OCEG's GRC Capability Model, the GRCP certification involves an exam with 100 scored and up to 15 unscored questions to be completed within a two-hour time limit. All the questions are multiple choice; the unscored ones, which aren't labeled, are used to test new questions for future exam updates. An upfront course isn't mandated, but the OCEG provides an online self-study one and offers in-person courses by training partners. The certification is valid for one year, then requires eight CPE credits annually, which are included at no extra cost. Recipients are required to pass the exam every five years to retain the certification.

Certification details: Obtaining the certificate involves completing two modules, which typically takes six to nine months through a self-directed online learning course. The first module focuses on risk management principles and has an exam and one essay assignment, while the second is about ERM practices and includes two essay assignments but no exam. Participants can pay extra to attend a series of four virtual workshops that offer more interactive learning. The course can also be taken as the first part of a more advanced International Diploma in Risk Management program.

Who should get this certification: The PRM program is designed for risk management professionals, particularly ones in the financial services industry, who are looking to obtain a graduate-level credential.

Certification details: The program consists of two certification exams that candidates must pass within a two-year period. The full enrollment period is three years to provide upfront study time. Applicants must be a PRMIA sustaining member or a member of the associated Risk Management Initiative in Microfinance, known as RIM for short. They must also hold a graduate degree or be a chartered financial analyst (CFA) charterholder through the CFA Institute, an association for investment management professionals. Individuals with a bachelor's degree only are eligible too if they have two years of full-time work experience in financial services or a risk management department in any industry. The PRMIA also offers a less-advanced Associate PRM Certificate focused on risk management fundamentals.

Certification details: Applicants must have a college degree in risk management and one year of related work experience; another type of degree and three years of risk management work; or six years of experience in risk management with no degree. Students in the final year of a risk management degree program can also apply. Eligible applicants qualify for a two-hour exam, which consists of 120 multiple-choice questions and can be taken remotely or in person at Pearson VUE testing sites. There's no formal course involved, but RIMS provides a study guide for the exam. RIMS-CRMP requires recertification every two years, which can be achieved by earning 50 continuing education points. e24fc04721