Risk Exposures and How to Tackle them
It’s a fact, we can’t escape risk! Let’s face it, risk is something that we must deal with, understand and work to mitigate every day--to survive in business. We all know that Risk comes in many shapes and sizes. Risk can be large or small, take place now or be in the future, and be known or unknown, or even a massive Black Swan event. So how can we ensure that our business will be able to properly prepare and handle these risks? One of the best ways to understand and mitigate the constant daily and pressing risk challenges is to arm ourselves with specific risk knowledge by ensuring our staff is properly trained to respond to them.
So how do we gain this knowledge and get our staff up to speed? Risk Certifications were created to fill this important need. They serve as a standard and verifiable way to get staff up to speed relatively quickly. These certifications coupled with real world experiences are the best way to understand risks, mitigate them and reduce the various risk exposures that a business faces.
The below list was created to provide an overview of the various industry specific and general risk certifications. The list is not meant to be a complete guide of every risk certification or adjacent certifications but a representative list of the important Risk Certifications that are available for your staff to obtain.
● Certified Regulatory and Compliance Professional (CRCP™). This is an executive level program taught at Wharton School of Business that is designed for securities industry regulatory professionals.
● Financial Risk Manager (FRM®). The program is designed for roles such as operational and risk management.
● Operational Risk Manager (ORM). Allows individuals to have a deep understanding of financial institutions’ risk measurements and operational risk management structures.
One of the best ways to understand and mitigate the constant daily and pressing risk challenges is to arm ourselves with specific risk knowledge by ensuring our staff is properly trained to respond to them
● Certified Professional in Healthcare Risk Management (CPHRM). The certification shows that health care risk managers have a thorough healthcare-specific knowledge along with the day to day skills needed to advance in today’s healthcare environment.
● Construction Risk and Insurance Specialist (CRIS®). For insurance professionals to gain specialized expertise in construction insurance and risk management.
● Energy Risk Professional (ERP®). The certification process assesses a professional’s knowledge of the energy markets and ability to manage the financial and physical risks in the complex energy environment.
● Energy Risk and Insurance Professional (ERIS®). For insurance professionals to gain specialized expertise in energy insurance and risk management
● Certified in Risk and Information Systems Control (CRISC™). This certification is for Information Technology professionals who manage the development and implementation of information systems controls designed to manage risk.
● PMI Risk Management Professional (PMI-RMP®). This shows a person’s ability to identify and manage project risks, as well as mitigate project threats.
● Transportation Risk and Insurance Specialist (TRIP®). Allows the individual to gain specialized expertise in transportation industry, insurance and risk management.
Accredited General Risk Certifications
● RIMS-Certified Risk Management Professional (RIMS-CRMP). This is an official ANSI accredited certification under ISO/IEC 17024:2012 and is the only risk management program to hold the ANSI accreditation.
Senior Level General Risk Certifications
● Professional Risk Manager (PRM™). The PRM is a globally recognized graduate level risk manager program endorsed by leading university programs.
● Certified in Enterprise Risk Governance (CERG™). This certification is based on the ISO 31000 Risk Management International Standard and is suited for professionals with 15 years of risk ERM management experience with exposure to senior level officer or board roles
● RIMS Fellow Designation (RF). Shows mastery of risk management knowledge and quality.
Mid-level General Risk Certifications
● Certified Risk Manager (CRM). This certification provides deep knowledge about identifying, analyzing, controlling and administering operational risks.
● Certification in Risk Management Assurance (CRMA). CRMA recognizes experienced individuals who are involved with risk management and assurance, quality assurance, governance, and control self-assessment. CRMAs are trusted advisors to members of audit committees and senior management in large organizations.
● Enterprise Risk Management Certified Professional (ERMCP™). This certification is based on the ISO 31000 Risk Management International Standard and is suited for professionals with 3-6 years of risk ERM management experience.
● GRC Professional Certification (GRCP). This credential covers a wide range of businesses and shows the big picture of GRC disciplines and how to apply technology to all of it.
● Certified Risk Management Professional (CRMP). For those with a minimum of two years in the field. It proves that the professional has the foundational experience and knowledge needed to start and run a business risk management program.
Entry Level General Certifications
● Associate Risk Management Professional (ARMP). Entry level for those with under two years of risk management knowledge.
● Associate Professional Risk Manager (PRM™). Entry level for those with under two years of risk management knowledge.
● Enterprise Risk Management Associate Professional (ERMAP™). This certification is based on the ISO 31000 Risk Management International Standard and is suited for entry level risk professionals.
Risk certifications are constantly being updated and new ones (especially at the mid-level) are being created more frequently now since that is where the greatest demand is. With risk management becoming increasingly important to all types and sizes of businesses, the number of certified risk professionals choosing this career path will need to increase to meet this growing demand!