Best Risk Management Certifications for careers in 2019

Risk managers identify, evaluate and mitigate risks that companies are exposed to. Since these risks can bring organizations down, risk managers are indispensable assets for all companies. As the importance of risk managers grow, so does the weight that recruiters put on professional risk management certifications.

There are a number of risk management certifications offered around the world. However, getting the right fit in choosing your certification is KEY. Fit in terms of your current experience, knowledge level in risk management, the market you’re working in (Indian/Global) etc.

Hence, we have compiled a list of the top five professional risk management certifications that will significantly enhance your CV’s value.

The list is given below in alphabetical order.

1. Certified Risk Manager Certification (CRM)

What is the Certified Risk Manager certification?

The Certified Risk Manager or CRM certification is offered by the National Alliance for Insurance Education and Research. The program is designed to help finance and insurance professionals build up their existing knowledge.

The curriculum is divided into five modules that include Principles of Risk Management, Control of Risk, Financing of Risk, Analysis of Risk, and Practice of Risk Management.

Individuals are required to complete all the five modules in order to earn this internationally recognized risk management certification.

Who is eligible for the Certified Risk Manager certification?

Individuals falling under any of the following categories are eligible for the certification:

a. Individuals with at least two years of work experience in insurance, risk management, or accounting
b. Individuals serving as full-time risk management or insurance faculties at an accredited college or university

Certified Risk Manager certification details:

Training:

Candidates can choose any one of the following training options:

1. Instructor-led online classroom
2. Physical classroom (only available in different states of America)

Examination:

Exam frequency: Twice a year in June and November
No. of exams to be cleared: Five
Exam Pattern: Short answer questions

Pricing:

Total cost includes only training costs.

Online Instructor-led classroom cost: Rs. 30,100
Physical classroom cost: Rs. 30,100
* Fee includes guide book for classroom participants and an eBook for online participants.

How to become a certified Risk Manager

More details about the certification can be found here: SCIC CRM certification.

2. Certified Risk Management Professional (CRMP)


What is the Certified Risk Management Professional certification?

The CRMP certification is offered by the Risk and Insurance Management Society (RIMS). The RIMS is a not-for-profit organisation representing over 3,500 organisations around the world.

Business model analysis, organisational risk strategy design, risk process implementation, organisational risk competency development, and decision making support are the domains covered by this risk management certification course.   

The certification is accredited by the American National Standards Institute (ANSI) making it the only accredited risk management certification. It is ideal for professionals to get a hierarchal boost.


Who is eligible for the RIMS-CRMP certification?

Individuals falling into any of the following categories are eligible for this risk management program:

a. Individuals with a risk management bachelor’s degree and one year of work experience in the same.
b. Individuals with a non-risk management Bachelor’s degree and three years of work experience in risk management.
c. Individuals with no bachelor’s degree and seven years of experience in risk management.


Certified Risk Management Professional certification details

Training:

Candidates have the following options to prepare for the exam

1. Take up the paid online overview course
2. Attend a workshop (held in only in different states of America)
3. Use the free study guides with a basic overview provided by RIMS
4. Use the free study guides with a basic overview provided by RIMS
5. Take up University preparation courses (available both online and in-person)

Examination:

Exam Frequency: Four times a year
Exam pattern: Multiple choice questions

Pricing:

Exam fee (for members | for non-members):Rs. 24,500 | Rs. 35,000
Recertification fee (for members | for non-members): Rs. 10,500 | Rs. 21,000
Overview training course fee (for members | non-members): Rs. 27,930 | Rs. 41,930

(*Recertification fee has to be paid every two years to renew certification validity)

How to become a certified risk management professional

More details about the certification can be found here: RIMS-CRMP certification.

3. FLIP Risk Management Certification

What is the FLIP Risk Management certification?

The FLIP Risk Management Certification is one of the most popular industry-recognized risk management certifications in India. The certification program comprises the FLIP Credit and Operational Risk certification and the FLIP-NCFM Market Risk certification.

This risk management course is developed by a certified risk manager with over a decade of experience. It is enriched with live exercises to equip users with working knowledge that can be put to practical use immediately.

Since the course covers all three areas of risk, individuals taking it become more wholesome and efficient risk managers. FLIP certified individuals are eligible for roles in top private banks and credit rating agencies in India.

Who is eligible for the FLIP Risk Management Certification?

There is no specific eligibility criterion for this risk management course.
It is suitable for both students and professionals with one or two years of experience.

FLIP Risk Management certification details

Training:

With the FLIP risk management online certification program, you get all of the following:

1. Access to comprehensive online training module
2. Unlimited email support for doubt clearing
3. Access to two comprehensive diagnostic exams for practice
4. One online/telephonic session with a Subject Matter Expert

Examination:

No. of Exams to be cleared: Two (FLIP-NCFM Market Risk Exam + FLIP Credit and Operational Risk Exam)
Exam frequency: Available throughout the year across 36 test centres in India
Exam pattern: Multiple choice questions

Pricing:

Cost of online training: Rs. 10,450 (No registration or application fee required)
Certification exam fee (FLIP Credit and Operational Risk): Rs. 2,500
Certification exam fee (FLIP-NCFM Market Risk): Rs. 2,006

How to become a FLIP risk management certified candidate

More details about the certification can be found here: FLIP – Risk Management certifications.

4. Financial Risk Manager

What is the Financial Risk Manager certification?

The Financial Risk Manager (FRM) certification is offered by the Global Association for Risk Professionals or GARP. The FRM certification has gained a fair amount of popularity and industry recognition among all risk management certifications.

The FRM certification is achieved after clearing two levels of exams. The FRM syllabus covers Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, and Valuation and Risk Models in the first level.

The second level covers measurement and management of Market Risk, Credit Risk, Operational and Integrated Risk, and Investment Risk.

Who is eligible for the Financial Risk Manager certification?

There is no eligibility criterion for theFRM certification.

The certification, however, is awarded only after two years of relevant work experience is shown.

Financial Risk Manager certification details

Training:

Study guides and practice exam books are provided by GARP for preparation.

No other training is provided for the FRM certification.

Examination:

Exam Frequency: Twice a year (in May and November)
No. of Exams to be cleared:  Two (Part I and Part II)
Exam Pattern: Multiple choice questions

Pricing:

Price for study guides: Rs. 21,000 + Shipping Charges (For study guides of each exam)
Price for eBook study guides: Rs. 17,500 (For eBooks of each exam)
First-time exam fee: Rs. 52,500 – Rs. 73,500 (Depending on how close to the deadline you register)
Exam fee for returning candidates: Rs. 24,500 – Rs. 45,500 (Depending on how close to the deadline you register)

*Manual payments entail an extra Rs. 3,500 processing fee.

How to become a certified Financial Risk Manager

More details about the certification can be found on here: GARP FRM certification

5. Professional Risk Manager


What is the Professional Risk Management certification
?

The Professional Risk Manager (PRM) certification is one of the popular risk management certifications with an industry level recognition. It is offered by the Professional Risk Managers’ International Association also known as the PRIMA.

The PRM comprises a series of examinations that test candidates in finance theory, financial instruments, mathematical foundations of risk measurement, risk management best practices, and PRMIA Standards of Best Practices.


Who is eligible for the Professional Risk Manager certification?

People in any of the following categories are eligible for this risk management course:

a. Individuals with a Membership + Master’s Degree in finance or CFA holder
b. Individuals with a Membership + Bachelor’s degree + 2 years of relevant work experience
c. Individuals with a Membership + 4 years of relevant work experience

Professional Risk Manager certification details

Training:

Candidates have the following options to prepare for the exam:

a. Self-study guidebooks with a basic introduction provided by PRMIA
b. Paid self-study online training program
c. Paid virtual online training that PRMIA offers on specific dates each month

Examination:

No. of exams to be cleared: Four (Level I to Level IV)
Exam frequency: 8 times a year
Exam pattern:Multiple Choice questions
*All the 4 exams have to be cleared within two years to earn the certification

Pricing:

Application fee: Rs. 10,500
Program fee: Rs. 89,600
Basic Membership fee: Rs. 14,000
Training module fee: Rs. 9,450 to Rs. 31,500 (Depending on module selected)

How to become a certified Professional Risk Manager

More details about the certification can be found here: PRMIA PRM Certification

Summary:

Best risk management certifications for your career in 2019


Conclusion

At the end of the day, the best risk management certifications for you depends on a number of factors. These include your existing knowledge, designation, affordability, and your goals.

A key suggestion would be to choose a course that equips you with practical knowledge. Working knowledge of the subject would help you crack interviews more easily. Organizations too prefer such candidates as it significantly reduces training time and enhances organizational efficiency.

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Best Risk Management certifications to boost your career in 2019

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