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Why (and which) Risk Certifications Make Sense for Your Business

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It’s a fact: we can’t escape risk!

Risk is something that we must live with, address, and understand every day to survive in business. Risk comes in all sizes large and small, present and future, known and unknown. Look no further than the recent history with the pandemic, supply chain slowdowns, and even the global semiconductor shortages. One of the most important risks in any business is a lack of knowledge about risk. Learning more about risks is a great way to improve your understanding of the concept, and your business’s readiness to confront and mitigate risk. So, how do we gain this knowledge and get our staff up to speed?

Risk Certifications were created to fill this gap in knowledge. They serve as a standard and verifiable way to get staff up to speed quickly, whether your business is small or large. These certifications, coupled with real-world experience, are the best way to understand risk at a micro or macro level and to be able to plan for, and mitigate, the risks that we encounter.

Additionally, taking these risk management certifications can increase your staff’s knowledge and expertise in their fields. They also showcase your company’s skills in this area to a local, national, or international community.

There are many different types of Risk Management certificates and certifications, so finding the right one will depend on your current risk position and industry vertical. While certificates are a good start, having staff obtain industry-standard certifications should be the goal for the best near and long-term protection of your business.

In addition to training in risk management, these certifications will help you distinguish your company from the competition. Certifications have become essential for your growth and given all of the recent risks, it’s possible some will be required by clients or partners as time goes on.

Ensuring that members of your staff obtain one or more of these certifications will: improve your risk management awareness (potentially reducing the amount of money you spend on liabilities overall), protect your business’s reputation, improve your risk posture, and protect your company’s profit and margins. The types of certifications necessary, as well as the level of necessary knowledge will vary by company type, vertical, size, and need. Here is an overview of the various certifications, both general and industry-specific. The list is not meant to be a complete guide of every risk certification, but a representative list of the Risk Certifications that are available for your staff to obtain.

Financial
● 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) This program is designed to help those in the finance industry build effective risk management policies. FRM Certified professionals have a broad knowledge of risk management, and can help their clients develop effective risk management policies.
● Operational Risk Manager (ORM) This certification is designed to provide a deep understanding of financial institutions’ risk measurements and operational risk management structures.

Healthcare
● Certified Professional in Healthcare Risk Management (CPHRM) This certification focuses on healthcare-specific knowledge, along with the day-to-day skills needed to advance in today’s healthcare environment.

Construction
● Construction Risk and Insurance Specialist (CRIS®) The CRIS certification is for insurance professionals who want to gain specialized expertise in construction insurance and risk management.

Energy
● Energy Risk Professional (ERP®) This 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®) The ERIS certification is for insurance professionals who would like to gain specialized expertise in energy insurance and risk management

Information Technology
● Certified in Risk and Information Systems Control (CRISC) This certification is focused on enterprise IT Risk Management. It provides assurances that the holders of the certification are experienced and knowledgeable in the field of IT security, which is becoming increasingly important.

Project Related
● PMI Risk Management Professional (PMI-RMP) This certification is designed to bolster your project manager’s ability to identify and manage project risks, as well as mitigate project threats.

Travel Related
● Transportation Risk and Insurance Specialist (TRIP) The TRIP certification allows the participating individual to gain specialized expertise in the 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 it is the only risk management program to hold the ANSI accreditation.

Entry Level General Certifications
● Associate Risk Management Professional (ARMP) This is an entry-level certification for those with two years of risk management knowledge or less.
● Associate Professional Risk Manager (PRM) is an entry-level certification 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.

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. CRMA’s 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) The CRPM is 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.

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 the senior-level officer or board roles
● RIMS Fellow Designation (RF) This certification is for professionals who demonstrate a mastery of risk management knowledge and quality.