Risks are always proliferating. Businesses face traditional worries like economic or market uncertainty, regulatory compliance, supply chain and property exposure. Add to those the rapid emergence of new technologies, the ever-expanding realm of cyber risk, tenuous geopolitical relations, rising health care costs, the gig economy… the list of modern-day threats goes on and on.
That’s why the job of risk manager has never been more essential, more diverse and more in-demand.
According to Recruiter.com, the overall job outlook for risk managers has been positive since 2004. “Vacancies for this career have increased by 29 percent nationwide in that time, with an average growth of 4.84 percent per year. Demand for risk management specialists is expected to go up, with an expected 11,760 new jobs filled by 2018,” the site said.
CNN Money’s 2017 list of the “best jobs in America” ranked the role of risk management director in the number two spot, citing above-average pay, high levels of societal benefit and personal satisfaction, and manageable stress levels. CNN projected 10-year job growth at 7 percent.
Their analysis also acknowledged that the risk manager’s role is expanding beyond traditional insurance-buying functions. “Directors are now also tasked with identifying, preventing and planning for all the risks a company might face, from cybersecurity breaches to a stock market collapse.”
Managing risk demands expertise beyond purchasing policies or filing claims. The modern risk manager needs both broad and deep expertise, encompassing a range of internal and external business threats.
Ongoing education and professional certification have never been more valuable for risk managers. In addition to expanding scope of knowledge and better preparing today’s risk managers for the exposures of tomorrow, certifications also distinguish candidates in this highly competitive career path.
Current or aspiring risk managers have a variety of options to expand their professional knowledge and earn additional designations. Increasingly, universities offer risk management as a dedicated major, and many will allow working professionals to enroll in individual non-degree courses.
Other industry and risk management organizations also offer their own designations. Popular credentials include the Associate in Risk Management (ARM), Certified Risk Manager (CRM), Chartered Enterprise Risk Analyst® (CERA), and Chartered Property Casualty Underwriter (CPCU). RIMS, the industry’s leading risk management professional society, also offers a RIMS Fellow (RF) designation.
Earning any of these designations signifies that a risk manager is willing to go the extra mile to become proficient in all threats facing their organizations. All add value both to a risk manager’s career trajectory and to the organizations they serve. But the array of options available can water down the value of any one designation.
That’s why RIMS developed the RIMS-Certified Risk Management Professional certification, or the RIMS-CRMP.
As a professional certification, the RIMS-CRMP adheres to a slightly higher standard than other industry credentials. Certifications require a level of experience just to apply, and passing a certification examination calls for a broader level of knowledge. Maintaining the certification means adherence to a code of ethical conduct and completion of continuing education credits every two years. Designations may require some combination of these, but not all.
The RIMS-CRMP examination covers five topic areas deemed fundamental knowledge for a proficient risk manager. These include: analyzing business models, designing organizational risk strategies, implementing risk processes, developing organizational risk competencies and supporting decision-making.
These speak to the evolving role of the risk manager as a strategic business partner and an enabler of decision-making, rather than a blocker. They also reinforce the need to evaluate and manage risk from an enterprise-wide perspective.
Here are a few more reasons why this certification stands out from other designations:
The RIMS-CRMP certification holds official accreditation from the American National Standards Institute (ANSI) and adheres to international standards for credentialing specified by the International Organization for Standardization (ISO).
The RIMS-CRMP is the only risk management certification in the world to hold this accredited status. This means that the most respected standard-setting institutions in the world regard this certification as a reflection of a fully-qualified risk manager, and that the credential has been approved by government and peer-reviewed evaluation.
Unlike other professional credentials, the RIMS-CRMP does not require candidates to pass prerequisite courses. Though RIMS provides recommendations for study resources, it does not require candidates to purchase any materials or complete any study programs before sitting for the examination.
Even without a risk management-focused bachelor’s degree, those with at least seven years of experience in a risk management role are eligible to sit for the exam. The Associate in Risk Management (ARM) and Canadian Risk Management (CRM) designations count as two years of experience. Candidates with a risk management degree must have at least one year of experience under their belts before applying for the exam.
The RIMS-CRMP certification is the latest step in fulfilling RIMS’ mission to educate, engage and advocate for the risk community. In addition to its professional certification and RF designation, RIMS offers a variety of continuing education resources. In-person workshops, webinars, podcasts, online courses, and a library of risk publications, industry surveys and career resources are all available to its community of 10,000 members.”
The society’s career center also provides professional development resources like resume writing tips, a professional growth model that allows you to benchmark your skills and abilities against peers, and career coaching.
For more information about RIMS’ world-leading risk management content, networking, professional development and certification opportunities, visit www.RIMS.org.
This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with RIMS. The editorial staff of Risk & Insurance had no role in its preparation.