The Bottom LineĬertified risk managers are in high demand due to their knowledge and skills in risk assessment and mitigation. They can also provide valuable insight from previous experiences to help establish a sound foundation for the project. When implementing new policies, programs, or procedures within the organization, CRMs help ensure that they are done in a way that is compliant with state and federal laws. The standards set by the CRM certification process ensure that those who have been certified have demonstrated their knowledge and skills. They also recommend solutions for mitigating those risks. Quick Career GrowthĬRM certification is relatively new, but it has quickly Benefits of Working with a CRMĬRMs provide a number of benefits to organizations, including: Helping Organizations Mitigate RisksĬRMs help organizations identify and assess risks. Some of these include Certified Information Systems Auditor (CISA), Certified Internal Auditor (CIA), and Certified Financial Services Executive (CFSE). Many employers offer training and certifications for their employees, which can help you gain new skills. The median salary for CRMs is $92,000, according to PayScale. Some of these include: Increased Income and SalaryĬRMs can expect to make a higher salary than those without certification. There are many benefits to becoming a CRM. Malicious Acts by Employees or Customers.Business Interruption/Physical Damage to Property.Risks that are typically managed by CRMs include: Types of Risks Managed by CRMsĮvery organization is responsible for managing a variety of risks. The exam consists of multiple-choice questions that are timed. APERM offers three levels of certification:Ĭertification involves completing an application, passing a background check, and sitting for the exam. Certification Requirements for Becoming a Certified Risk ManagerĬRMs are certified by The Association for Professionals in Enterprise Risk Management (APERM). Many programs combine these courses into a bachelor of science degree with a major in risk management.įor example, Indiana University's Kelley School of Business offers a risk management degree program that combines courses in business and law to provide the knowledge needed to become a CRM. The Education You'll Need to Become a CRMĬRMs are required to have specific education that includes courses in law, finance, economics, and business. Some organizations require both, while others only require one or the other. One is to have a degree in risk management or a related field, such as insurance, accounting, engineering, or mathematics.Īnother option is to have significant risk management experience. They will often work closely with management to determine how high-risk situations should be assessed and mitigated.įor example, an insurance company may hold premiums steady for a few years after a major disaster in order to offset the increased risk of another such event. CRMs are not only concerned with identifying risks but also the impact of those risks. They must also be able to design appropriate policies, assessment tools, and training to help organizations mitigate risks. This can include anything from designing risk management programs to identifying and assessing risks to recommending solutions.ĬRMs must be able to think strategically and work with a variety of teams within an organization, so they can understand how risks impact the entire company. Role of the CRMĪ CRM's primary role is to help organizations manage and mitigate risks. A Certified Risk Manager (CRM) is a professional designation given to individuals who have met certain requirements, including education and experience, in the field of risk management.ĬRMs are typically employed in a variety of industries where risk is a key factor, such as insurance, banking, accounting, and health care.
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