Top 11 Operational Risk Analyst Certifications

Certifications are important for an operational risk analyst in the job market because they demonstrate that the individual has a specific set of skills and knowledge related to operational risk analysis. A certification can help an operational risk analyst stand out from other candidates and show potential employers that they have the necessary qualifications to do the job. Additionally, certifications provide proof of professional development, which may be necessary for certain positions or promotions. Lastly, certifications can help an operational risk analyst stay up-to-date on industry trends and best practices, allowing them to better serve their employer.

The purpose of this article is to review the top certifications for Operational Risk Analysts and explain how they can help advance an operational risk analyst's career.

What are Operational Risk Analyst Certifications?

Operational risk analyst certification is a specialized training program designed to help professionals gain skills, knowledge and experience in the area of operational risk management. This certification provides an understanding of the principles and practices related to the identification, assessment, control, and mitigation of operational risks associated with financial institutions. It also provides an understanding of how to effectively manage operational risk within an organization's operations.

The certification is beneficial for those who seek a career in risk management or want to demonstrate their expertise in this field. The program covers topics such as regulatory compliance, internal controls, financial reporting requirements, process improvement, and more. By obtaining this certification, analysts gain the skills necessary to identify and assess potential risks that could have a negative impact on an organization's operations. They also learn how to develop strategies for mitigating these risks through effective processes and procedures.

In addition to providing valuable insights into operational risk management, this certification can be a great way for professionals to show employers that they are knowledgeable about this field and can expertly handle any challenges that may arise. This can give them an advantage when competing for positions in the industry. Furthermore, many organizations now prefer or require their employees to have some form of certification in order to demonstrate their commitment to professionalism and excellence in their work.

Pro Tip: When considering an operational risk analyst certification, make sure to research the organization offering the program. Look for certifications that are accredited by a recognized body and come with continuing education requirements. Additionally, ask about the curriculum and course material to ensure it is up-to-date with current industry standards and best practices.

Related: What does an Operational Risk Analyst do?

Top 11 Operational Risk Analyst Certifications

Here’s our list of the best certifications available to Operational Risk Analysts today.

1. Certified Operational Risk Professional (CORP)

Certified Operational Risk Professional (CORP) is a professional certification offered by the Global Association of Risk Professionals (GARP). The CORP certification is designed to recognize individuals who have achieved a level of expertise in operational risk management. It is intended for experienced professionals who are involved in the day-to-day management and oversight of operational risks.

The CORP certification requires applicants to pass an exam that covers topics such as risk identification, assessment, measurement, control, and governance. The exam consists of multiple choice questions and is administered online in English. The exam takes approximately three hours to complete and can be taken at any time during the year.

In order to qualify for the CORP certification, applicants must have at least five years of experience in operational risk management or related fields. They must also have completed either a GARP-approved course or training program on operational risk management or hold a relevant professional designation such as Chartered Financial Analyst (CFA), Certified Internal Auditor (CIA), or Certified Public Accountant (CPA).

The cost for the CORP certification varies depending on whether you are a GARP member or non-member. For members, the cost is $495 USD while for non-members it is $595 USD. Additionally, there may be additional costs associated with taking approved courses or training programs prior to taking the exam.

2. Certified Financial Risk Manager (CFRM)

Certified Financial Risk Manager (CFRM) is a professional certification offered by the Global Association of Risk Professionals (GARP). It is designed to recognize and validate the knowledge and skills of professionals working in financial risk management. The CFRM credential is held by individuals who have demonstrated their expertise in managing financial risks such as market, credit, operational, liquidity, and legal risks.

The CFRM program consists of two parts: a self-study component and an exam component. The self-study component includes reading material from GARP's Financial Risk Manager Handbook and completing practice questions. The exam component consists of two parts: Part I covers quantitative topics such as statistics, probability theory, derivatives pricing models, and portfolio optimization; Part II covers qualitative topics such as risk management concepts, regulation, legal aspects of risk management, and enterprise risk management.

It typically takes around six months to complete the CFRM program if you are studying full-time. However, it can take longer depending on how much time you have available to dedicate to your studies.

To get the CFRM credential you must first register with GARP for the CFRM program. You will then need to purchase the required study materials from GARP which include the Financial Risk Manager Handbook and practice exams. Once you have completed your studies you will need to pass both Parts I and II of the exam with a score of 70% or higher in order to be awarded the credential.

The cost for registering for the CFRM program is $450 USD plus any additional fees for purchasing study materials or taking practice exams.

3. Certified in Risk and Information Systems Control (CRISC)

Certified in Risk and Information Systems Control (CRISC) is a professional certification offered by ISACA, an international non-profit organization that provides guidance on information systems governance, risk management, and compliance. The CRISC certification is designed for IT professionals who are responsible for identifying and managing enterprise IT risks. It validates their expertise in assessing vulnerabilities, developing policies to mitigate risks, implementing controls to protect data and assets, and responding to incidents.

The CRISC certification process consists of two parts: a written exam and an experience requirement. The written exam covers topics such as IT risk identification, assessment, response and mitigation; IT control design and implementation; IT governance; business continuity planning; incident response; and compliance. The experience requirement requires applicants to have at least three years of cumulative work experience in at least two of the four CRISC domains: Risk Identification & Assessment; Risk Response & Mitigation; Risk & Control Monitoring & Reporting; or Information Systems Control Design & Implementation.

It typically takes about 6 months to prepare for the CRISC exam. Candidates can take advantage of online courses, study guides, practice tests, webinars, and other resources offered by ISACA to help them prepare for the exam.

The cost of the CRISC certification depends on whether you are an ISACA member or not. For non-members it costs $575 USD for the application fee plus $550 USD for each part of the exam ($1100 USD total). For members it costs $425 USD for the application fee plus $450 USD for each part of the exam ($900 USD total).

4. Chartered Enterprise Risk Analyst (CERA)

Chartered Enterprise Risk Analyst (CERA) is a professional designation awarded by the Society of Actuaries (SOA). It is an advanced credential for risk management professionals and indicates expertise in enterprise risk management.

The CERA credential requires applicants to pass a series of examinations, complete a course of study, and have at least three years of relevant experience. The course of study includes topics such as enterprise risk management, financial modeling, and quantitative analysis.

In order to obtain the CERA credential, applicants must first become an Associate of the Society of Actuaries (ASA) or Fellow of the Society of Actuaries (FSA). After obtaining either designation, applicants will then need to pass four exams: Exam ERM-1: Enterprise Risk Management Overview; Exam ERM-2: Quantitative Analysis; Exam ERM-3: Financial Modeling; and Exam ERM-4: Strategic Risk Management.

The cost for the CERA program varies depending on whether you are an ASA or FSA member. For ASA members, the cost is $1,500 for the exam fees plus $650 for the course materials. For FSA members, the cost is $1,500 for exam fees plus $750 for course materials.

It typically takes between 12-18 months to complete all four exams and obtain your CERA certification.

5. Certified Regulatory Compliance Manager (CRCM)

Certified Regulatory Compliance Manager (CRCM) is a professional certification offered by the Institute of Certified Bankers (ICB), a division of the American Bankers Association. The CRCM certification is designed to recognize individuals who have demonstrated knowledge and expertise in managing compliance with applicable laws and regulations governing the banking industry.

To become a CRCM, applicants must have at least five years of full-time banking compliance experience, or three years of full-time banking compliance experience plus a degree from an accredited college or university. Applicants must also successfully complete the CRCM Exam, which covers topics such as consumer protection laws, financial institution operations, risk management, and regulatory compliance.

The exam typically takes two to four hours to complete and can be taken at any ICB-approved testing center. The cost for taking the exam varies depending on the testing center but generally ranges from $200 to $400. In addition to taking the exam, applicants must also submit an application and fee to ICB for review before they can receive their certification.

Once certified, CRCMs are required to complete continuing education credits every year in order to maintain their certification status. This requirement helps ensure that CRCMs stay up-to-date on changes in banking regulations and best practices in order to continue providing effective compliance management services.

6. Financial Risk Manager (FRM)

Financial Risk Manager (FRM) is a professional designation offered by the Global Association of Risk Professionals (GARP). It is an internationally recognized certification program designed to help financial professionals understand and manage risk. The FRM Program covers topics such as financial markets and products, quantitative analysis, credit risk management, operational risk management, market risk management, and investment management.

The FRM Program consists of two levels: Level I and Level II. To become an FRM, you must pass both exams within a two-year period. The exam fees for each level are $450 USD for GARP members and $650 USD for non-members.

To get started on your FRM journey, you must first register for the exam with GARP. Once registered, you can begin studying for the exam using GARP’s recommended study materials or other resources available online. You should also plan to attend review courses or seminars to help prepare you for the exams.

It typically takes six months to two years to complete the entire FRM Program depending on how much time you are able to dedicate towards studying and preparing for the exams.

The total cost of becoming an FRM will depend on several factors such as whether or not you are a GARP member, if you choose to purchase additional study materials or attend review courses/seminars, etc. Generally speaking, the cost of becoming an FRM ranges from approximately $1,000-$2,000 USD.

7. Professional Risk Manager (PRM)

Professional Risk Manager (PRM) is a designation offered by the Professional Risk Managers’ International Association (PRMIA). It is an internationally recognized certification that demonstrates a professional’s knowledge and expertise in risk management. The PRM designation is designed to help organizations identify and hire qualified risk management professionals.

The PRM program consists of three levels: Foundation, Professional, and Expert. Each level requires passing an exam and completing a certain number of hours of continuing education credits. The Foundation level is intended for those just starting out in the field of risk management, while the Professional and Expert levels are for more experienced professionals.

It typically takes between six months to two years to complete all three levels of the PRM program, depending on how much time you can commit to studying for the exams.

To get started with the PRM program, you must first register with PRMIA and pay an application fee of $100 USD. After registering, you will be able to purchase study materials from PRMIA or other third-party vendors that offer preparation courses. Once you have completed your studies, you can then take each exam at a testing center near you.

The cost for taking each exam varies depending on which level you are taking; however, it typically ranges from $200-$400 USD per exam. In addition to the exam fees, there may also be additional costs associated with purchasing study materials or taking preparation courses.

8. Global Association of Risk Professionals (GARP) FRM Certification

The Global Association of Risk Professionals (GARP) Financial Risk Manager (FRM) certification is a globally recognized and respected credential for risk managers. The FRM designation is awarded to individuals who have demonstrated their knowledge and understanding of the financial risk management discipline. It is a two-part exam that tests the candidate’s knowledge in four main areas: Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, and Valuation and Risk Models.

It typically takes between six months to one year to prepare for the FRM exam. Candidates must complete self-study, attend classes or workshops, or use online study materials to gain the necessary knowledge and skills needed to pass the exam. The GARP website provides resources such as practice questions, study guides, webinars, sample exams and more to help candidates prepare for the exam.

To obtain the FRM certification, candidates must first register with GARP and pay an exam fee of $850 USD per part. Once registered, they will be given access to the online learning platform where they can begin studying for their chosen part(s). After completing their studies, candidates can then schedule an appointment at a Prometric Testing Center near them to take their chosen part(s). If successful in passing both parts of the exam within two years of registering with GARP, they will receive their FRM certification from GARP.

9. International Certificate in Banking Risk and Regulation (ICBRR)

The International Certificate in Banking Risk and Regulation (ICBRR) is a professional certification program designed to provide practitioners with the knowledge and skills necessary to effectively manage risk and regulation in the banking sector. It is a comprehensive program that covers topics such as financial markets, banking regulations, financial risk management, and corporate governance.

The ICBRR is offered by the Global Association of Risk Professionals (GARP) and consists of four courses: Financial Markets & Instruments, Banking Regulations & Supervision, Financial Risk Management, and Corporate Governance for Banks. The program can be completed in about six months if taken full-time or up to 12 months if taken part-time.

In order to obtain the ICBRR certification, applicants must first complete all four courses. Upon successful completion of these courses, applicants must then pass a final exam administered by GARP. Upon passing this exam, applicants will receive their ICBRR certificate from GARP.

The cost of obtaining the ICBRR certification varies depending on the country you are located in and whether you take the courses online or in person. Generally speaking, it costs around $2,500 USD for all four courses plus the final exam fee.

10. Chartered Institute of Securities & Investment’s Certificate in Operational Risk Management

The Chartered Institute of Securities & Investment’s (CISI) Certificate in Operational Risk Management is a professional qualification designed to equip practitioners with the knowledge and skills to manage operational risk effectively. It covers the key principles and practices of operational risk management, including the identification, assessment, monitoring and control of risks. The course is suitable for those working in financial services or related industries who are responsible for managing operational risk.

The CISI Certificate in Operational Risk Management takes approximately 6-9 months to complete. This includes self-study time, attendance at workshops and completion of assignments. The course consists of three modules: Introduction to Operational Risk Management; Advanced Operational Risk Management; and an Applied Project. Each module is assessed separately by an online multiple choice examination.

To get the CISI Certificate in Operational Risk Management you must first register with the Chartered Institute of Securities & Investment (CISI). After registering, you will be given access to study materials and online resources that can help you prepare for the examinations. You will also be able to attend workshops which provide additional support for your studies. Once you have successfully completed all three modules, you will receive your certificate from CISI.

The cost of taking the CISI Certificate in Operational Risk Management varies depending on your location and whether or not you are a member of CISI. In general, it costs around £1,500 - £2,000 including registration fees, workshop fees and examination fees.

11. American Academy of Financial Management’s Certified Operational Risk Analyst (CORA).

The Certified Operational Risk Analyst (CORA) credential is offered by the American Academy of Financial Management (AAFM). It is a professional certification designed to recognize individuals who have demonstrated knowledge and understanding of operational risk management principles.

The CORA credential requires applicants to pass an exam that covers topics such as risk identification, assessment, monitoring, and control. The exam consists of multiple-choice questions and takes approximately two hours to complete. To be eligible for the CORA credential, applicants must have at least three years of experience in operational risk management or related fields.

To get the CORA credential, applicants must first register with AAFM and pay a fee of $395 USD. After registering, applicants can access study materials and practice exams on the AAFM website. Once they are ready to take the exam, they must schedule an appointment with a proctoring center where they will take the exam in person.

Once applicants have passed the exam, they will receive their CORA certificate from AAFM. The credential is valid for three years and can be renewed by taking additional courses or passing a recertification exam every three years.

Do You Really Need a Operational Risk Analyst Certificate?

The answer to this question depends on the individual's career goals and current skill level. While an Operational Risk Analyst Certificate may be beneficial for someone who is looking to gain a deeper understanding of operational risk management, it is not necessarily required in order to become a successful operational risk analyst.

For those already working in the field, an operational risk analyst certificate may provide additional knowledge and skills that can help them better understand their role and responsibilities as well as give them a competitive edge when applying for positions. An operational risk analyst certificate can also provide employers with tangible evidence of an applicant’s qualifications and experience related to the job.

For those just starting out in the field, taking courses related to operational risk management can provide a strong foundation for future work. Additionally, obtaining certification from a respected institution or professional organization can demonstrate commitment to the profession and increase credibility among potential employers.

Ultimately, earning an Operational Risk Analyst Certificate may or may not be necessary depending on one’s career goals and current skill level. For some, taking courses or obtaining certification could be beneficial while others may choose to pursue other paths towards achieving success in their chosen field.

Related: Operational Risk Analyst Resume Examples

FAQs About Operational Risk Analyst Certifications

Q1. What is an Operational Risk Analyst Certification?

A1. An Operational Risk Analyst Certification is a professional designation that recognizes individuals who have the knowledge and skills to identify, analyze, and manage operational risk in financial institutions. It provides assurance to employers that certified professionals are capable of understanding and managing the risks associated with their operations.

Q2. How do I become an Operational Risk Analyst?

A2. To become an Operational Risk Analyst, you must have a bachelor’s degree in business or a related field, as well as experience in risk management or finance. You can also obtain certification from a recognized body such as the Association of Financial Professionals (AFP).

Q3. What topics are covered in an Operational Risk Analyst Certification?

A3. Topics covered in an Operational Risk Analyst Certification include risk identification, assessment and evaluation; developing strategies for mitigating operational risks; monitoring and reporting on operational risks; understanding regulations related to operational risk management; and more.

Q4. How long does it take to obtain an Operational Risk Analyst Certification?

A4. The length of time it takes to obtain an Operational Risk Analyst Certification depends on your existing knowledge and experience level, but typically it takes around six months of study and preparation before taking the exam.

Q5. How much does it cost to become an Operational Risk Analyst?

A5. The cost of becoming an Operational Risk Analyst varies by institution and certification program, but typically ranges from $500-$1000 USD depending on the provider and program type (online vs in-person).