Top 11 Risk Management Specialist Certifications

Certifications are an important part of a risk management specialist's job market. They verify the knowledge and experience that a person has in the field, as well as provide assurance to potential employers that the applicant is qualified for the position. Certification also increases credibility and shows that the individual is committed to staying current with industry developments. It demonstrates a level of expertise beyond just academic qualifications, which can make a candidate more attractive in comparison to other applicants. Additionally, certifications often open up new opportunities for advancement within an organization or even within the industry as a whole.

This article reviews the top certifications for Risk Management Specialists and explains how they can contribute to a Risk Management Specialist's career.

What are Risk Management Specialist Certifications?

Risk management specialist certification is a program of study in the field of risk management. Risk management is a process that seeks to identify, analyze, and manage potential risks or losses from investments or other activities. This certification program offers specialized training designed to help students gain the skills necessary to become successful risk managers. The curriculum typically focuses on topics such as financial analysis, investment strategies, enterprise risk management, and legal and regulatory considerations.

The primary benefit of obtaining a risk management specialist certification is that it provides professionals with the knowledge and expertise needed to effectively assess and manage risks associated with investments or other activities. By gaining this certification, individuals are better equipped to evaluate potential losses and develop strategies to minimize them. Additionally, having this credential can help individuals stand out in the job market as they demonstrate their commitment to professional development in the field of risk management. Furthermore, many employers prefer candidates who have obtained a risk management specialist certification due to its comprehensive coverage of key areas within the profession.

Pro tip: When considering a risk management specialist certification, be sure to research the accreditation of the program and the qualifications of the instructors. Additionally, look for programs that offer comprehensive course material and hands-on training opportunities. This will ensure that you have the most up-to-date knowledge and skills required to become a successful risk management specialist.

Related: What does a Risk Management Specialist do?

Top 11 Risk Management Specialist Certifications

Here’s our list of the best certifications available to Risk Management Specialists today.

1. Certified Risk Management Professional (CRMP)

Certified Risk Management Professional (CRMP) is a professional certification program designed to recognize individuals who have demonstrated expertise in the field of risk management. The CRMP designation is granted by the Global Risk Management Institute (GRMI), an independent organization that provides education, training and certification programs for risk professionals worldwide.

The CRMP program consists of three levels: Certified Risk Manager (CRM), Certified Risk Analyst (CRA) and Certified Risk Specialist (CRS). Each level requires successful completion of a written exam and a minimum of two years' experience in the field of risk management. The exams are administered twice each year at test centers around the world.

To become a CRMP, you must first pass all three levels of the CRMP program: Certified Risk Manager (CRM), Certified Risk Analyst (CRA) and Certified Risk Specialist (CRS). Once you have passed all three exams, you will be eligible to apply for the CRMP designation.

The cost to take each exam varies depending on your location, but typically ranges from $200-$400 USD per exam. Additionally, there is an annual fee of $100 USD to maintain your CRMP designation.

2. Certified Risk Analyst (CRA)

Certified Risk Analyst (CRA) is a professional certification offered by the Global Association of Risk Professionals (GARP). It is designed to recognize individuals who have demonstrated a comprehensive understanding of risk management principles and techniques. The CRA credential is recognized globally as a symbol of excellence in the field of risk management.

The CRA certification is open to anyone with at least three years of experience in the field of risk management, or those who have completed a GARP-approved training program. To obtain the CRA designation, an individual must pass two exams: the Financial Risk Manager (FRM) Exam and the Enterprise Risk Management (ERM) Exam. Both exams are administered twice per year, in May and November.

To prepare for the exams, GARP offers study materials and practice tests that can be purchased online. Additionally, there are several third-party providers that offer courses and tutoring services to help candidates prepare for their exams.

The cost for both exams varies depending on where you take them; however, it typically ranges from $1,000 - $2,500 USD for both exams combined.

3. Certified Enterprise Risk Manager (CERM)

Certified Enterprise Risk Manager (CERM) is a professional certification offered by the Global Association of Risk Professionals (GARP). It is designed to recognize individuals who have achieved a high level of competency in enterprise risk management. The CERM certification demonstrates that an individual has the knowledge and skills necessary to identify, assess, and manage risks across an organization.

The CERM exam consists of 150 multiple-choice questions and takes three hours to complete. Candidates must have a minimum of five years' experience in risk management or related fields in order to qualify for the exam.

To get the CERM certification, candidates must first register with GARP and pay a registration fee of $250 USD. After registering, they can then purchase the study materials from GARP for $595 USD and begin preparing for the exam. Once they feel ready, they can schedule their exam through GARP's online system.

The cost of taking the CERM exam is $695 USD, which includes all applicable taxes and fees. After passing the exam, candidates will receive their official CERM certificate from GARP within four weeks.

4. Professional Risk Manager (PRM)

Professional Risk Manager (PRM) is a certification program that provides professionals with the knowledge and skills necessary to identify, assess, measure, manage, and control risks in their organizations. The PRM certification is offered by the Professional Risk Managers' International Association (PRMIA). It is designed for individuals who want to demonstrate their expertise in risk management and become a leader in the field.

The PRM certification program consists of three levels: Foundation Level, Professional Level, and Expert Level. Each level has its own set of exams that must be passed before progressing to the next level. The Foundation Level exam covers basic concepts related to risk management such as understanding financial markets, identifying and measuring risk exposures, and developing strategies to mitigate risks. The Professional Level exam focuses on more advanced topics such as portfolio management, derivatives pricing models, enterprise risk management systems, and capital allocation models. The Expert Level exam covers topics such as stress testing methods and advanced portfolio optimization techniques.

It typically takes around one year to complete all three levels of the PRM certification program. To get started on this path you will need to register for an account on the PRMIA website and pay the associated fees which range from $595 - $795 depending on your membership status with PRMIA. After registering for an account you will need to complete an online application form which includes providing information about your educational background and professional experience in risk management or finance-related fields. Once your application is approved you can begin studying for each level of the exam using study materials provided by PRMIA or other sources such as textbooks or online courses.

Once you have successfully completed all three levels of the exam you will receive your official PRM designation from PRMIA which is valid for two years after completion date. You can renew your designation every two years by completing additional continuing education credits or passing an updated version of one or more of the exams.

The cost of getting a Professional Risk Manager (PRM) designation depends on several factors including membership status with PRMIA, study materials purchased or used during preparation for each level of the exam, and any additional costs associated with taking continuing education courses or retaking exams when renewing your designation every two years.

5. Financial Risk Manager (FRM)

Financial Risk Manager (FRM) is a professional certification offered by the Global Association of Risk Professionals (GARP). It is designed for finance professionals who wish to demonstrate their knowledge and skills in financial risk management. The FRM certification is recognized as a mark of excellence in the financial services industry.

The FRM Program consists of two exams, which are taken over two consecutive days. Each exam consists of 100 multiple-choice questions and must be completed within four hours. To become an FRM, candidates must pass both exams with a minimum score of 70%.

It typically takes between 6 months and 1 year to prepare for the FRM exams, depending on individual experience and background. Candidates are encouraged to use GARP's official study materials, such as the FRM Study Guide or the FRM Learning System, as well as other resources available online.

The cost for taking the FRM Program is US$1,250 for GARP members or US$1,450 for non-members. This fee includes access to all official study materials and practice tests. In addition, there may be additional costs associated with travel expenses or other related activities.

6. Project Management Professional – Risk Management Focus (PMP-RMF)

Project Management Professional – Risk Management Focus (PMP-RMF) is a certification program that provides project managers with the necessary skills and knowledge to effectively manage risks associated with projects. The PMP-RMF certification is offered by the Project Management Institute (PMI).

The PMP-RMF certification requires applicants to have a minimum of three years of project management experience, 4500 hours of leading and directing projects, and 35 contact hours of formal project management education. In addition, applicants must pass an exam that covers risk management topics such as identifying, analyzing, planning for, and responding to risks associated with projects.

The exam typically takes four hours to complete. Applicants can register for the exam online through the PMI website. The cost of the exam varies depending on whether you are a PMI member or non-member. For members, the cost is $405 USD; for non-members it is $555 USD.

Once an applicant passes the exam, they will receive their official PMP-RMF certification from PMI. This certification is valid for three years before needing to be renewed. Renewal requires 60 professional development units (PDUs) earned in risk management activities over those three years.

7. Certified Business Continuity Professional (CBCP)

Certified Business Continuity Professional (CBCP) is a professional certification that demonstrates an individual’s expertise in the field of business continuity planning. This certification is offered by the Disaster Recovery Institute International (DRI).

The CBCP certification program consists of four courses and an exam. The courses are designed to provide a comprehensive understanding of the principles, processes, and best practices associated with business continuity planning. The courses cover topics such as risk assessment, crisis management, disaster recovery planning, and business impact analysis.

It typically takes three to six months to complete the CBCP program and pass the exam. In order to qualify for the exam, candidates must have at least two years of experience in business continuity planning or related fields. Candidates must also complete the four required courses before taking the exam.

The cost for the CBCP program varies depending on how you choose to take it. If you take all four courses online, it will cost around $2,000 USD. If you choose to attend in-person classes, it will cost around $3,500 USD. There is also a fee for taking the exam which is currently set at $650 USD.

Once you have completed all requirements and passed the exam, you will receive your CBCP certification from DRI International and be recognized as a Certified Business Continuity Professional (CBCP).

8. Certified Information Systems Auditor – Risk Management Focus (CISA-RMF)

Certified Information Systems Auditor - Risk Management Focus (CISA-RMF) is a certification program designed to recognize individuals who have demonstrated the knowledge and skills necessary to assess, control, and manage information systems security risks. The CISA-RMF certification is administered by ISACA (Information Systems Audit and Control Association), a global non-profit organization that promotes the development of information systems audit, control, and security professionals.

The CISA-RMF certification requires candidates to complete a four-hour exam that tests their knowledge of risk management principles and practices related to information systems security. The exam consists of 150 multiple choice questions and covers topics such as risk management processes, security controls, access control systems, cryptography, system security architectures, incident response plans, and more. Candidates must also submit an application form with their resume and education verification documents in order to be eligible for the exam.

It typically takes between 6-12 months to prepare for the CISA-RMF exam depending on how much prior experience you have in the field. It is recommended that you take advantage of available study materials such as books or online courses offered by ISACA in order to properly prepare for the exam.

The cost of taking the CISA-RMF exam varies depending on where you are located but generally ranges from $400-$600 USD. Additionally, there are additional costs associated with submitting your application form and verifying your education credentials which can range from $50-$100 USD depending on where you live.

9. Certified Regulatory Compliance Manager (CRCM)

Certified Regulatory Compliance Manager (CRCM) is a professional certification offered by the American Bankers Association (ABA). It is designed to recognize individuals who have demonstrated knowledge and experience in regulatory compliance management. The CRCM certification is an industry-recognized credential that validates expertise in the field of banking compliance.

The CRCM program consists of an online exam, which covers topics such as consumer protection laws, anti-money laundering regulations, privacy regulations, and other applicable laws and regulations. To obtain the certification, applicants must pass the exam with a score of 70% or higher. The exam can be taken at any Prometric testing center located throughout the United States.

The cost of taking the exam varies depending on whether you are a member of ABA or not. For non-members, it costs $395 to take the exam; for members, it costs $295. It typically takes about two hours to complete the exam.

Once you have successfully passed the exam, you will receive your official CRCM certificate from ABA within four weeks. You will also receive a digital badge that can be shared on social media platforms such as LinkedIn and Twitter to demonstrate your expertise in regulatory compliance management.

10. ISO 31000:2018 Certified Lead Risk Manager

ISO 31000:2018 Certified Lead Risk Manager is a certification designed to recognize professionals who demonstrate the knowledge and skills necessary to lead risk management initiatives in their organization. The certification focuses on the principles, processes, and practices of effective risk management. It is based on the ISO 31000:2018 standard, which provides guidance on how organizations can manage risk in an efficient and effective manner.

To become an ISO 31000:2018 Certified Lead Risk Manager, you must first complete a training program that covers all aspects of risk management. This training program typically takes about three days to complete. After completing the training program, you must pass an exam administered by a recognized certifying body.

The cost of becoming an ISO 31000:2018 Certified Lead Risk Manager varies depending on the certifying body and the type of training program you choose. Generally speaking, it costs between $500-$1000 USD to become certified.

11. Six Sigma Green Belt -Risk Management Specialization

Six Sigma Green Belt – Risk Management Specialization is a certification program designed to equip professionals with the knowledge and skills necessary to identify, assess, and manage risks within their organizations. This certification focuses on the principles of Six Sigma, which are used to improve processes and reduce errors in quality control. The program covers topics such as process improvement, risk management, data analysis, project management, and problem solving. It also provides an introduction to Lean Six Sigma principles.

The program typically takes about six months to complete and consists of online courses that can be completed at your own pace. To get certified as a Six Sigma Green Belt – Risk Management Specialist, you must pass an exam administered by an accredited organization such as the American Society for Quality (ASQ). The cost of the certification varies depending on the provider but typically ranges from $500-$1,000.

Do You Really Need a Risk Management Specialist Certificate?

The short answer to this question is yes, if you want to pursue a career in risk management. Risk management is an important field that requires specialized knowledge and skills to be successful. A Risk Management Specialist Certificate can help you gain the necessary qualifications and demonstrate your expertise in the area.

The certificate provides an overview of risk management principles, techniques and tools used to identify, assess, monitor, control and mitigate risks. It also covers topics such as corporate governance, insurance and compliance regulations. By completing the certificate program, you will develop the skills needed to evaluate risk profiles, decide on appropriate courses of action and implement strategies for managing risks. You will also gain insight into how different organizations approach their risk management strategies.

In addition to providing knowledge about risk management fundamentals, a Risk Management Specialist Certificate can provide added credibility when applying for jobs or seeking promotions within the field. Moreover, having a certification may help you stand out from other job applicants who do not have similar qualifications. Employers often look for candidates with specialized knowledge in areas such as risk management when making hiring decisions.

Overall, obtaining a Risk Management Specialist Certificate can be beneficial for those looking to pursue a career in this field. It can provide a comprehensive understanding of risk management principles while demonstrating your commitment and expertise in the subject matter.

Related: Risk Management Specialist Resume Examples

FAQs About Risk Management Specialist Certifications

Q1: What is a Risk Management Specialist Certification?

A1: A Risk Management Specialist Certification is a professional designation that recognizes individuals who have demonstrated knowledge and expertise in assessing, managing, and mitigating risk. The certification is offered by the Global Association of Risk Professionals (GARP) and is recognized internationally.

Q2: What are the requirements to become certified?

A2: To become certified, you must pass an online exam that covers topics such as financial risk management principles, quantitative methods for assessing risk, legal frameworks for risk management, and best practices in organizational risk management. You must also have at least three years of relevant work experience in the field of risk management.

Q3: How long does it take to become certified?

A3: The process typically takes around six months from start to finish. This includes completing the required pre-exam coursework and materials, registering for the exam, studying for the exam, taking the exam, and receiving your certification results.

Q4: How much does it cost to become certified?

A4: The cost of becoming certified depends on several factors such as which certification level you choose (Associate or Professional) and whether you opt for self-study or instructor-led courses. Generally speaking, GARP estimates that it will cost between $1,000-$2,500 USD to become certified with their program.

Q5: Is there any ongoing education or maintenance required to maintain my certification?

A5: Yes – GARP requires all Certified Risk Management Specialists (CRMS) to complete continuing education credits every three years in order to maintain their certification status. These credits can be earned through attending seminars or workshops related to risk management topics or reading articles published by GARP’s journal “Risk Manager”.