Top 11 Risk Manager Certifications

Certifications are important for a risk manager in the job market as they demonstrate a level of knowledge and understanding of the principles, processes, and tools necessary to manage risk effectively. Certified risk managers have demonstrated that they possess the skills necessary to understand and assess risks, develop strategies for mitigating those risks, and monitor results. Certification also gives employers confidence that those responsible for managing their risk are qualified to do so. It is also beneficial for a risk manager to have certifications from organizations that specialize in specific areas of risk management, such as financial institutions or insurance companies. These credentials can help employers identify potential candidates with specialized knowledge who can better serve their needs.

This article reviews some of the top certifications for Risk Managers and how they can help advance a risk manager's career.

What are Risk Manager Certifications?

Risk Manager Certification is a professional designation that recognizes an individual’s knowledge and expertise in risk management. Risk managers are responsible for assessing, monitoring, and managing the risks associated with their organization’s operations. They must be able to identify potential risks, analyze the associated impacts, develop strategies to mitigate those risks, and implement them effectively.

Risk Manager Certification demonstrates a commitment to excellence and professionalism in the industry of risk management. It also provides assurance that an individual has the necessary skills and qualifications to effectively manage risk within their organization. By having this certification, it shows employers that a person is knowledgeable in all aspects of risk management – from identifying potential risks to developing strategies for mitigating them. Furthermore, this certification can help individuals stand out from other job applicants when seeking positions within the field of risk management.

Having Risk Manager Certification can also benefit organizations by providing assurance that they have personnel who are well-versed in risk management principles and practices. This ensures that organizations are taking proactive steps towards protecting themselves against financial losses due to unanticipated events or situations. Additionally, having Risk Manager Certification can provide organizations with access to valuable resources such as discounts on insurance premiums or access to specialized services offered by third-party providers.

Overall, Risk Manager Certification is beneficial for both individuals and organizations alike as it provides recognition of one’s expertise in the field of risk management while also providing assurance that an organization has personnel who are knowledgeable in this area.

Pro Tip: Take the time to research and understand the various risk manager certifications available, as some may be specific to certain industries or areas of expertise. Knowing the differences between them can help you select the best certification for your career goals. Additionally, look for certifications that offer continuing education and networking opportunities to stay up-to-date on industry trends and best practices.

Related: What does a Risk Manager do?

Top 11 Risk Manager Certifications

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

1. Certified Risk Management Professional (CRMP)

Certified Risk Management Professional (CRMP) is a professional designation that recognizes individuals who have achieved a high level of expertise in the field of risk management. The CRMP is awarded by the Global Risk Management Institute (GRMI), an independent organization that provides certification and accreditation for risk management professionals.

The CRMP requires applicants to demonstrate their knowledge and experience in risk management through a comprehensive examination. The exam consists of multiple-choice questions and case studies covering topics such as risk identification, assessment, control, and mitigation. Applicants must also submit a portfolio of work demonstrating their understanding of risk management principles and practices.

It typically takes between six months to one year to complete the requirements for the CRMP designation. The cost of the program varies depending on the number of courses taken and other factors, but it typically ranges from $2,000 to $4,000 USD.

To get the CRMP designation, applicants must first meet certain eligibility requirements including having at least two years' experience in risk management or related fields and completing at least 30 hours of approved coursework from GRMI-accredited institutions or organizations. Once these requirements are met, applicants can register for the exam online and select an available testing date. After passing the exam with a score of 70% or higher, applicants will be awarded their CRMP designation.

2. Certified Enterprise Risk Manager (CERM)

Certified Enterprise Risk Manager (CERM) is a professional certification program developed by the Global Association of Risk Professionals (GARP). It is designed to recognize individuals who demonstrate a comprehensive understanding of risk management principles and practices. The CERM credential is intended for experienced risk professionals who have demonstrated a mastery of enterprise risk management concepts, practices, and frameworks.

The CERM program consists of two parts: an online course and an exam. The online course provides an in-depth review of the core concepts and principles of enterprise risk management, including risk identification, assessment, mitigation, control, and reporting. The exam tests the candidate’s knowledge and understanding of these concepts in order to earn the CERM designation.

The online course takes approximately six months to complete, depending on how quickly you are able to work through the material. After completing the online course, you must pass the CERM exam in order to receive your certification. The exam consists of multiple-choice questions covering topics such as enterprise risk management principles and practices; regulatory requirements; operational processes; financial instruments; data analysis; and more.

The cost for the CERM program varies depending on your country or region but typically ranges from $1,500-$2,000 USD. This includes all materials needed for the online course as well as access to practice exams and other resources that can help you prepare for the final exam.

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

Certified in Risk and Information Systems Control (CRISC) is an IT certification offered by ISACA, a global non-profit organization for information security professionals. It is designed to help IT professionals assess, identify, and manage enterprise-wide risks. The certification provides a comprehensive understanding of the risk management process and how it applies to IT systems.

To obtain the CRISC certification, applicants must meet the following requirements:

• Have at least three years of combined experience in two or more of the four CRISC domains: Risk Identification, Risk Assessment, Risk Response and Mitigation, and Risk Monitoring and Reporting
• Pass the CRISC exam administered by ISACA
• Agree to adhere to ISACA's Code of Professional Ethics
• Maintain their certification through continuing professional education (CPE) credits.

The CRISC exam consists of 150 multiple-choice questions that cover topics such as risk identification and assessment, risk response strategies, risk mitigation techniques, and risk monitoring processes. The exam takes approximately four hours to complete. The cost of taking the exam varies depending on whether you are a member or non-member of ISACA; members pay $525 while non-members pay $725. Additionally, there is an annual maintenance fee of $85 for members or $135 for non-members.

4. Financial Risk Manager (FRM)

Financial Risk Manager (FRM) is a professional certification offered by the Global Association of Risk Professionals (GARP). It is designed to demonstrate an individual’s knowledge and experience in the field of financial risk management. The FRM designation is highly sought after by employers and those working in the finance industry, as it demonstrates a high level of expertise in financial risk management.

The FRM exam consists of two parts: Part I and Part II. Part I covers topics such as Foundations of Risk Management, Quantitative Analysis, Financial Markets & Products, Valuation & Risk Models, and Credit Risk Measurement & Management. Part II covers topics such as Market Risk Measurement & Management, Operational & Integrated Risk Management, Investment Risk & Portfolio Management, and Current Issues in Financial Markets.

The FRM exam can be taken at any time throughout the year. The exam must be completed within 12 months of registering for the program. The cost to take the exam varies depending on when you register; however, it typically ranges from $400-$600 USD.

In order to become certified as an FRM, individuals must pass both Parts I and II of the exam with a minimum score of 70%. Once certified, individuals must maintain their certification through continuing education credits (CECs) every two years to ensure they stay up-to-date with industry trends and best practices.

5. Professional Risk Manager (PRM)

Professional Risk Manager (PRM) is a certification program offered by the Professional Risk Managers’ International Association (PRMIA). It is designed to recognize and validate the knowledge, skills, and abilities of risk professionals in the financial services industry. The PRM designation is an internationally recognized professional credential that demonstrates a high level of proficiency in risk management.

The PRM program consists of three levels: Foundation Level, Professional Level I and Professional Level II. Each level requires successful completion of an exam as well as passing a background check. The exams are offered twice per year at testing centers around the world.

To become certified at any level, applicants must first register with PRMIA and pay the required registration fee. After registering, applicants can begin preparing for their chosen level's exam by studying from the official study guide or attending one of PRMIA's review courses or seminars.

The cost to register for each level varies depending on whether you are a member or non-member of PRMIA. For members, it costs $495 USD for Foundation Level; $795 USD for Professional Level I; and $995 USD for Professional Level II. For non-members, it costs $695 USD for Foundation Level; $995 USD for Professional Level I; and $1,195 USD for Professional Level II.

It typically takes 3-6 months to complete all three levels of the PRM program depending on your study schedule and preparation time.

6. Associate in Risk Management (ARM)

Associate in Risk Management (ARM) is a professional designation offered by the American Institute for Chartered Property Casualty Underwriters (AICPCU). It is designed to help risk management professionals develop the skills and knowledge necessary to identify, assess, and manage risks in an organization. The ARM program consists of eight courses that cover topics such as financial analysis, insurance principles, legal aspects of risk management, and more.

The ARM program typically takes two years to complete. To get started on the ARM program, you must first become a member of AICPCU and then register for the courses. Each course has its own registration fee which can range from $100-$200 depending on your membership status. After completing all eight courses, you will be eligible to take the final exam which costs around $250. Upon successful completion of the exam, you will receive your Associate in Risk Management designation.

The total cost for obtaining your ARM designation will vary depending on your membership status with AICPCU and how many courses you need to take but it could range from $1,000-$2,000.

7. Certified Internal Auditing Professional (CIAP)

Certified Internal Auditing Professional (CIAP) is a professional certification program offered by the Institute of Internal Auditors (IIA). The CIAP is designed to recognize individuals who have demonstrated a high level of expertise and knowledge in the field of internal auditing. It is one of the most widely recognized and respected certifications in the industry.

The CIAP program consists of three levels: Certified Internal Auditor (CIA), Advanced Certified Internal Auditor (ACIA), and Senior Certified Internal Auditor (SCIA). Each level requires an individual to complete a series of courses and examinations, as well as demonstrate experience in the field. To become a CIA, an individual must pass the CIA exam, have at least two years of internal audit experience, and complete four required courses. For ACIA certification, an individual must have five years of internal audit experience and pass both the CIA and ACIA exams. Finally, for SCIA certification, an individual must have seven years of internal audit experience, pass all three exams, and complete two additional courses.

It typically takes between 6-12 months to obtain CIAP certification depending on how quickly you can complete all requirements. To get started on your journey to becoming a CIAP certified professional, you will need to register with IIA for their certification program. The cost for registration varies based on which level you are seeking certification for; however, it typically ranges from $500-$1,000 USD.

8. Project Management Professional – Risk Management Certification (PMP-RMC)

Project Management Professional – Risk Management Certification (PMP-RMC) is a certification program that provides project managers with the skills and knowledge needed to effectively manage risk in any project. It is offered by the Project Management Institute (PMI).

The PMP-RMC certification requires candidates to have at least three years of experience managing projects, as well as a minimum of 35 contact hours of risk management education. Candidates must also pass an exam administered by PMI. The exam consists of 200 multiple choice questions and takes four hours to complete.

In order to obtain the PMP-RMC certification, candidates must first register for the exam through PMI's website. Once registered, candidates can prepare for the exam by studying for it using books and other resources available from PMI or other organizations. After passing the exam, candidates must submit their application for certification along with proof of their experience and education requirements.

The cost of obtaining the PMP-RMC certification varies depending on whether or not you are a member of PMI. For non-members, it costs $405 USD to register for the exam and $150 USD for each year that you maintain your certification. For members, it costs $350 USD to register and $100 USD per year to maintain your certification.

Overall, it typically takes around six months from registration to receiving your certificate in the mail after passing all requirements.

9. Certified Information Systems Auditor (CISA)

Certified Information Systems Auditor (CISA) is a certification offered by the Information Systems Audit and Control Association (ISACA). It is designed to recognize individuals with the knowledge, skills, and experience necessary to audit, control, monitor, and assess information technology and business systems.

To become certified as a CISA, an individual must pass an exam administered by ISACA. The exam consists of 200 multiple-choice questions that cover five domains: IT Governance; Acquisition, Development & Implementation; Delivery & Support; Monitoring & Evaluation; and Protection of Assets. The exam takes four hours to complete.

In order to be eligible to take the CISA exam, applicants must have at least five years of professional information security experience or three years of professional information security experience plus a college degree in information security or related field.

The cost for taking the CISA exam varies depending on your country of residence and whether you are an ISACA member. In the United States, non-members pay $575 for the exam while members pay $425. Additionally, there is a one-time application fee of $50 for all applicants regardless of membership status.

10. Chartered Enterprise Risk Analyst (CERA)

Chartered Enterprise Risk Analyst (CERA) is a professional certification offered by the Society of Actuaries that recognizes individuals who have demonstrated knowledge and experience in enterprise risk management. The CERA credential is recognized as the highest standard of excellence in the field of enterprise risk management.

It takes approximately two years to obtain the CERA credential. To become certified, applicants must first pass a series of three exams: Exam P/1, Exam FM/2, and Exam MLC/3L. Applicants must also complete an approved course on enterprise risk management and submit a professional experience report outlining their experience in the field.

The cost to obtain the CERA credential will vary depending on the country you reside in. In general, it will cost approximately $1,000 USD to register for all three exams, plus any additional fees associated with taking them. Additionally, there may be additional costs associated with purchasing study materials or enrolling in review courses prior to taking each exam.

11. Certified Business Continuity Professional (CBCP).

Certified Business Continuity Professional (CBCP) is a professional certification program offered by the Disaster Recovery Institute International (DRI). It is designed to provide professionals with the skills and knowledge necessary to develop, implement, and manage effective business continuity programs. The CBCP certification demonstrates that an individual has the expertise to help organizations prepare for, respond to, and recover from disruptive events.

It typically takes a minimum of 12 months to complete the CBCP certification requirements. To get started, applicants must first join DRI as a member. They then need to take an online assessment test and pass it with a score of at least 70%. After passing the assessment test, applicants are required to complete a series of courses in business continuity planning, disaster recovery planning, crisis management, risk management, and other related topics.

Once all coursework is completed and passed with a grade of B or better, applicants can submit their application for review by DRI’s Certification Board. If approved, they will receive their CBCP designation.

The cost of obtaining the CBCP certification varies depending on whether you are already a DRI member or not. For non-members, the cost is $1125 USD plus applicable taxes; for members it is $750 USD plus applicable taxes.

Do You Really Need a Risk Manager Certificate?

The decision to pursue a risk manager certificate depends on your career goals and the type of work you plan to do. If you are already working in the field of risk management, or if you are looking to advance in the field, then a risk manager certificate can be beneficial. A certificate program can provide the specialized knowledge and skills needed to become an effective risk manager.

Risk managers need to be knowledgeable about a variety of topics including insurance, finance, economics, legal principles, and project management. A certificate program will give you the opportunity to gain this knowledge in an organized manner. It will also help you develop practical skills that can be applied in real-world situations. Additionally, having a risk manager certificate may make it easier for employers to identify qualified candidates for job openings.

In some cases, employers may require applicants for certain positions to have a risk manager certificate. In other cases, it might only be advantageous when competing against other applicants who have the same qualifications as yourself. Ultimately, it is up to you whether or not pursuing a risk manager certificate is right for your career goals and situation.

Related: Risk Manager Resume Examples

FAQs About Risk Manager Certifications

1. What is a Risk Manager Certification?

Answer: A Risk Manager Certification is a qualification that demonstrates professional knowledge and experience in the field of risk management. It is designed to enhance the skills and knowledge of professionals who are involved in the identification, assessment, and management of risks within their organization or industry.

2. What are the benefits of obtaining a Risk Manager Certification?

Answer: Obtaining a Risk Manager Certification provides proof of specialized knowledge and experience in risk management, which can help you stand out from other job applicants in your field. It can also provide access to exclusive job opportunities and higher salaries. Additionally, having this certification can help you stay up-to-date with industry trends and best practices in risk management.

3. What qualifications do I need to become certified as a Risk Manager?

Answer: To become certified as a Risk Manager, you will typically need at least three years of professional experience in risk management or related fields, such as finance or insurance. You may also be required to pass an exam that tests your knowledge of risk management principles and processes.

4. How much does it cost to get a Risk Manager Certification?

Answer: The cost of obtaining a Risk Manager Certification varies depending on the certifying body; however, it typically ranges from $500-$2,000 USD. This cost usually includes exam fees, registration fees, study materials, and other associated costs.

5. How long does it take to complete the certification process?

Answer: The length of time it takes to complete the certification process depends on various factors such as your level of experience and how quickly you can study for the exam; however, most people are able to obtain their certification within six months of starting the process.