Certification In Risk Management Assurance – “Everything in life has risks, and what you have to learn is how to navigate those risks,” said Reid Hoffman, co-founder and former executive chairman of LinkedIn. It is right. Anticipating and managing risk is increasingly important to governments and all types of businesses around the world. Risk management certification strengthens your professional profile and proves that you have the knowledge to create value for your organization by successfully managing risks.
In this article you will learn what risk management is and why risk management is needed. You will find expert opinions on the value of risk management for society, organizations and the world at large. We also provide real-world context through new case studies. Additionally, we cover the various risk management certifications available in various fields, including an overview chart covering industries from healthcare to finance to IT.
Certification In Risk Management Assurance
Identifying, analyzing, assessing, controlling, avoiding, minimizing or eliminating unacceptable hazards is at the heart of risk management. Where does the risk come from? Causes include acts of God (natural causes and disasters), events that cannot be predicted or known, and deliberate attacks by enemies, such as terrorists. There is also legal liability, credit risk, financial market uncertainty, accidents or the threat of project failure.
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Most people associate risk management with legal compliance around financial risks, such as the enactment of the Sarbanes-Oxley Act (SOX) after the Enron scandal and the enactment of the Dodd-Frank Act after the financial chaos that followed the stock market crash. 2008. However, there are many other laws related to risk management, including laws designed to protect citizens’ health records, the Health Insurance Portability and Accountability Act (HIPAA), consumer protection laws, such as the Federal Food, Drug, and Cosmetic (FD&C), and regulations to protect employees in the workplace, such as the Occupational Safety and Health Administration (OSHA).
There are also business risks that you cannot regulate legally, but which still require risk management. This may involve strategies around competition, operational strategies to limit the effects of loss or damage to equipment, or commercial risks, such as the failure of key suppliers or customers. You can learn more about vendor risk management in this article: The Definitive Guide to Vendor Risk Management.
Global standards have been developed to establish acceptable frameworks, practices and processes to protect people, property, business and money. These standards, usually established by recognized industry groups or international standards bodies, reflect the different motivations and technical concerns of developers. Unlike laws, standards are usually not mandatory, although contracts or regulatory authorities may mandate compliance. To keep up with the pace of change, you need to change and update standards regularly. That’s one reason many risk management certifications require or encourage continuing education—so you can maintain formal recognition and stay informed of updates as they occur.
Risk management standards have been established by the National Institute of Standards and Technology (NIST), actuarial institutions, the Project Management Institute (PMI), and the International Organization for Standardization (ISO), among others. These standards vary by industry – you can get risk management certifications for contractors, engineers, industrial companies, finance, actuarial valuation, project management, public health and safety and security.
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Risk management is a very deep and broad subject. To help explain the importance of this discipline, as well as risk management certification, two professionals share their expertise:
Alan Berman is President and CEO of DRI International. He is a Master Business Continuity Professional (MBCP), a member of the American Society for Industrial Security (ASIS) Technical Committee on Business Continuity Planning, and a member of the Expert Committee of the American National Standards Institute-National Accreditation Board (ANSI-ANAB). With a career spanning 25 years, he has served as National Practice Leader for Operational Resiliency for PricewaterhouseCoopers and Global Business Continuity Practice Leader for Marsh. Mr. Berman has been a keynote speaker at major corporate, non-profit and government forums worldwide. With ANSI-ANAB, he helped establish authentication standards for private sector preparedness certification bodies (PS-Prep). He has also served as a member of the UAE Standards Committee and as an advisor to standards committees in Mexico and Singapore.
As president of Capstone Brokerage, Inc., listed on Inc.’s list of the 5,000 fastest growing private companies, Mary Thompson leverages her extensive technical expertise to review her clients’ exposures from a risk management perspective rather than a pricing perspective. Thompson began his career in New York more than 35 years ago as an underwriter for the General Accident Insurance Company. His experience spans all areas of insurance coverage, including specialization in property, casualty, workers’ compensation and employee benefits. Thompson, a former president of the Las Vegas Association of Insurance Professionals, also served on the governor’s task force to create a workers’ compensation law and regulations as Nevada transitioned from a monopoly to an open system.
Government agencies and industry have expanded compliance rules to review companies’ risk management policies since the early 2000s. As a result, more and more industries are requiring boards to review and report on the effectiveness of a company’s risk management processes. The focus on risk management makes it one of the main components of the overall business strategy.
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Universities now offer undergraduate and advanced degrees in risk management in a variety of fields. Many organizations employ compliance officers to ensure they adhere to legal standards.
Risk management certification in any business helps practitioners set metrics, understand how to manage risk, and avoid behavioral and decision errors. Certification supports a framework for making good decisions under pressure, using innovation principles to generate alternatives, and gaining stakeholder support for effective implementation.
Risk management certifications help professionals learn the organizational skills to assess and prioritize real and potential risks, and they often use matrices in the risk assessment process. You can find more information and tools on how to create a risk assessment matrix in this article: All the risk assessment matrix templates you need.
The value of risk management certification to individuals continues to increase, according to Berman. “Certification is an important tool for individuals to demonstrate knowledge, increase professional marketability and earn higher wages, as well as confirm professional skills,” he said. “The more companies and industries value professional certifications, the greater opportunities for career advancement certified individuals will have.”
How To Choose The Right Risk Management Certification |smartsheet
For organizations, there are many benefits. “Certification not only brings prestige to a company and its employees,” says Berman, “certification also provides independent verification that the employees being certified and the organizations they work for are knowledgeable about industry standards. Industry standard bearers ensure these standards by implementing strict measures . test. Organizations with certified employees also benefit from ongoing professional development, skill enhancement, and developing expertise from interactions with a network of certified colleagues.”
Insurance is about risk, and risk certification really makes sense in the industry. Thompson commented that in the insurance industry, there are a variety of certifications that are meaningful to practitioners and clients. “Insurance professionals have the opportunity to earn a variety of degrees to strengthen their technical skills, including Chartered Property Casualty Underwriter (CPC), Chartered Life Underwriter (CLU), Chartered Financial Consultant (ChFC), Certified Insurance Service Representative (CISR), Certified Insurance Advisor ( CIC), Chartered Advisor for Senior Living (CASL), Certified Patient Protection & Affordable Care Act Professional (PPACA), Associated Risk Manager (ARM), Professional Risk Manager (PRM) and others,” he said. “Both the long-standing, more general certifications and the newer, specialized certifications are highly respected, and both are critical to protecting clients and deepening professional authority.”
DRI International, the non-profit organization Berman leads, supports Business Continuity Management (BCM), which integrates the disciplines of emergency preparedness, crisis management, disaster recovery (technology continuity) and business continuity (organizational/operational relocation) and provides internationally recognized international risk management certification.
Berman noted that risk management certification is important to society as a whole. “Because much of the nation’s infrastructure is owned by the private sector, certified professionals provide a significant service to society by protecting these valuable assets.” He provides the following case study to show how multiple actions taken simultaneously make sense in a large-scale disaster situation:
Is Risk Management Certification Worth It
TELUS is Canada’s fastest growing national telecommunications company, with annual revenues of $12.8 billion and 12.7 million customer connections. The company is also a provider of critical services and infrastructure to communities, businesses and governments in Canada, including areas affecting national security and public safety. The Corporate Business Continuity Office (CBCO) manages a comprehensive business continuity program that addresses response and recovery, risk mitigation, preparedness, business continuity and team member protection. The CBCO also activates and facilitates the Emergency Management Operations Committee (EMOC) process.
They are ready when disaster strikes. On May 3, 2016, wildfires swept through the communities of Fort McMurray, Wood Buffalo, and the Athabasca Chipewyan First Nation in northern Alberta, covering an area of approximately 590,000 hectares (almost 1.5 million hectares) and destroying more than 2,400 homes and buildings, and caused the evacuation of around 88,000 residents. At $3.58 billion, it is Canada’s costliest disaster.
TELUS’ focus in the coming days will be to ensure the safety and well-being of its team members and customers, protect telecommunications networks and support communications needs.
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