Risk Managers Seek Certification

There has been good demand for risk managers. These specialists, who analyze risk inherent in any number of business situations and financial transactions, have not previously been required to qualify before any sort of governing body or meet specified standards in order to practice.

However, today’s recruiters and employers are increasingly likely to want risk managers with credible credentials. A short list of competing risk manager certifications is the result. These include the Global Association of Risk Professionals (GARP)’s Financial Risk Manager certification; the Professional Risk Managers’ International Association’s Professional Risk Manager Certification; the Risk and Insurance Management Society’s RIMS Fellow certification; and the Society of Actuaries’ Society of Actuaries Fellow and Chartered Enterprise Risk Analyst certification. These certifications require hundreds of hours of study. While almost all of these organizations are promoting an international standard, GARP, among others, is calling for a global standard similar to a Series 7 certification for those in the securities industry.

Major investment and insurance firms are offering employees incentives as well as rewards for receiving certification. For example, accounting firm BDO International Ltd. has a program that helps pay for study programs and certification fees. New York Life now requires all its risk management professionals to achieve Financial Risk Manager or Professional Risk Manger certification within 18 months of hiring on with the company and covers 100% of the cost of the exams and study materials.

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