The Chartered Risk Manager Professional

By Zulk Shamsuddin

The Chartered Risk Manager Professional ™ (ChRMP) credential is a professional certification that demonstrates the attainment of a defined level of technical knowledge in risk management, professional practice, and ethical behavior. It forms the basis of the assessment that applicants must pass to gain the Chartered Risk Manager Professional status and inclusion in the Register of The Global Academy of Finance and Management ® Certified / Chartered Professional.
Individuals with several years of experience in risk management are encouraged to acquire this certification.

• Language: English
• Publisher: Lulu.com
• Release date: Feb 20, 2020
• ISBN: 9781678147853

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INTRODUCTION

The Chartered Risk Manager Professional ™ (ChRMP) credential is a professional certification that demonstrates the attainment of a defined level of technical knowledge in enterprise risk management, professional practice, and ethical behavior. It forms the basis of the assessment that applicants must pass to gain the Chartered Risk Manager Professional status and inclusion in the Register of The Global Academy of Finance and Management ® Certified / Chartered Professional. Individuals with several years of experience in risk management are encouraged to acquire this certification.

This book is the ultimate reference for the Chartered Risk Manager Professional online examination that is administered by the GAFM Academy Digital Certification services. Stand out above the rest with the world-class Chartered Risk Manager Professional certification and get noticed by top recruiters. 

Introduce yourself with this exclusive membership card during networking, business events, conference, anywhere. Membership has its privileges.

Benefits of becoming a Chartered Risk Manager Professional

Personal recognition from your peers in enterprise risk management profession.

Enhanced CV to stand out in the job market.

Get noticed by top recruiters.

A framework for the development of your career.

International recognition.

Assurance for clients of high standards and ethical practice.

Use of the post nominal ChRMP or Chartered Risk Manager Professional ™

Increased understanding, helping you to work more effectively.

A Chartered Risk Manager Professional is an experienced risk consultant who has earned the accredited gold-standard Chartered Risk Management credential from The Global Academy of Finance and Management ®.  This credential is offered to the individual with several years of experience in enterprise risk management. The Chartered Risk Manager Professional ™ certification program is designed to deliver a deep, practical understanding of enterprise risk management framework, processes and measurement methodologies for successful execution and implementation of risk management processes.  Successful candidates will be conferred with the Chartered Risk Manager Professional credential.

Chartered Risk Manager Professional Responsibilities

Provide a methodology to identify and analyze the financial impact of loss to the organization as a result of inefficient enterprise risk management.

Examine the use of realistic and cost-effective method to identify project risk.

Identify and prioritize risk in a project

Capture risks and record them in a project risk register

Allocate budgets for liabilities and contingencies.

Monitor and control risks

Provides risk management reporting to project sponsor and senior management.

Risk is an Important Function of Project Management

Risk management is basically an approach in which we explore identify, analyze and mitigate the risks that can affect our project. Risk management is an important part of project management which if done efficiently leads to the success of your project. Risk management is an action plan that consists of various steps which are done to ensure the removal of risk. If you are dealing with uncontrollable risk then you may set such an action plan that can minimize the effect of these risks as you cannot fully get rid of such risks.

Risk management is done by risk managers who are well aware of all the risks associated with any particular business or project and different ways to mitigate them. As this is the age of multitasking so, various organizations also expect project managers to be risk managers as well. In fact, large numbers of project management institutions are offering risk management courses for the project managers. The courses not only help you to know the types and nature of project risks but also various techniques used to deal with these risks. The risk mitigation technique to be used depends on nature of project risk faced by your team so you must be very careful in developing an action plan for fighting against risks.

Risk management is an essence of project management. It increases the chances of your success up to a great extent. Following are some of the benefits of developing and implementing an efficient Risk Management Plan while working on any project.

Helps you to avoid any big disaster

Enhances your revenues by saving your expenses

Provides you mental satisfaction

Ensures the successful completion of project

Gives you competitive edge over others

Increases the sense of responsibility and accountability

Helps you to explore new opportunities

Skills

Chartered Risk Manager Professional should be self-motivated, extremely organized, and have strong communication and project management aptitude. Employers typically seek candidates with a bachelor’s degree, an engineering certification, and the following skills:

Risk Management skills – risk manager need a strong understanding of risk processes and the cost of managing risk in projects

Strategic planning – the primary job of risk manager is determining the best possible risk mitigation plan for a project to get completed on time and within budget

Project management –understanding how to identify and assess risks to ensure project completion within the timeframe and budget allotted 

Teamwork – risk manager interacts effectively with cross-functional team members and external stakeholders at various levels of responsibility

Mathematical skills – high levels of mathematical skills and risk analysis are critical to the performance of this role

Communication skills – Risk Consultants need strong verbal and written skills to provide reports to clients and stakeholders as well as articulate complex risk management plans to team members

Computer skills – risk managers use specialized computer software for project management purposes, and also to produce visual presentations, using bar charts and graphs to explain the impact of risks to key project activities.

Benefits of Enterprise Risk Management

How To Acquire The Chartered Risk Manager Professional Certification?

Chartered Risk Manager Professional (ChRMP) generally needs a bachelor’s degree, or some other related discipline. Employers typically seek a minimum of three years of professional experience in risk management. Candidates with a Chartered Risk Manager Professional™ certification are especially attractive.

Application for Certification:

https://gafm.com.my/application-for-certification/

Everyone in the organization should be encouraged to take responsibility for enterprise risk management in his or her particular areas. The policy, design and framework for enterprise risk management, however, should be driven by the board and managed in the context of an enterprise risk management team. This team would be expected to have representatives at all levels of the organization, including:

board

enterprise risk management committee

enterprise risk management team

business units

functional experts and specialists

line management

key supervisors and staff.

Issues considered here may include those at: board; enterprise risk management committee; enterprise risk management team; and business unit levels.

Enterprise Risk Management Committee

The key functions of a typical enterprise risk management committee are described below:

To maintain the visibility of effective enterprise risk management at the most senior management level

Define and maintain the policy, methodology and standards for enterprise risk management activities

Provide a forum for sharing organizational strategic initiatives in order to ensure that the enterprise risk department is able to support future change in a proactive manner

Provide guidance for management on conducting enterprise risk assessments, on improving the control of enterprise risks and on monitoring enterprise risks on an ongoing basis

Review periodic status reports prepared by the enterprise risk manager that summarize the status of initiatives and important enterprise risk issues. The committee members will also receive ad hoc reports and notification of significant incidents should these arise

Monitor developments in policy, strategy or operations that may have a significant effect on the enterprise risks faced by the organization

Monitor developments in enterprise risk management techniques and consider their relevance for the overall enterprise risk management framework

Assist the enterprise risk department to implement necessary measures across the organization

Enterprise Risk Management Team

The enterprise risk management team is responsible for drafting enterprise risk management policies and strategies and typically has a performance-monitoring role. A core responsibility of the team is that risk management must be made accountable at all levels throughout the organization.

The roles and responsibilities of such a team could include:

being a primary advocate for enterprise risk management at the strategic and enterprise levels of the organization;

providing policy, framework and methodologies to business units to assist in the identification, analysis and management of risk to ensure that business objectives are met more effectively;

developing risk response processes to assist in the identification of the type and level of response required, and to assess the adequacy of these responses;

facilitating, challenging and driving risk management awareness without actually being responsible for risk management at an operations unit level

Reviews for The Chartered Risk Manager Professional

[Sharifah Shawls · Rating: 5 out of 5 stars]

I spent seven days reading the book and took the exam the next day. The result came a week later. I am glad to have taken this path. Content is sufficient for the intended certification. Excellent.