Certified Risk and Compliance Professional

By Dr. Zulk Shamsuddin

The Certified Risk and Compliance Professional ™ (CRCP) is a world-class skills certification that demonstrates the attainment of a defined level of knowledge and experience in ensuring that a company complies with its outside regulatory and legal requirements including internal policies and bylaws and the possible risk for non-compliance.
It forms the basis of the assessment that applicants must pass to gain the Certified Risk and Compliance Professional status and inclusion in the Register of The Global Academy of Finance and Management® Directory of Certified Professionals. This book shall assist candidates to sit for the Certified Risk and Compliance Professional online examination.
Stand out above the rest with the accredited Certified Risk and Compliance Professional certification and get noticed by top recruiters.

• Language: English
• Publisher: Lulu.com
• Release date: Aug 4, 2022
• ISBN: 9781458307774

Book preview

Copyright © 2020 Zulk Shamsuddin, PhD / GAFM ACADEMY

All rights reserved.

ISBN: 9781458307774

INTRODUCTION

The Certified Risk and Compliance Professional ™ (CRCP) is a world-class skills certification that demonstrates the attainment of a defined level of knowledge and experience in ensuring that a company complies with its outside regulatory and legal requirements including internal policies and bylaws and the possible risk for non-compliance.

It forms the basis of the assessment that applicants must pass to gain the Certified Risk and Compliance Professional status and inclusion in the Register of The Global Academy of Finance and Management® Directory of Certified Professionals. This book shall assist candidates to sit for the Certified Risk and Compliance Professional online examination.

Stand out above the rest with the accredited Certified Risk and Compliance Professional certification and get noticed by top recruiters.

Benefits of becoming a Certified Risk and Compliance Professional

Personal and International recognition. An ISO-standard certification.

Enhanced your CV and get noticed by top recruiters.

The best platform for the development of your professional career.

Assurance for clients of high standards and ethical practice.

Use of the post-nominal CRCP or Certified Risk and Compliance Professional.

Increased understanding, helping you to work more effectively.

Use the elegant certification card during networking or social events.

Importance of Certification

Certificates and certifications, the names for these credentials sound confusingly similar. But there are important differences. Here’s what you need to know about these resume-enhancing options and how they might advance your career.

What is a Certificate?

Earning a certificate is about education. Certificates are academic credentials awarded by colleges, universities or other educational institutions. Students in certificate programs learn new knowledge in a specific subject or discipline and earn a certificate by successfully completing the coursework. An ideal student for a certificate program is someone who is willing to go through the experience of growing their own skillset, being real about what they want to learn, and working with others, says Jennifer Diamond, an instructor for the UW Certificate in Project Management. Many certificate programs have few, if any, admission requirements, making them an excellent option if you want to move forward in your career. The programs are usually noncredit and take less time to complete than a degree. Certificates are commonly listed on resumes as education, and some meet education requirements for first-time or renewed certifications.

What is a Certification?

When you have the professional knowledge you need, a certification allows you to prove it.  Certifications indicate mastery of skills or standards. Professional certifications are granted by industry groups or career-related organizations. These groups assess your qualifications, usually through an exam or application process. Many certifications include the privilege to use a related designation following your professional title. A certification differs from a license, which permits you to work in a certain profession and is usually issued by the government or regulatory agencies.

Benefits of Certification

Certification helps in learning new technologies, skills, and abilities for a specific promotion. Earning a new certification or an advanced certification in a particular area of expertise can help in advancing your career.

Professional certification shows consumers and potential employers that you are committed to your profession and are well-trained. It gives them confidence in your abilities and knowledge. Certification makes you more valuable to employers, so you can expect to earn more than someone without certification.

Certifications can give you the chance to learn needed skills, and be a quick way to show employers you have those skills. On the other hand, certifications can require studying or coursework, and cost up to several hundred dollars to take.

There are nine chapters to prepare a candidate to sit for the CRCP examination.  The first six represent the pillars of the risk and compliance processes and the remaining chapters are topics related to risk management.

Chapter 1: Establish Risk and Compliance Strategy

Chapter 2: Risk Identification

Chapter 3: Risk Assessment

Chapter 4: Risk Response Strategy

Chapter 5: Monitor and Control Risk

Chapter 6: Develop Risk and Compliance Plan

Chapter 7: Reference: Risks in Projects

Chapter 8: Reference: Operational Risk

Chapter 9: Reference: Risk Governance and Compliance

The process Establish Risk and Compliance Strategy is the first process out of the six processes associated with managing risk and compliance.

In this process, the following topics will be discussed:

Role and Responsibilities

Importance of risk management and compliance in projects

Governance structure and stakeholder responsibilities

Role of compliance in risk governance

Define risk management and compliance strategies

Roles and Responsibilities

As a risk and compliance officer, it is imperative to know what your roles and responsibilities are. A risk compliance officer ensures that the organization conducts its business processes in compliance with laws and regulations, professional standards, international standards, and accepted business practices.  These professionals perform audits at regular intervals and execute design control systems, advising the management on possible risks that might occur, and organization policies.

The major task of a compliance officer is to uphold the ethical integrity of the organization and also ensure that business activities are conducted using a regulatory framework. These professionals carry out the risk management process by thorough planning of business and implementing the policies within the organization.

Risk compliance officers are considered to be a vital component of corporate governance. They are also responsible to determine how an organization could be handled and governed. These responsibilities include maintaining good rapport between the stakeholders and adhering to the objectives set by the organization.

The roles and responsibilities of a compliance officers vary depending upon the industry, but typical responsibilities are compiled below:

They are accountable for ensuring all the essential guidelines are put in proper place accurately adhering to industry rules and regulations

They conduct internal audits and reviews at regular intervals to ensure that compliance procedures are regularly followed

They conduct environmental audits adhering to environmental standards

The compliance risk manager role involves the safety of employees and businesses as well. It’s their part of duty to ensure all the tasks are done with higher accuracy. This job role is apt for the individual who gives attention to all the minute details within the organization.

They have to ensure that all the employees are thoroughly updated about the organization’s policies, regulations, and processes

Resolve employee issues about the legal risk compliances

They should advise the management regarding the implementation of compliance programs

They must adhere to the training and supervising the staff that needs attention to rules and regulations

Revise rules, reports, and procedures at regular intervals to recognize the risks

Skills for Risk Management and Compliance Officer

Risk Management and Compliance officers should be self-motivated, extremely organized, and have strong communication and project management aptitude.

Employers typically seek candidates with a bachelor’s degree, and the following skills:

Communication skills - Irrespective of domain and job role having excellent written and verbal communication skills are indeed very much essential.  Similarly, the risk compliance manager should be capable to communicate with level employees.

Risk assessment capabilities - The major steps involved in risk management are identification, analysis, planning, monitoring, reporting, and controlling risks. Hence, the risk compliance manager should thoroughly these steps and should be able to implement them accordingly.  In order to assess risks and interpret them properly, having fundamental knowledge about rules and regulations must be defined clearly.

Attention to detail - Most of the rules, regulations, and policies within the organization need detailed analysis. It’s essential to pay attention to all the minute details.

Thorough knowledge about vulnerability - Risk Management and Compliance officers should have comprehensive knowledge about security policies such as ISO standards, control, and abuse policies, regulations, monitoring, evaluation, review, and report associated with auditing.

Business knowledge - Having an in-depth knowledge of business

Reviews for Certified Risk and Compliance Professional

[Cathy Scott · Rating: 5 out of 5 stars]

Excellent. I am now with a large commercial bank, 3 months after getting the CRCP-certified status. Many thanks to the author of this excellent book, and to GAFM Academy for the distinguished certification. Highly recommended for risk and compliance managers with an interest in risk management.

[Nicole Anderson · Rating: 5 out of 5 stars]

The six areas of skills and competencies are relevant for this certification. Book contents are sufficient for reference and for writing the exam. Highly recommended.