Chartered Risk Governance and Compliance Officer

By Dr. Zulk Shamsuddin

Risk governance refers to the institutions, rules conventions, processes and mechanisms by which decisions about risks are taken and implemented. It can be both normative and positive because it analyses and formulates risk management strategies to avoid and/or reduce the human and economic costs caused by disasters.
The Chartered Risk Governance and Compliance Officer ™ (CRGCO) certification is for individuals with skills and experience in governance and compliance, corporate governance, regulatory compliance, project risk, operational risk, risk management, and cybersecurity risk.
It forms the basis of the assessment that applicants must pass to gain the Chartered Risk Governance and Compliance Officer recognition and inclusion in the Register of The GAFM Academy of Finance and Management ® Directory of Certified Professionals.
Stand out above the rest with the exclusive Chartered Risk Governance and Compliance Officer certification.

• Language: English
• Publisher: Lulu.com
• Release date: Nov 10, 2022
• ISBN: 9781387488513

Book preview

Copyright © 2020 Zulk Shamsuddin, PhD / GAFM ACADEMY

All rights reserved.

ISBN: 9781387488513

INTRODUCTION

Risk governance refers to the institutions, rules conventions, processes and mechanisms by which decisions about risks are taken and implemented. It can be both normative and positive because it analyses and formulates risk management strategies to avoid and/or reduce the human and economic costs caused by disasters.

The Chartered Risk Governance and Compliance Officer ™ (CRGCO) certification is for individuals with skills and experience in governance and compliance, corporate governance, regulatory compliance, project risk, operational risk, risk management, and cybersecurity risk.

It forms the basis of the assessment that applicants must pass to gain the Chartered Risk Governance and Compliance Officer recognition and inclusion in the Register of The GAFM Academy of Finance and Management ® Directory of Certified Professionals.

Stand out above the rest with the exclusive Chartered Risk Governance and Compliance Officer certification.

Introduce yourself with this exclusive certification card during networking, business events, conferences, and anywhere.

Certification has its privileges

Benefits of becoming a Chartered Risk Governance and Compliance Officer

Personal recognition from your peers

Enhanced CV to stand out in the job market.

A framework for the development of your career.

International recognition.

Assurance for clients of high standards and ethical practice.

Use of the post-nominal CRGCO or Chartered Risk Governance and Compliance Officer ™

Increased understanding, helping you to work more effectively.

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. Certification differs from a license, which permits you to work in a certain profession and is usually issued by the government or regulatory agencies.

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 methods 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, and assess the impact of risk on project budgets.

Provides risk management reporting to project sponsor and senior management.

Skills

Chartered Risk Governance 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, an engineering certification, and the following skills:

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

Strategic planning – 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 –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 – 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 – specialized computer software for project management purposes, and also to produce visual presentations, using bar charts and graphs to explain the impact of risks on key project activities.

Benefits of becoming a Certified / Chartered Professional

Certification provides tangible evidence that an individual has excelled in their specialized field of expertise.

Certification demonstrates the attainment of a body of knowledge within a specialized area staying current on new technological innovations.

Certification demonstrates a strong commitment to professionalism through its ethics and continuing professional development requirements.

Certification allows individuals to maintain significant input into the advanced credentialing process.

Certification provides clients with an assurance that they are engaging highly qualified and certified professionals on their projects.

CERTIFICATION

This certification program addresses the following skills and competencies to qualify for the Chartered Risk Governance and Compliance Officer certification.

Corporate Governance

Regulatory Compliance

Governance and Compliance

Project Risk

Operational Risk

Risk Management

Governance comprises all of the processes of governing whether undertaken by the government of a state, by a market, or by a network over a social system and whether through the laws, norms, power, or language of an organized society. It relates to the processes of interaction and decision-making among the actors involved in a collective problem that leads to the creation, reinforcement, or reproduction of social norms and institutions. In lay terms, it could be described as the political processes that exist in and between formal institutions.

A variety of entities known generically as governing bodies can govern. The most formal is a government, a body whose sole responsibility and authority is to make binding decisions in a given geopolitical system such as a state by establishing laws. Other types of governing include an organization such as a corporation recognized as a legal entity by a government, a socio-political group, or another informal group of people. In business and outsourcing relationships, Governance Frameworks are built into relational contracts that foster long-term collaboration and innovation.

Governance is the way rules, norms, and actions are structured, sustained, regulated and held accountable. The degree of formality depends on the internal rules of a given organization and, externally, on its business partners. As such, governance may take many forms, driven by many different motivations and with many different results. For instance, a government may operate as a democracy where citizens vote on who should govern and the public good is the goal, while a non-profit organization or a corporation may be governed by a small board of directors and pursue more specific aims.

Corporate Governance

Corporate governance consists of the set of processes, customs, policies, laws and institutions affecting the way people direct, administer or control a corporation. Corporate governance also includes the relationships among the many players involved (the stakeholders) and the corporate goals. The principal players include the shareholders, management, and the board of directors. Other stakeholders include employees, suppliers, customers, banks and other lenders, regulators, the environment and the community at large.

Project Governance

Project governance is the management framework within which project decisions are made. Its role is to provide a repeatable and robust system through which an organization can manage its capital investments project governance handles tasks such as outlining the relationships between all groups involved and describing the flow of information to all stakeholders.

Data Governance

Data governance is a data management concept concerning the capability that enables an organization to ensure that high data quality exists throughout the complete lifecycle of the data, and data controls are implemented that support business objectives. The key focus areas of data governance include availability, usability, consistency, data integrity and data security and includes establishing processes to ensure effective data management throughout the enterprise such as accountability for the adverse effects of poor data quality and ensuring that the data which an enterprise has can be used by the entire organization. Data governance encompasses the people, processes, and information technology required to create a consistent and proper handling of an organization's data across the business enterprise. It provides all data management practices with the necessary foundation, strategy, and structure needed to ensure that data is managed as an asset and transformed into meaningful information. Goals may be defined at all levels of the enterprise and doing so may aid in acceptance of processes by those who will use them.

Data governance initiatives improve quality of data by assigning a team responsible for data's accuracy, completeness, consistency, timeliness, validity, and uniqueness. This team usually consists of executive leadership, project management, line-of-business managers, and data stewards. The team usually employs some form of methodology for tracking and improving enterprise data, such as Six Sigma, and tools for data mapping, profiling, cleansing, and monitoring data.

Data governance initiatives may be aimed at achieving a number of objectives including offering better visibility to internal and external customers such as supply chain management, compliance with regulatory law, improving operations after rapid company growth or corporate mergers, or to aid the efficiency of enterprise knowledge workers by reducing confusion and error and increasing their scope of knowledge. Many data governance initiatives are also inspired by past attempts to fix information quality at the departmental level, leading to incongruent and redundant data quality processes. Most large companies have many applications and databases that can't easily share information.

Risk Communication and Stakeholder Involvement

Risk communication is a vital and ongoing part of effective risk governance. It is a cross-cutting function at the center of the risk governance framework. It is the continuous process of sharing or exchanging risk-related information, data and knowledge among the diverse groups involved in risk governance, such as scientists, policymakers, regulators, industry,

consumers and the general public. Internally, risk communication develops a common understanding among risk assessors and managers of their tasks and responsibilities. As part of stakeholder involvement, risk communication allows stakeholders to receive important information in a timely manner. It also allows stakeholders to make informed contributions to the risk governance process by creating a deliberate two-way dialogue, which gives stakeholders a voice. Once a risk management decision has been made, the role of communication is to explain the rationale for a said policy decision to stakeholders. Without risk communication, there cannot truly be any successful stakeholder involvement.

Reviews for Chartered Risk Governance and Compliance Officer

[Richard Forest · Rating: 5 out of 5 stars]

I love the content. Clear and concise. These are well-balanced skills and competencies for risk governance professionals.