Top enterprise risk management certifications to consider
Certifications are essential to any career. Here are some enterprise risk management certifications for IT professionals.
Enterprise risk management helps organizations measure and manage circumstances that can lead to IT or business risk.
Enterprise risk comes in many different forms, and it could lead to a disruption that negatively affects a business. Some of the most common risks that ERM can address are financial risks. These come from not having the appropriate level of cash or credit resources to fund operations.
ERM is also concerned with operational risks that can affect the ability of the business to execute its normal activities. Operational risks come in many forms, including technology failures. That failure could be the result of a security threat, a lack of technical skills or not having the appropriate security professionals on staff.
Risk can also be the result of a system failure that is not directly attributed to a security incident. Rather, it could be due to a natural disaster, power outage or other disruption that affects ongoing operations.
ERM aims to provide a framework and expertise to help organizations better prepare for and be aware of the various risks that exist.
What is the value of an ERM certification?
IT certification in general enables a job seeker to stand out. And with the right type of certification, an employee can also earn higher pay. Several of the 15 highest-paying IT certifications of 2021 are in the ERM industry.
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What is risk management and why is it important?
- Which also includes:
- governance, risk management and compliance (GRC)
- risk avoidance
- risk map (risk heat map)
ERM certifications provide third-party validation of an individual's knowledge of understanding and managing risk. Certification is generally the result of passing an examination following a course of study. Certifications help organizations better prepare for and be aware of the various risks that exist.
Validated risk management expertise is often a requirement in financial services industries, where risk is a function of cash flow and the ability of the business to generate returns. Financial ERM expertise is also valuable for those in CFO and accounting roles. And in the IT industry, ERM is a useful skill for IT operations and security management professionals, especially those who are responsible for ensuring regulatory compliance.
While an ERM certification provides a baseline to help validate an individual's knowledge, it is not a substitute for on-the-job expertise. Risk management is often about being able to both plan for unknown incidents and react quickly to limit potential harm. That sort of expertise is rarely gained via certification.
ERM certifications to consider
There are a variety of ERM certifications that individuals and organizations should consider. Often, the key difference surrounding ERM certifications is the focus and area of concentration. There are ERM certifications that are more aligned with financial risk than IT risk, and there are certifications that look at risk across many aspects.
1. Chartered Enterprise Risk Analyst (CERA)
Issuing organization: Society of Actuaries
Who should take this course: Actuaries and those in financial services.
Certification details: There are several courses, modules and exams that individuals need to complete to earn this certification. This includes courses in economics, accounting and finance, mathematical statistics and enterprise risk management.
Website: https://www.soa.org/education/exam-req/edu-cera-req
2. Certified PRM (Professional Risk Manager)
Issuing organization: Professional Risk Manager's International Association (PRMIA)
Who should take this course: Financial services professionals looking to advance knowledge and understanding of risk.
Certification details: To be eligible for this certification, candidates must have a current PRMIA Sustaining or RIM level membership. They must also hold a graduate school degree or be a current CFA (Chartered Financial Analyst) charter holder. Candidates without a graduate degree should have a bachelor's degree with two years of full-time work experience in the financial services industries. Candidates must pass PRM exams within a two-year period with 60% or higher on each exam.
Website: https://www.prmia.org/Public/Public/PRM/Becoming_a_Certified_PRM.aspx
3. Certified Information Systems Risk and Compliance Professional (CISRCP)
Issuing organization: International Association of Risk and Compliance Professionals
Who should take this course: This certification is suited for IT professionals looking to validate their knowledge on IT risk, regulatory compliance and privacy obligations.
Certification details: This program covers U.S. and EU executive orders, directives and regulations such as GDPR, HIPAA and the Gramm-Leach-Bliley Act.
Website: https://www.risk-compliance-association.com/CISRCP_Distance_Learning_and_Certification.htm
4. Certified Cyber (Governance Risk and Compliances) Professional -- CC(GRC)P
Issuing organization: International Association of Risk and Compliance Professionals
Who should take this course: This certification is focused on cybersecurity risk and is suited for those in security compliance and executive management roles, such as a CISO.
Certification details: This program is designed to validate knowledge in cyber-risk and compliance management. Topics include the deep web, dark web and cyberespionage. Participants will also learn who the cyber attackers are.
Website: https://www.risk-compliance-association.com/CC_GRC_P_Distance_Learning_and_Certification.htm
5. Certified in Risk and Information Systems Control (CRISC)
Issuing organization: Information Systems Audit and Control Association
Who should take this course: This is a good option for mid-career IT audit, risk and security professionals looking to grow in a cyber-risk role.
Certification details: This certification validates an individual's ability to identify and manage enterprise IT risk with the appropriate technology and controls. Topics include governance, IT risk assessment, risk response and reporting, and IT and security.
Website: https://www.isaca.org/credentialing/crisc
6. CISSP: Certified Information Systems Security Professional
Issuing organization: International Information System Security Certification Consortium
Who should take this course: This is a security-focused certification and isn't just about ERM. This certification is ideal for the IT professional who wants to demonstrate a broad understanding of cybersecurity concerns, including IT security risk.
Certification details: To qualify for this certification, candidates must have at least five cumulative years of work experience in two or more areas of the CISSP Common Body of Knowledge. Candidates without the required experience may become an associate after passing the exam. They then have six years to earn the required experience for the certification.
