There are many jobs available now that our grandparents and great-grandparents never imagined, let alone heard of or thought about training for. Information Technology is one such area that has come about in recent decades. Other occupations that have developed relatively recently include elder care, sustainability experts and risk managers. This blog focuses on risk management as a career, and the education one needs to earn the Canadian Risk Management (CRM) designation.
What is Risk Management?
Risk management is the process of identifying, assessing, monitoring and limiting the risks that can affect a business, and planning for the outcomes of those risks. In the face of increasing risks, both existing and potential, qualified risk managers have never been more in demand.
While looking at risks and considering possible solutions was something senior managers and executives have done over the years, it’s only in the recent decades that this role has evolved into a career of its own with its specific designation. The CRM is recognized by the Risk and Insurance Management Society (RIMS) and awarded by the Global Risk Management Institute. RIMS is a Canadian not-for-profit organization representing a wide range of organizations in their work to educate, advocate and engage for the risk management community.
Why Earn a Canadian Risk Management Designation?
Obtaining the designation is a great idea for those who want to work in the risk management field. The designation will enable you to become competitive in the job market and prove your commitment to the industry and your career. After you earn your CRM designation, you will be listed on the RIMS CRM directory of professionals.
Steps to Obtaining a CRM Designation
To earn the CRM designation, candidates must complete three foundational courses, including the Foundations of Risk Management or Risk Management Principles and Practices; Risk Control or Risk Assessment and Treatment; and Risk Financing. Then, applicants can take their three corresponding CRM exams through a Canadian Risk Management Exam centre. RIMS members receive an exam fee discount when they register for exams.
Upon completion of the courses, find the Canadian Risk Management Exam booking information to register for exams at a Canadian Risk Management Exam centre. Canadian Risk Management Exam booking is based upon the availability of four testing windows at Prometric Test Centres – the only testing organization that administers the CRM exams.
Potential CRM designation candidates must achieve a minimum of 70% on each of the three exams they take to pass. Once these results are in, the candidate can then mail an official copy of their grade report to the Global Risk Management Institute and pay the registration fee through the RIMS website. It takes about six weeks for CRM certificate processing.
As part of the designation, GRMI also issues the CRM credential digital badge that can be posted and shared.
Format of the CRM Exams
Exams are held during four testing windows: January 15 to March 15, April 15 to June 15, July 15 to September 15 and October 15 to December 15 each year. Once an exam window is selected, it can be changed up to five business days or more before the exam date through the Canadian Risk Management Exam booking tool online. The fee to change the exam window is $50 USD.
There is no fee to reschedule or cancel an exam appointment 13 or more business days before your scheduled test date. Rescheduling appointments between 3 and 12 business days before your scheduled test date will result in a Prometric $50 rescheduling fee. If you cancel or reschedule an exam appointment fewer than 3 business days before your scheduled test date, fail to appear for a scheduled test, or appear more than 15 minutes late for an exam appointment, you will forfeit your entire exam registration fee.
Each of the CRM exams is two-hours long and includes 70 multiple choice questions. There are optional appointments for pre-exam tutorials and brief post-exam surveys that are in addition to each of the two-hour exam lengths.
Canadian Risk Management Exam centres (Promteric) are quite strict about what can be taken into a testing room. For example, no dictionaries, study materials, food, drink, cell phones, digital watches, hats, or wallets are permitted. Additionally, the test centre requires those writing the exam to bring their valid government-issued ID that matches the name on the Prometric confirmation notice.
Financial calculators are not required for the exam, but solar or battery-powered calculators that don’t have alphabetic keys or tape feeds are permitted. No other electronic devices are allowed for use as a calculator.