The Professional Risk Manager’s International Association, or PRMIA for short, is a nonprofit organization that focuses on creating solutions for risk management. First starting out as a volunteer group in 2002, PRMIA Certification grew to become a worldwide organization, with over 88,000 registered members and represented by 60 different groups in 210 countries all over the world.
It seeks to be a leader in the profession of risk management, to drive the integration of practice and theory, connect all those interested in the field of risk management and certify professional risk managers, having them be recognized all over the world. As part of their mission, PRMIA has established their own certifications, to serve as proof of the professional’s skills and knowledge in risk management. PRMIA has two certifications: Professional Risk Manager, or PRM, and Associate Professional Risk Manager, or Associate PRM.
Professional Risk Manager
The PRM certification is the proof that professional risk managers have that certifies their skills and knowledge in the field. These certified risk managers are the ones who have met the highest possible standard of professionalism, integrity and practices with risk management. This certification is in fact recognized as a worldwide standard that all risk managers should meet so that they can become recognized experts in the field.
To become a certified PRM, the candidate must pass the following 4 exams:
EXAM I: Finance Theory, Financial Instruments and Markets
EXAM II: Mathematical Foundations of Risk Management
EXAM III: Risk Management Practices
EXAM IV: Case Studies, PRMIA Standards of Best Practice, Conduct and Ethics, Bylaws.
Associate Professional Risk Manager
The Associate PRM certification is designed for those who wish to enter the profession of risk management, as well as for those who constantly work with the disciplines of risk management. Unlike the PRM certification, this certification is less focused on the mathematical and theoretical aspects, and instead focuses on the core concepts that allow non-specialists to interpret risk management information and reports, formulate critical assessments based on these reports and evaluate the possible implications and the limitations of such results.
Though this certification is not a direct requirement for the Professional Risk Manager exam, successfully completing this certification will not only earn the Associate PRM certificate, but also exempt the candidate from the PRM’s EXAM IV, effectively requiring the candidate to only pass 8002 Exam I to III to receive the PRM certificate.
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