Thursday, March 28, 2013

Rick Management Certification - The Path to an Exciting and Emerging Field


Attaining a risk management certification is an exciting way to launch a new career. The risk management field is experiencing incredible growth, and has become a required area of expertise for high-functioning companies. Receiving a this type of certification can lead to an increased rate of pay and promotion, and a heightened feeling of prestige. It also allows a certified individual to undertake new challenges in high-paying and rewarding industries such as bank finance and strategy consulting.

A risk management certification can be achieved through a number of educational institutions and in a number of different formats. The process includes courses, training, and in-the-field experience. The amount of time required to achieve a risk management certification depends on the chosen institution and the time constraints of the student. The process can cost as little as $300 or as much as a full college degree. Examples of risk certifications are the CRCMP and the CISRCP.

Achieving a risk management certification is a worthwhile endeavor, and can open the door to many new opportunities. It is a professional designation that demonstrates the acquisition of unique skills and can improve the individuals competitiveness in both the internal and external job market. This type of designation can also be used to aid a professional association or charity in analyzing strategy, projects, or fund-raising efforts. Following the recent setbacks in the economy the need for insightful risk analysis has increased, and has spawned new government legislation demanding it. This changing regulation is pervasive across a number of industries and provides an opportunity for motivated individuals with a zeal for risk analysis to become vital players in the new economy. Since the financial crisis in 2008 and the ensuring recession, the need for understanding and controlling risk has been forced to the forefront of business management. During the crisis many firms failed to recognize how compartmentalized risk can interact and form together to create massive consequences. A certified risk professional would have implemented various tools and techniques to prevent firms, and ultimately entire industry sectors, from being overly exposed to structural risk.

A risk management certification provides the individual with the educational and practical foundation required to conduct in-depth risk analysis. This analysis includes interpreting a standard risk template and aiding the management team in developing a company risk policy. This certification also provides more tactical skills such as conducting assessments, developing event responses, and implementing response action plans.

The three most common types of risk management that certified individuals are asked to address are operational, financial, and credit. These fields are constantly expanding and updating, and a certified individual is exposed to these exciting and dynamic changes. By undertaking this designation and all the required educational requirements, the individual can effectively network with risk professionals and associations. This 'inside' connection and communication will aid the newly certified individual in not only recognizing new changes in the risk analysis field, but play an integral role in its development and progress. By supporting a certified risk specialist, an organization can not only demonstrate commitment to their organizational risk philosophy but also maintain a link to an advancing science.

A risk management certification helps the individual fully embrace the role of a risk administrator and develop into an irreplaceable member of the management team. An effective and actionable risk policy allows the senior management of a company to be more confident in their forecasting, estimating and decision-making. Eliminating unforeseen events in their entirety is an act of magic and simply unachievable, but a certified manager can effectively reduce the prospect of these events while also properly preparing the company should these events occur.

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