If you are a professional in the information technology industry and you want to take your career to another level, you should consider becoming an Information System Risk & Compliance Professional.

The demand for specialists in this area is increasing rapidly and there are now several job opportunities. In order to earn income as an Information System Risk & Compliance Professional, you need to have at least five years experience then you need to obtain the certification.

• The CISRCP course
• How do you Become a Certified Risk Professional?
• Which Risk Management Certification is Best?
• Which Certification is Best for Cyber Security?
• What is Risk Management Professional?
• How to Become a Risk Manager?
• Risk and Compliance Professional (RCP)
• Certified Regulatory and Compliance Professional (CRCP)
• Certified Compliance Professional (CCP)

The CISRCP course

The Certified Information Systems Risk and Compliance Professional (CISRCP) certificate is globally recognized and will enable you to get well-paid jobs in many countries. It is designed to provide professionals in this field with the knowledge that they need to support enterprise wide risk management, regulatory compliance and also to encourage best practices so that the operations of the company will be in line with international standards.

Read Also: How to Become an Expert in Cyber Security

You should be ready to do a lot of studying because this exam has an exhaustive curriculum.

Target participants

This course is targeted at professionals in IT and Information Security departments who want to start working as risk and compliance personnel. It is also recommended for IT directors or managers who require an understanding of compliance as well as risk management in their business. This course will enable these senior executives to demonstrate a sound knowledge in the area of risk and compliance.

Course content

The following are some of the essential topics that are covered in the CISRCP course.

• -Regulatory Compliance and Risk Management: This includes definitions, responsibilities, roles, a description of the international landscape as well as the interaction between regulations, laws and professional standards. The benefits of a complete compliance program and the difference between regulatory obligation and best practices will also be explained.
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• -Policies, Workplace Ethics, Risk and Compliance: This includes the procedures, policies, code of conduct, information security, handling confidential information, conflicts of interest and the use of organizational property. Participants will also learn how to deal fairly with competitors, customers and vendors. They will also learn how to report ethical issues.
• – Governance, Risk and Compliance: This includes definitions, need for Internal Controls, approaches to risk assessment, and an understanding of how to identify, reduce and effectively control risks. Participants will also learn the effective approaches to risk assessment, business risk and compliance, Information Security and how to integrate risk management into corporate governance.

Find the right CISRCP training

It is important to obtain your training at an accredited school that has experienced instructors. The best instructors are those that have a good understanding of security issues and risk compliance. They should also have the CISRCP certificate as well as other IT certifications.

You also have to get the right CISRCP study materials. You have to cover a lot of material before the exam so it is vital to find study material that you can read conveniently. Mock tests should also be part of your preparations for the exam. This will enable you to know what to expect in the real examination. Once you obtain your certification you can start earning your income as an Information System Risk & Compliance Professional.

How do you Become a Certified Risk Professional?

In order to become a Certified Risk Manager (CRM) with OCRM for example, it is necessary to fulfil the requirements set out in our Certification Scheme. CRM membership is our professional-level membership package, demonstrating that you have a higher standard of both training and knowledge in key risk management subject areas.

Practical experience to an appropriate level is also mandatory. By seeking and receiving certification, you reinforce your commitment to continuous self-improvement and the pursuit of the highest-quality risk management competencies.

Certified Risk Manager (CRM) Membership Benefits

Professionals with certified membership earn the right to use the ‘CRM’ designation after their names, along with the title of ‘Certified Risk Manager’. This distinguishing characteristic allows professionals at all levels to both stand out as outstanding risk experts and become more attractive prospects for clients, customers and peers alike.

When seeking employment or career advancement, this is exactly the kind of certification that can give you a huge advantage over the competition.

Certified membership demonstrates your:

• Higher-level understanding of risk management
• Advanced risk management knowledge and competences
• Practical experience in the field
• Commitment to continuous self-improvement
• Adherence to strict codes of practice and working standards

Becoming a Certified Risk Manager (CRM)

There are four available options for those looking to obtain certified memberships and its extensive career benefits. Certification demonstrated advanced knowledge, experience and qualification as a risk management professional.

Option 1

OCRM Advanced Diploma in Risk Management

Our highest-level qualification providing the gold standard in education and preparation for a career in risk management, the ORCM Advanced Diploma in Risk Management is a must for ambitious candidates.

This course is set at around the same level as a high-quality postgraduate course, meaning a great deal of time, effort and commitments are required to succeed.

Nevertheless, the investment is more than outweighed by the extraordinary rewards. The content of the course is the work of advanced academics and industry leaders from all over the world, offering invaluable insights into the risk profession from both practical and theoretical standpoints.

Option 2

An Equivalent Recognised Qualification

If you have already studied for a similarly-advanced qualification either at university or while working as in a risk management capacity, you may qualify for certified membership with OCRM. Depending on the type and level of qualification you already hold, you may be entitled to skip one or any number of the essential modules within our Advanced Diploma.

It is also possible to qualify for non-standard exemptions, which are awarded in the instances of professional or academic qualifications or achievement you believe match the requirements set out.

Option 3

Prior Learning Assessment

We understand that it is perfectly possible to learn a great deal about professional risk management, without necessarily having to study for formal qualifications. As such, OCRM also offers a prior learning assessment service, which enables us to give additional credit and consideration to those who have reached higher levels of competency and expanded their knowledge through non-academic pursuits.

Which Risk Management Certification is Best?

Let’s find out from these risk management certifications as to which certification or education is best.

1. Chartered Enterprise Risk Analyst® (CERA)

A CERA professional is a person who offers a 360-degree view of risks. The person blends both qualitative and quantitative aptitudes to analyse risks and takes integral actions.

The CERA credential is offered by the Society of Actuaries (SOA) and over the past decades, the portfolio of a CERA professional has evolved from helping clients to understand risks to actively working with organisations’ risk management policies.

CERA professionals work in high-risk competitive business environments to offer a holistic understanding of the risk profile. Such professionals have strong ERM knowledge, ethics and leadership skills to don multiple roles in the organisation.

In the CERA course, the person learns;

• Qualitative aptitude
• Quantitative aptitude
• ERM – practical and theoretical
• Understanding the actuarial approach to risk
• General risk management

A maximum of 4 years period is there to complete CERA.

CERA Eligibility

Unlike other finance certifications, CERA is a little less strict. People with degrees in Finance, Mathematics, Economics and Business have higher chances of clearing CERA.

There are certain skills required:

• Keen business sense and knowledge of Economics, Finance and Accounting
• Good written and oral communication skills
• Familiarity with spreadsheets, word processing, databases and programmed statistics
• Problem-solving and analytical skills

CERA can be pursued on-the-job and with a dedicated focus, CERA can be attainted with self-study too.

Why Pursue CERA?

Every risk management course has its benefits. Employers hire CERA professionals to receive comprehensive outlook towards enterprise risk management.

It helps them to strengthen internal ERM programs and enhance the output of human capital.

Sometimes CERA professionals are instrumental behind setting up ERM programs and the company benefits in the form of strong financial assessment skills.

If we talk about the risk management professional ecosystem as a whole, a CERA on-board helps the company to maintain strong financial control and reporting.

They are able to identify and assess security issues, identify business volatility and undertake rectifying measures. CERAs help companies to maintain global competitiveness.

There isn’t much clear data on what CERA professionals earn but going by the statistics available on SimplyHired.com which pins the average salary as 89,000 USD in the US, with Illinois and Chicago being popular cities.

According to Payscale.com, the average pay package is 185,250 USD with 80% of CERA certification holding possessing 1-9 years of experience and 20% with 20+ years of experience.

2. Certified Risk Manager (CRM)

The National Alliance for Insurance Education and Research grants the CRM status to qualified individuals. An individual with CRM certification is equipped to handle risks and exposures.

It makes the person aware of operational risks (identifying, controlling and administering), catastrophic exposures, political risks, fiduciary exposures, legal risks and others.

The job of the CRM/ Certified Risk Management Professional is to realise the occurrence of such risks and protect the company against it.

CRM Eligibility

Active risk managers are eligible to join the CRM certification course.

Anyone else associated with the risk management professional industry such as insurance professionals, legal experts, accountants and loss control professionals can join too.

An individual whose current career can benefit from CRM certification is encouraged to apply.

There are 5 CRM courses and each of the courses has to be cleared to achieve the CRM designation.

1. Principles of Risk Management – testing the overall knowledge of the participant about risk management.
2. Analysis of Risk – is about analysing and measuring risk, along with possible loss of data.
3. Control of Risk – is about managing risks with crisis management policies, safety proficiency, dispute resolution and Employment Practices Liability
4. Financing of Risk – is about finding various financing options to ensure minimisation of operational losses.
5. The practice of Risk Management – is about strategizing and implementing the risk management professional process within the organisation.

Mastering all of the above CRM courses makes the individual a qualified professional to handle risks.

Each of the 5 courses is separate yet they sync to give the person a complete understanding of the risk management business. They are rigorous in nature and as such, only if the person has 2-3 years’ experience in the risk management field is urged to apply.

The course can be pursued through classroom training, online training and in-house training.

The average salary of a Certified Risk Manager is 63,000 USD, according to SimplyHired.com. But, if the designation of a ‘Risk Manager’ is considered in general, the salary packages vary between 80,000 USD – 111,000 USD (source).

Why Pursue CRM?

Once a person becomes CRM certified, the designation changes to “Planners, Protectors and Guardians” of a company. It’s a professional stamp enabling the person to manage risk exposure and hazards, and equipping the professional to conform to excruciatingly demanding performance heights.

With an in-depth knowledge of priorities defining today’s companies, the CRM certification gives skills to become a proactive value addition to the organisation. The new industry knowledge and practical skills are instantly implementable.

The professional comes across cutting-edge information and new ideas beneficial for the company.

The certification improves career and earning potential by leaps and bounds. Even though there is stiff market competition, there is strengthened job security.

All these benefits make the CRM certified professional an asset to the company, which in turn, works towards improving the reputation and profitability of the company.

3. Financial Risk Manager (FRM)

The Global Association of Risk Professionals (GARP) grants the FRM certification to candidates on becoming specialists in financial risk management.

The professionals handle market risks (liquidity risks, credit risks) and event non-market financial risks. The first FRM designation was given in 1997 and presently, FRM professionals belong from Asia, Europe and USA.

The elite GARP network is 30,000 members strong.

FRM Eligibility

The exam measures the ability of an individual to recognise, analyse and manage risks. This is a paper-based exam, which happens on the third Saturday of May and November every year, in a single sitting.

There are multiple-choice questions and the format is practical-oriented. The professional needs to devote at least 150 hours on each paper to clear the exam.

The Part I exam consists testing of core areas of risk management such as financial markets, risk modelling and quantitative analysis.

There are 100 multiple choice questions to be answered over a 4-hour period. The weightage given to each section is as follows. The Part II exam tests the practical implementation of concepts, tests knowledge of market and operation risks.

There are 80 multiple choice questions to be answered over a timeline of 4 hours. The weightage given to each section is as follows. Examinees need at least 46% in Part I and 52% in Part II to get the certification.

Why Pursue FRM?

The certification gives the person a competitive advantage over peers. The world is increasingly becoming risk-centric, thereby increasing the demand for risk professionals, and the certification is a part of this.

As a certified professional, he/she able to distinguish himself/herself from other professionals. For the employer, it translates into seriousness to handling risk management tasks.

According to “Wikipedia: The World’s Largest Banks”, the certified professionals find takers in the top 10 brackets of companies and banks.

The top 10 companies with the highest number of certified working professionals are:

• Industrial and Commercial Bank of China
• Bank of China
• HSBC
• Agricultural Bank of China
• Citigroup
• KPMG
• Deutsche Bank
• Credit Suisse
• UBS
• PwC

The top 10 banks employing the highest number of certified working professionals are:

• ICBC
• China Construction Bank
• Agricultural Bank of China
• Bank of China
• JP Morgan Chase
• Wells Fargo
• HSBC Holdings
• Citigroup
• Bank of America
• Banco Santander

The person works under massive pressure and handles high-value transactions. Joining one of the elite groups of the world is an added incentive.

Leadership skills, high reputation, more opportunities and a distinctive edge over other risk professionals are a given benefit. Every top employer in the world recognises the value of this certification.

In terms of salary, 900,000 INR is the average salary of Risk Manager in India and in the US, it is between 100,000 USD – 250,000 USD.

Take a look at the recommended career path of certified professionals in India.

There are varied career prospects after getting certified such as Analytics Client Consultant, Risk Qualification Manager, Corporate Risk Director, Risk Management Analytics Consultant, Credit Risk Specialists, Operational Risk Analysts, Regulatory Risk Analysts, Enterprise Risk Manager, Risk Quantification Manager and Large Enterprise Commercial Risk Manager.

4. Professional Risk Manager (PRM)

The Professional Risk Managers’ International Association (PRMIA) grants the PRM certification. It’s similar to FRM in many respects.

The choice between either of these courses will depend on exam flexibility, geographical location, career focus and market understanding. The first PRM designation was awarded in 2004 and since then the PRMIA community has evolved magnanimously.

Both the PRM and the FRM are considered as two “definitive risk management” designations of the risk management industry.

PRM Eligibility

PRMIA brought a lot of changes in PRM eligibility in 2014. A professional with Bachelors’ degree needs 2 years of experience whereas, without Bachelors’ degree, 4 years of experience is mandatory.

Moreover, someone with professional designations like CAIA, CFA and CQF doesn’t need any experience. Unlike earlier where exams can be taken “on-demand”, there are fixed exam timelines now.

The passing percentage is 60%. All the questions are multiple-choice questions and a candidate needs to pass all the four exams – PRM I, PRM II, PRM III, PRM IV- in a span of 2 years. PRM I covers three modules – financial markets, financial instruments and finance theory.

This module is devoted to basic financial concepts like Futures, Value of Money, Interest rates, Bonds and so on. There are a total of 36 questions to be answered in 2 hours.

PRM II covers the mathematical foundation and statistical analysis aptitude.

PRM III module is all about risk management practices such as market risk, operational risk, capital adequacy, economic capital and regulatory capital.

Again, there are a total of 36 questions to be answered within 1.5 hours.

PRM IV modules are on case studies and testing the professional’s understanding PRMIA code of ethics, conduct and bylaws.

Why Pursue PRM?

A person pursues PRM most for the same reasons why FRM is pursued. 90% of the syllabus is the same and in terms of future prospects, a person with PRM can go into senior risk analyst, predictive analyst, investment risk manager jobs.

5. Risk and Insurance Management Society Fellow (RIMS Fellow)

The Risk and Insurance Management Society (RIMS) confers the Fellowship to any professional of the risk management industry willing to enhance skills and industry knowledge, along with demonstrating a high ethical behaviour.

The RIMS Fellow gives the professional competitive advantage over other colleagues and places the person in a position of leadership.

Upon completion of the RIMS Fellow, the person can add ‘RF’ next to the name and it works like a ‘stamp of approval’ indicating that the person has adequate tools and skills to manage external, operational and financial risks.

RIMS Fellow Eligibility

There are educational and experience criteria to follow. On the educational side, the person needs to complete at least 3 courses – Risk Financing, Risk Assessment and Risk Control – in college.

On the other hand, a person with Associate in Risk Management (ARM), ALARYS Certificate, Certified Risk Manager (CRM) and Canadian Risk Management (CRM) credentials are automatically eligible for RIMS Fellow application. Lastly, 5 years of industry experience is mandatory.

Surprisingly, for RIMS Fellow, we couldn’t find any salary or pass percentage indication.

Which Certification is Best for Cyber Security?

1. CEH: Certified Ethical Hacker

Hackers are innovators; they constantly find new ways to attack information systems and exploit system vulnerabilities. Savvy businesses proactively protect their information systems by engaging the services and expertise of IT professionals skilled in beating hackers at their own game (often called “white hat hackers” or simply “white hats”).

Such professionals use the very skills and techniques hackers themselves use to identify system vulnerabilities and access points for penetration to prevent hackers’ unwanted access to network and information systems.

The Certified Ethical Hacker (CEH) is an intermediate-level credential offered by the International Council of E-Commerce Consultants (EC-Council). It’s a must-have for IT professionals pursuing careers in ethical hacking, and certifies their competence in the five phases of ethical hacking: reconnaissance, enumeration, gaining access, maintaining access and covering tracks.

CEH credential holders possess skills and knowledge on hacking practices in areas such as footprinting and reconnaissance, scanning networks, enumeration, system hacking, Trojans, worms and viruses, sniffers, denial-of-service attacks, social engineering, session hijacking, hacking web servers, wireless networks and web applications, SQL injection, cryptography, penetration testing, evading IDS, firewalls, and honeypots. CEH V10 provides a greater focus on emerging attack vectors, along with IoT hacking and vulnerability analysis.

To obtain a CEH (ANSI) certification, candidates must pass one exam. A comprehensive five-day CEH training course is recommended, with the exam presented at the course’s conclusion. Candidates may self-study for the exam but must submit documentation of at least two years of work experience in information security with employer verification.

Self-study candidates must also pay an additional $100 application fee. Education may be substituted for experience, but this is evaluated on a case-by-case basis. Candidates who complete any EC-Council-approved training (including iClass platform, academic institutions or through an accredited training center do not need to submit an application prior to attempting the exam.

Because technology in the field of hacking changes almost daily, CEH credential holders are required to obtain 120 continuing education credits for each three-year cycle.

Once a candidate obtains the CEH (ANSI) designation, a logical progression on the EC-Council certification ladder is the Certified Ethical Hacker (Practical) credential. A recent addition to the EC-Council certification portfolio, the CEH (Practical) designation targets the application of CEH skills to real-world security audit challenges and related scenarios.

To obtain the credential, candidates must pass a rigorous six-hour practical examination. Conducted on live virtual machines, candidates have presented 20 scenarios with questions designed to validate a candidate’s ability to perform tasks such as vulnerability analysis, identification of threat vectors, web app and system hacking, OS detection, network scanning, packet sniffing, steganography, virus identification and more. Candidates who pass both the CEH (ANSI) and CEH (Practical) exams earn the CEH (Master) designation.

2. CISM: Certified Information Security Manager

The Certified Information Security Manager (CISM) is a top credential for IT professionals responsible for managing, developing and overseeing information security systems in enterprise-level applications, or for developing best organizational security practices. The CISM credential was introduced to security professionals in 2003 by the Information Systems Audit and Control Association (ISACA).

ISACA’s organizational goals are specifically geared toward IT professionals interested in the highest quality standards with respect to audit, control and security of information systems. The CISM credential targets the needs of IT security professionals with enterprise-level security management responsibilities.

Credential holders possess advanced and proven skills in security risk management, program development and management, governance, and incident management and response.

Holders of the CISM credential, which is designed for experienced security professionals, must agree to ISACA’s code of ethics, pass a comprehensive examination, possess at least five years of security experience (three of which must have been in information security management in three or more of the job practice analysis areas,) comply with the organization’s continuing education policy and submit a written application. Some combinations of education and experience may be substituted for the experience requirement.

The CISM credential is valid for three years, and credential holders must pay an annual maintenance fee of $45 (ISACA members) or $85 (nonmembers.) Credential holders are also required to obtain a minimum of 120 continuing professional education (CPE) credits over the three-year term to maintain the credential. At least 20 CPEs must be earned every year.

3. CompTIA Security+

CompTIA’s Security+ is a well-respected, vendor-neutral security certification. Security+ credential holders are recognized as possessing superior technical skills, broad knowledge and expertise in multiple security-related disciplines.

While Security+ is an entry-level certification, successful candidates should possess at least two years of experience working in network security and should consider first obtaining the Network+ certification.

IT pros who obtain this certification possess expertise in areas such as threat management, cryptography, identity management, security systems, security risk identification and mitigation, network access control, and security infrastructure. The CompTIA Security+ credential is approved by the U.S. Department of Defense to meet Directive 8140/8570.01-M requirements. In addition, the Security+ credential complies with the standards for ISO 17024.

The Security+ credential requires a single exam, currently priced at $339. (Discounts may apply to employees of CompTIA member companies and full-time students.) Training is available but not required.

IT professionals who earned the Security+ certification prior to Jan. 1, 2011, remain certified for life. Those who certify after that date must renew the certification every three years to stay current.

To renew, candidates are required to complete 50 continuing education units (CEUs) or complete the CertMaster CE online course prior to the expiration of the three-year period. CEUs can be obtained by engaging in a variety of activities, such as teaching, blogging, publishing articles or white papers, and participating in professional conferences and similar activities.

4. CISSP: Certified Information Systems Security Professional

The Certified Information Systems Security Professional (CISSP) is an advanced-level certification for IT pros serious about careers in information security. Offered by the International Information Systems Security Certification Consortium, known as (ISC)2 (pronounced “ISC squared”), this vendor-neutral credential is recognized worldwide for its standards of excellence.

CISSP credential holders are decision-makers who possess expert knowledge and technical skills necessary to develop, guide and manage security standards, policies and procedures within their organizations. The CISSP continues to be highly sought after by IT professionals and is well recognized by IT organizations. It is a regular fixture on most-wanted and must-have security certification surveys.

The CISSP is designed for experienced security professionals. A minimum of five years of experience in at least two of (ISC)2’s eight common body of knowledge (CBK) domains, or four years of experience in at least two of (ISC)2’s CBK domains and a college degree or an approved credential, is required for this certification.

The CBK domains are security and risk management, asset security, security architecture and engineering, communications and network security, identity and access management, security assessment and testing, security operations, and software development security.

(ISC)2 also offers three CISSP concentrations targeting specific areas of interest in IT security:

• Architecture (CISSP-ISSAP)
• Engineering (CISSP-ISSEP)
• Management (CISSP-ISSMP)

CISSP concentration exams are $599 each, and credential seekers must currently possess a valid CISSP.

An annual fee of $85 is required to maintain the CISSP credential. Recertification is required every three years. To recertify, candidates must earn 40 continuing professional education (CPE) credits each year for a total of 120 CPEs within the three-year cycle.

5. CISA: Certified Information Systems Auditor

Globally recognized, ISACA’s Certified Information Systems Auditor (CISA) is the gold standard for IT professionals seeking to practice in information security, audit control and assurance. Ideal candidates are able to identify and assess organizational threats and vulnerabilities, assess compliance, and provide guidance and organizational security controls.

CISA-certified professionals are able to demonstrate knowledge and skill across the CISA job practice areas of auditing, governance and management, acquisition, development and implementation, maintenance and service management, and asset protection.

To earn the CISA, candidates must pass one exam, submit an application, agree to the code of professional ethics, agree to the continuing professional education requirements, and agree to the organization’s information systems auditing standards. In addition, candidates must possess at least one year of experience working with information systems. Some substitutions for education and experience with auditing are permitted.

To maintain the CISA, candidates earn 120 continuing professional education (CPE) credits over a three year period, with a minimum of 20 CPEs earned annually. Candidates must also pay an annual maintenance fee ($45 for members; $85 for nonmembers).

What is Risk Management Professional?

he role of a Risk Manager is to communicate risk policies and processes for an organisation. They provide hands-on development of risk models involving market, credit and operational risk, assure controls are operating effectively, and provide research and analytical support. Risk Managers must have excellent quantitative and analytical skills, along with the ability to apply those skills across a variety of business processes.

Risk Management duties and responsibilities of the job

The duties under a Risk Management job description include the following:

• Designing and implementing an overall risk management process for the organisation, which includes an analysis of the financial impact on the company when risks occur
• Performing a risk assessment: Analysing current risks and identifying potential risks that are affecting the company
• Performing a risk evaluation: Evaluating the company’s previous handling of risks, and comparing potential risks with criteria set out by the company such as costs and legal requirements
• Establishing the level of risk the company are willing to take
• Preparing risk management and insurance budgets
• Risk reporting tailored to the relevant audience. (Educating the board of directors about the most significant risks to the business; ensuring business heads understand the risks that might affect their departments; ensuring individuals understand their own accountability for individual risks)
• Explaining the external risk posed by corporate governance to stakeholders
• Creating business continuity plans to limit risks
• Implementing health and safety measures, and purchasing insurance
• Conducting policy and compliance audits, which will include liaising with internal and external auditors
• Maintaining records of insurance policies and claims
• Reviewing any new major contracts or internal business proposals
• Building risk awareness amongst staff by providing support and training within the company

Risk Management job qualifications and requirements

A degree in the following subjects is not vital but can be included in a job description:

• Risk Management
• Management or Business Studies
• Finance or Economics
• Science
• Statistics
• Engineering
• Law

Postgraduate degrees are not mandatory, but may also be beneficial.

If a candidate does not have a degree, a career in risk management is certainly still possible, but would mean working up the career path, likely starting at an administrative level.

When compiling a Risk Management job description, it’s important to also display the following skills:

• Analytical skills and an eye for detail
• Commercial awareness
• Numerical skills
• Planning and organizational skills
• Ability to understand broader business issues
• Communication and presentation skills

How to Become a Risk Manager

Getting into this field requires a bachelor’s degree, but some employers prefer candidates with master’s degrees. Fields of study include business administration, finance, accounting or another related major. Healthcare-related positions may require healthcare risk manager licensure.

Voluntary certification is available from organizations like the CFA Institute. Typically, risk managers have at least five years of business or finance experience.

Key skills for risk managers are the ability to think analytically; excellent organizational and communication skills; a strong eye for detail; and proficiency in math, accounting, financial analysis and credit management software, enterprise resource planning software and spreadsheets.

In 2018, financial managers earned a median annual salary of $127,990, stated the U.S. Bureau of Labor Statistics. Now let’s check out the career steps for risk managers.

Step 1: Earn a Bachelor’s Degree

The minimum requirement for becoming a risk manager is generally a bachelor’s degree in a field related to finance or accounting. A 4-year degree in economics or business administration may also be suitable.

Some colleges and universities offer degrees in financial services and risk management specifically geared for entrance to this career. Classes in these programs cover topics like financial markets, taxation, derivatives, risk management, portfolio management and investment analysis.

To get the most out of your education, complete an internship. Experience is essential to becoming a risk manager, so students may benefit from gaining some practical experience through internships at the undergraduate level. Along with learning from seasoned risk management professionals, interns might use these opportunities to get their foot in the door of a financial company or business.

Step 2: Consider Earning a Graduate Degree

Many employers prefer candidates who have graduate degrees in fields relevant to risk management, particularly in business administration or a similar major, like finance or economics. Some Master of Business Administration programs allow students to focus their studies specifically in risk management.

Such programs might include coursework in healthcare finance, business operations, enterprise risk management and corporate finance. Students can also expect to complete capstone courses in risk management.

Step 3: Gain Relevant Experience

Employers usually seek risk managers who have at least five years of experience working in a field related to risk management. Aspiring risk managers might gain such experience by working entry-level positions in the business or finance sectors. Many start out as accountants, auditors, financial analysts or loan officers. Select companies will hire risk managers directly out of college and train them for the job, though this is less common.

It can also help your career to get certified. Certification is not mandatory for this career, but it can help risk managers demonstrate proficiency and dedication to the discipline. The CFA Institute, for example, offers the Chartered Financial Analyst credential to candidates with bachelor’s degrees or four years of experience in the field (or an equivalent combination of education and experience).

Candidates must also pass an exam. Other certification options include the Associate in Risk Management credential offered by the American Institute for Chartered Property Casualty Underwriters as well as the Certified Professional in Healthcare Risk Management credential offered by the American Society for Healthcare Risk Management.

Step 4: Obtain Necessary Licensure

Some risk management positions may require licensure. In some cases, employers looking for risk managers in a healthcare setting may require applicants to hold state licensure as a healthcare risk manager. In fact, some states, such as Florida, require this licensure for such positions. Depending on the state in which they live, candidates for licensure may be required to complete a training course and pass a state exam.

Step 5: Advance with Experience

After acquiring several years of experience in the business or finance industry, individuals may become eligible for risk management positions. Those who demonstrate a solid grasp of a variety of departmental operations can go on to become supervisors within their companies. Additionally, highly experienced risk managers sometimes choose to open their own consulting firms.

To recap, with an undergraduate degree and experience, along with voluntary certification and possibly licensure, risk managers can earn about $118,000 to analyze and measure organizations’ exposure to financial uncertainties.

Risk and Compliance Professional (RCP)

A risk and compliance professional is an individual who has been trained to protect data security, consumer privacy and financial transparency. The majority of all risk and compliance professionals work in the financial industry and maintain certification through the International Association of Risk and Compliance Professionals (IARCP), which offers their popular Certified Risk and Compliance Management Professional (CRCMP) program.

Certified Regulatory and Compliance Professional (CRCP)

A Certified Regulatory and Compliance Professional (CRCP) is a designation given to a compliance, legal, or regulatory professional. This professional must proves an in-depth knowledge of the theory and practical application of securities, laws, and regulations. With over 900 CRCP professionals, the CRCP designation has become a leading education program for certification for regulatory and compliance experts.

CRCP Qualifications

To get the CRCP, candidates must complete two weeks of course work through the McDonough School of Business at Georgetown University. They will work with world-renowned professors from the McDonough School of Business and Law and with experienced industry practitioners and regulators. In addition to the two weeks, professionals must complete pre-course reading and casework.

During the week-one course, candidates will cover topics including supervisor practice and internal controls. They will also cover ethical concerns in the securities industry, sustainability concerns, and securities law and regulatory organization. Week two’s course work builds on the concepts covered in week one by exploring a series of advanced regulatory and compliance topics.

Each week’s courses cost $10,075, but are just $9,275 for FINRA member firms and government regulatory agencies. After each week, candidates must pass a written assessment. Those who pass both week’s assessments within a two-year timeframe will receive the CRCP designation.

Once a candidate has earned the CRCP designation, they must complete 12 hours of continuing education credit. Every three years, candidates must complete these credits. Meanwhile, all continuing education credits must be pre-approved and designed by the Financial Industry Regulatory Authority (FINRA) in order to qualify.

CRCP Job Responsibilities

Regulatory and compliance professionals ensure that organizations stay up to date on all regulatory and licensing requirements in accord with the company, state, and federal regulations. These professionals must apply policies and procedures that keep the company operating legally and ethically.

It’s the professional’s responsibility to conduct audits, investigations, recommend areas of improvement, and outline solutions. Sometimes, organizations work with third parties to conduct these audits and investigations.

It is then up to the compliance and regulatory professional to bridge the gap between the auditing company and the company they are observing. Compliance and regulatory professionals must provide the appropriate documentation as well as evaluate the proposed audits.

From restructuring a compliance program to building one from the ground up, compliance and regulatory professionals are crucial to any effective business operation.

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A Certified Regulatory and Compliance Professional demonstrates professional expertise in their field. They have gone through rigorous ongoing training to achieve their designation. As a result, they can uphold the laws and regulations of the industry they represent. While you may not work with a CRCP directly, their role is vital to ensuring that your finances and interests are properly protected and managed.

Certified Compliance Professional (CCP)

There is now, more than ever before, the need for a well-recognized, comprehensive and integrative compliance credential. Several institutions are facing an increased regulatory burden arising from the high pace of regulatory changes.

The regulatory compliance market requires a significant set of skills.  Existing certifications simply do not offer significant depth in their programs to allow for sufficient knowledge to make the desired impact in the workplace. The CCP certificate provides growth opportunities and will position the holder as a leader in the compliance community. It will also provide an edge in a very competitive job market.

The CCP designation sends a clear message that you have the skill set necessary to practice your profession. Passing the examination will demonstrate your mastery of the subject and will help you excel in your current position and become more productive and valuable.

The program will enhance your current knowledge and demonstrate to your employer that you understand how to stay ahead in your career and how to take responsibility for your own professional development.

Finally

The 2008 financial crisis led to increased regulatory scrutiny and regulation. This caused financial services organizations to increase the role of the compliance department from advisory to active risk management and monitoring. Compliance now provides practical perspectives on translating regulations into operational requirements.

This stronger risk culture includes timely information sharing, rapid escalation of emerging risks as well as willingness to challenge existing practices. Effective execution of these expanded responsibilities requires a deeper understanding of business and business practices.

And, the structure of the compliance department has changed to combine business-unit based coverage with broader, shared expertise across the organization. Recent topics addressed by compliance departments include conduct risk, Banks Secrecy Act and Anti-Money Laundering (BSA/AML) risk, subcontractor risk, and overall risk culture management.