Learning Induction

Institute of Risk Management

Welcome to

Institute of Risk Management

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M About IRM – Who We Are

IRM is the leading professional body for risk management.

We are an independent, not-for-profit organisation that champions excellence in managing risk to improve organisational performance.

We do this by providing internationally recognised qualifications and training, publishing research and guidance and setting professional standards across the world.

Our members work in all industries, in all risk disciplines and across the public, private and not-for-profit sectors.

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M About IRM – Who We Are

5,500 members worldwide

Member groups in:• Middle East• Bermuda• Turkey• Kenya• UK Regions

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M Value Proposition

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M Recognition

•Personal recognition of achievement

•Professional edge

•Illustrate your track record

•Demonstrate your commitment

•Do your job better

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M Career support

•Boost your earning potential

•Develop your personal brand

•Help and advice for current and future personal development

•Hear about the latestjob vacancies and opportunities

£152,000 – estimated

lifetime

benefit of professional

qualification and

membership (Chartered

Management Institute)

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M Knowledge, resources, tools,insight

Making connections, networking, building alliances

• Special interest groups

• Regional groups

• Conferences

• Round tables

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Overview of

Student Support

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TAbout Student Support

• While you study with us, you will be well-supported by the Student

Support team with a wide variety of additional one-to-one support

tools.

• All of our qualifications are either entirely distance-learning courses,

or are heavily distance-learning based, so self-managing your own

studies throughout will be key to passing your exams

• You will be granted access to the online learning environment ‘The

Study’ where you can access all the student support tools, as well

as explore the online resource area and all other member benefits

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T Student SupportTo aid you in your studies, you will have access to the following

support tools:

Student Handbook – contains a range of background, guidance and

key information that you will need for successful study

Study & Revision Plan Template – to help you organise your personal

study sessions

Introductory Videos– for each module, delivered by the module coach

and introducing the module and the learning aims and outcomes

Induction Webinars – interactive webinars with the module coaches,

looking at how to use the support tools and how to start planning your

studies

Learning Activities – each module has it’s own set of learning

activities, and usually require you to apply your knowledge and learning

to your organisation to enhance your studying with practical tasks

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T Student SupportTo aid you in your studies, you will have access to the following

support tools:

Module Study Guides – lead you step by step through the module in a

series of carefully planned units, and provides you with self-assessment

questions to help you master the subject matter

Discussion Forums – enabling students to interact with each other and

share ideas and best practices. Students can also use the forums as a

direct link to the module coaches to pose questions or queries

Student Support Team – available over the phone or through email

Plus a range of other tools preparing you for your exams such as past

exam papers, specimen exam papers, and webinars on exam techniques

Overview of

IRM Qualifications

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M About IRM – Qualifications

• 3 principal qualifications:

Certificate in Risk Management in Financial Services

International Certificate in Risk Management

International Diploma in Risk Management

• Developed by international academics and expert practitioners

• Provides knowledge and practical skills to help you manage risk and

maximise opportunities

• Flexible study options

• Two enrolment periods per annum

- February – May (for exams to be sat in November)

- October – December (for exams to be sat in June)

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W Financial Services Certificate - Overview

The Certificate in Risk Management in Financial Services provides a

thorough introduction to sources of risk and describes the tools,

techniques, systems, processes and strategies necessary for

managing risks in banks and insurance companies.

The course will:

• Explain the approaches used by the banking and insurance sectors to

manage risk

• Set out a typical enterprise-wide risk model in a financial services

organisation

• Identify the regulatory drivers that drive risk management in banking and

insurance and be able to explain what regulators are seeking to achieve

• Examine whether the global crisis of 2008 showed weaknesses in the

approaches to risk management and regulation in the banking and

insurance sectors that were in place at the time

• Explain the differences between banks and insurers with regard to risk

management matters

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W Certificate in Risk Management in Financial Services

The course is structured into the following nine units:

• Unit one: Background to the financial services sector

• Unit two: Key concepts in financial services

• Unit three: Operational risk in financial services

• Unit four: Sources and approaches to risks in banks

• Unit five: Development of the regulatory framework for

banks

• Unit six: Sources and approaches to risk in insurance

• Unit seven: Development of the regulatory framework

for insurers

• Unit eight: Lessons from failure

• Unit nine: ERM in financial services context

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W International Certificate - Overview

The International Certificate in Risk Management is a practical,

introductory qualification. It can be taken as a stand-alone

qualification or form the first part of the International Diploma.

It gives you:

• a comprehensive introduction to the principles and practice of risk

and risk management

• an understanding of the multi-disciplinary nature of risk

management within any organisation

• an appreciation of current risk management thinking, standards

and regulations across the world

• the basis for advancement to the International Diploma in Risk

Management

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International Certificate in Risk Management

International Certificate

Module 1:Principles of Risk & Risk Management

Module 2:Practice of Risk Management

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RE Module 1: Principles of Risk

Management

Principles of Risk & Risk Management

This module provides an introductionto the principles and concepts of riskmanagement. It explores the history ofrisk management to help gain anunderstanding of the current drivers ofenterprise risk management, as well asthe development and impact ofinternational standards.

The module examines the ways inwhich risks are classified, and themodels and frameworks that arecommonly utilised to identify, assessand treat them

Key topics include:

• The concepts and definitions ofrisk and risk management

• Risk management standards

• Enterprise risk management andsetting context for riskmanagement

• Risk assessment: identification,analysis and evaluation

• Risk responses; monitoring andreview

1½ hour multiple choice question exam

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RE Module 2: Practice of Risk

Management

Practice of Risk Management

This module explores the impact of theglobal business environment on risk. Itexamines issues relevant to the specificsectors and geographical areas, and theneeds and demands of variousstakeholder groups, includingregulatory authorities.

The module studies corporategovernance and risk assurance andhow these can influence the design of arisk management programme

Key topics include:

• The global business and riskenvironment

• Risk architecture, strategy andprotocols

• Risk culture, appetite andtolerance

• Risk and organisations; corporategovernance, project, operationaland supply chain risk management

• Risk Assurance and reporting

• Case studies and the future of risk

3 hour short answer / short essay style exam

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ILS International Certificate - Details

Duration

The International Certificate takes 26 – 39 weeks (6 – 9 months) to

complete on average

Each module within the International Certificate programme requires

approximately 180 - 200 hours of self-directed study

Entry Requirements

You don’t need any prior experience or qualifications to enrol on to

the International Certificate in Risk Management

IRM’s qualifications are delivered and assessed in English.

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Progression

Upon successful completion of either the International

Certificate or the Financial Services Certificate, you will

receive a globally recognised qualification and be eligible to

apply for membership of the IRM and use the relevant

designation after your name:-

You will also have met the prerequisite for acceptance on to

the International Diploma in Risk Management.

If you wish to progress with your studies and undertake the

International Diploma Programme, you will be fast tracked

through exemption from the first two core modules.

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NInternational Diploma in Risk Management

International Certificate

Module 1:Principles of Risk & Risk Management

Module 2:Practice of Risk Management

Module 3:Risk Assessment

Module 4:Risk Treatment

Module 5:Risk Governance & Culture

Module 6:Crises, Resilience & Future Risk

International Diploma

The International Diploma will provide you with both the theoretical knowledge

and the practical skills to manage risk and maximise opportunities in your

organisation.

The programme is structured in six modules. Modules one and two form the

International Certificate in Risk Management. The remaining four modules make

up the rest of the International Diploma in Risk Management.

Financial Services Certificate

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Progression

Upon successful completion of the International Diploma

examinations you will automatically become a graduate

member of IRM and entitled to use the designation GradIRM.

Once you have acquired 2 year’s professional risk

management experience you may apply for full membership

of IRM and the designation MIRM.

After 2 further years you will be eligible to apply for Certified

Membership of IRM and the designation CMIRM

Overview of the

Study Options for the International Certificate

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• Distance-Learning; based on the materials in the online

student resource centre ‘The Study’

o ‘Fundamentals of Risk Management’ core textbook

o Step by step study guides for Module 1 and Module 2

o Module 1 reader with materials written specifically for the IRM

o Additional essential further reading materials

o Distance learning includes:

- Participation in the ‘Discussion Forum’

- Attendance at Module 1 and Module 2 webinars

• In-House Training courses – introductory and/or revision

• Blended-Learning

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NS Blended-Learning evening classes

• Series of 10 (three hour) evening courses to cover the whole of

the certificate syllabus and blend with other learning

• 5 classes for Module 1 ‘Principles of Risk and Risk Management’

and 5 classes for Module 2 ‘Practice of Risk Management’

• Each evening class will have two 75 minute sessions, making a

total of 20 workshops that will support private study activities

• Students provided with summary slides, exercise answers,

revision notes, further study exercises and module workbooks

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NS ‘Taught Certificate’ – Module 1

• Session 1: Introduction to Risk Managemento Introduction to the course

o Concepts and definitions

• Session 2: Approaches to Risk Management o Risk management standards

o Enterprise risk management

• Session 3: Risk Assessment 1 o Risk assessment techniques

o Risk classification systems

• Session 4: Risk Assessment 2 o Risk analysis and evaluation

o Loss control and selected hazard risks

• Session 5: Risk Response o Types of risk treatment

o Insurance and business continuity

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NS ‘Taught Certificate’ – Module 2

• Session 6: Business Environment o Risk and the business success

o Risk management strategy

• Session 7: Risk Culture and Appetite o Risk culture and behaviour

o Risk practitioner competencies

• Session 8: Risk and Organisations o Corporate governance

o Risk management specialist topics

• Session 9: Risk Assurance and Reporting o Control environment

o Risk reporting and corporate reputation

• Session 10: Course Review o Risk management case studies

o Certificate examinations

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NS Format for each workshop

• Learning objectives for the workshop

• Introductory exercise and feedback discussion

• Summary of relevant technical content

• Extract from a real world example or case study

• Suggested private study exercises – to re-inforce learning

• References and further reading for the workshop

Overview of

Assessing the Qualification

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Assessment

…the process by which a student’s knowledge and skills are reviewed and evaluated, to ensure that they have achieved the stated learning aims and outcomes of a module or qualification.

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Examination sessions

June: register between 1 October and 15 December

November: register between 1 Feb and 15 May

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IRM Examinations

Meet the fundamental principles of assessment

Take place at an examination centre

Traditional pen and paper

Undergo a rigorous process

Involves a large team of examiners (both practitioners and academics)

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Module 1: Principles of Risk & Risk Management

Assessed by multiple-choice examination

Duration of 90 minutes

All questions are compulsory

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Module 2: Practice of Risk Management

Assessed by short answer questions and essays

Part A is compulsory – short answer questions

Part B - essay: students answer two questions from four

Duration of 3 hours

Part A and B are worth equal marks

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ENT Certificate Award

You must achieve a pass in both papers to be awarded the International Certificate in Risk Management qualification

If you fail a paper you will have another opportunity to re-sit the paper you failed

On successful completion you will be invited to convert to IRMCert –qualified member grade

Good Luck with Your Studies