What is the Operational Risk Manager (ORM) Certificate?
Operational Risk is defined broadly and as a causal risk - the risk of loss due to failures in people, processes, systems or external events. It underlies many other risks, in particular regulatory and reputation risks, which are fundamental to the business model for financial institutions. It has also become a very costly risk for firms which have not managed it well. It is also a discipline which continues to develop rapidly in sophistication and relevance to business decision making.
PRMIA's ORM Certificate is designed to deliver a deep, practical understanding of operational risk management frameworks and measurement methodologies in financial institutions. Successful candidates will be better prepared to implement meaningful risk assessment initiatives, produce useful risk management information and understand basic modeling techniques for operational risk measurement. In addition, they must commit to further uphold the highest professional and ethical standards as defined by the PRMIA Standards of Best Practice, Conduct and Ethics.
The ORM Certificate is relevant to all risk related roles in financial services, in particular Operational Risk Staff, Financial Controllers, Operations and Technology Managers, and Compliance and Legal Officers. A grounding in operational risk management techniques is also becoming increasingly important for front line staff both from a process and conduct perspective in their dealings with clients and market counterparts.
Key Learning Objectives
- Gain an appreciation for the role of risk management in the post crisis financial services industry
- Gain an appreciation for the role of corporate governance in an organization and of the participants, elements and relationships within risk management governance
- Gain an understanding of the different roles in risk governance and the place of reporting and the use of various elements of a risk framework
- Gain an understanding of the theory and process of risk management and the expected results from a successful risk management process
- List and discuss a set of developments in the governance of risk management, with an introduction to the area of risk culture
- Describe the elements of a risk management framework and choose the elements to implement in their own workplace
- Manage an operational risk assessment program and apply it in their workplace
- Understand how to capture, report and investigate operational risk events, how to produce meaningful Risk MI including Key Risk Indicator (KRI) data and trend analysis, and how to implement operational risk appetite
- Be able to recognize how operational risk management can assist the overall business and add value
Who holds the ORM Certificate?
PRMIA's Certifications Public Directory - access a list of risk professionals holding the ORM Certificate from 2016 onward.