The PRMIA ORM Certificate Prep Training is designed to prepare participants to take the ORM Certificate exam. The ORM Certificate is a deep, practical understanding of operational risk management frameworks and measurement methodologies in financial institutions.  Become better prepared to implement meaningful risk assessment initiatives, produce useful risk management information, and understand basic modeling techniques for operational risk measurement.

Your purchase of this virtual training includes access to eight pre-recorded sessions presented by Mario Mosse, copies of presentations, lesson assessments, and two practice exams. You have the opportunity to ask questions and engage in online discussions with the instructor during the course period. Standards and case studies are available on the PRMIA website. The ORM Handbook and exam authorization require a separate purchase.

 Lesson 1: Risk Governance

• Overview of the Operational Risk Manager (ORM) Certificate program
• Introduction to the current regulatory environment
• The role of risk management
• The origins and principles of risk governance
• Roles and responsibilities, risk reporting, and major elements of the risk framework

 Lesson 2: Risk Management Framework

• Components of a risk management framework
• Risk capacity
• Stress testing and simulation
• Risk appetite; Risk Policies, Risk Pricing; Risk Culture

 Lesson 3: Risk Assessment, Part I

• Overview of Risk Assessment
• Risk assessment lifecycle
• Risk assessment approaches
• Risk scenarios or ‘top down’ assessments
• Process models or bottom-up assessments
• How to apply a heat map to link scenarios and processes

• Control assessments
• Identifying and tracking operational risk issues
• Residual risk
• Risk assessment of new and expanded products and third-party services

 Lesson 5: Risk Information, Part I

• Operational risk events and the capturing and analysis of data on expected and unexpected loss events
• Operational risk events and managing the investigation: Loss data collection; Loss quantification; Boundary issues; Use of external loss data

 Lesson 6: Risk Information, Part II

• The place and advantage of Key Risk Indicators (KRI) in risk management
• KRI approaches and what makes an effective KRI
• Define leading, lagging, and current indicators
• Understand the interdependence of KRIs
• How to integrate KRI selection and use across the organization
• Describe the steps to a KRI framework
• Data sources, workflows/processes, and reporting as part of operational risk management

 Lesson 7: Risk Modeling and Insurance Mitigation

• Quantitative elements of operational risk
• Compare different approaches and how to allocate capital for operational risk
• Use of insurance to mitigate risk and obtain capital relief
• Describe the mapping of risk types to insurance coverage
• Qualification criteria for insurance mitigation
• Calculation of capital relief

 Lesson 8: Case Studies and Exam Preparation

• This final session covers several case studies to illustrate the consequences of major failures in risk management and internal control. We also recap the material covered in the entire series, answer questions not previously addressed, and go over the preparation process for taking the exam.

This course is appropriate for:

• Directors of Operational Risk, Enterprise Risk Managers, Operational Risk Managers, Operations Managers, Internal Auditors, HR officers, Compliance Officers, Consultants, Regulators
• Risk management professionals with 3-10+ years of experience