At Graduate Certificate in Risk Management Schools, students could study empowering techniques used to identify, assess, and evaluate hazards. With this knowledge, graduates may be ready to lead and form options to achieve organizational goals. This could mean either to strategically avoid or prudently take risks of a certain genre.
Graduate certificate in risk Management schools offer non-degree programs which may target post-bachelors and post-masters students. These certificates might be useful to those who want to refine their own expertise and also, address a current employer’s needs.
Though certainly a variable, students may need to complete about 18 credits which could roughly translate to about 12 to 20 hours per week. Universities often try to meet the needs of their at-work student body by scheduling classes evenings or weekends.
The ritual of attending RM classes on campus could help students stay motivated. Live sessions could provide an opportunity to meet with your instructor to ask clarifying questions, explore how concepts studied might apply in the workplace, or dig deeper into particular topics.
Applicants often need to show that they possess strong mathematical and quantitative skills and may need professional experience. International students also need a strong command of the English language as indicated by an official TOEFL score.
DID YOU KNOW? 11% of Risk Managers have a post-baccalaureate certificate i
Most risk management graduate certificate programs cover general principles of RM and insurance. Students in some schools may have the opportunity to prepare a portfolio of risk products through applied work projects and may have a hand in the design of their course plan. This could be accomplished through topics that assess risks for specific industries. Financial risk, cyber risk, accounting and corporate risks are some examples.
This malleability could be an asset especially for at-work students who cannot commit to a full degree but want potentially actionable insights such as the examples listed below.
While no risk management graduate certificate schools offer the exact same courses, students typically learn how to respond to a wide range of emergencies and disasters. They could, for example, study the different risk response for scenarios from extreme weather to layoffs to a supply chain disruption or changes in the commodity market.
Below is a sample risk management certificate curriculum. Use it as a guideline since names of courses and their descriptions vary.
Risk Management: A course that might introduce students to the risk analysis paradigm which is about making effective decisions under conditions of uncertainty.
Risk Assessment: A course that might help students understand and apply the generic risk assessment model as well as qualitative techniques,
Uncertainty: A course that may survey epistemic and aleatory uncertainty and might explore probability and uncertainty
Quantitative Risk Assessment: A course that might familiarize students with deterministic and probabilistic risk assessment as well as how to convey uncertainty to decision makers.
Risk Communication: A course that might ready students to respond and communicate professionally in coordinated efforts among risk managers and risk assessors
Ethics and Risk Governance: A course that could take a deeper look at some of the ethical issues that could be faced in the wake of system collapse, protection of the vulnerable, the public’s role in decision making, and managing risk for development
In traditional risk management, efforts are departmentalized whereas in an enterprise risk management (ERM) environment, there is typically a senior executive who compares and evaluates all the risks faced in an all-inclusive manner. Students who work towards a graduate certificate in enterprise risk management might thus be exposed to a few different concepts.
Strategic Application: An ERM approach is integrated into an enterprise’s business decisions to encourage continuous review and support of the organizations most value-based objectives.
Risks Considered: ERM is an effort that is organization-wide, involves managing all of the risks affecting an organization's ability to meet its goals, regardless of the types of risks being considered.
Performance metrics: ERM highlight results-based performance metrics throughout the organization. Results indicate whether a risk management technique helped to achieve a business goal, such as return on investment or return on assets.
Schools with Graduate Certificate in Enterprise Risk Management programs could help students gain the skills to design and evaluate exposures and available response options. Participants could also learn how to develop appropriate plans for ERM, business continuity planning, and disaster recovery frameworks and processes.
As with traditional risk management, an ERM certificate curriculum could also help students learn to apply quantitative and qualitative data use to estimate company risk exposure. This could include a broader grasp of the business continuity process as it impacts various operations of the firm, from supply-chain to the crafting of higher-level strategy that has an eye on sustainability. Below is a sample of potential coursework that students who pursue a graduate certificate in ERM might take.
Enterprise Risk Management: A course that might provide an overview of the management issues involved with assessing the security and risk contexts in both the private and public sectors in order to assure operational continuity.
Enterprise Risk Planning and Compliance: A course that could discuss both organizational security and legal-regulatory matters. Security areas of study might include information technology, terrorism, and other organization disruptions.
Disaster Management: A course that might have students review the organization and processes necessary to effectively respond to and manage incidents, including the transition from emergency response and incident management to business and technology recovery.
Business Continuity Management (BCM): A course that might take a deeper look at modern theories, methods and tactics that relate to business continuity. Emphasis may be placed on resilience, emergency planning and crisis management.
Schools with graduate certificates in financial risk management may help students gain exposure to topics relevant to the Financial Risk Manager (FRM) exam, sponsored by the Global Association of Risk Professionals (GARP).
As such, a curriculum could stack a series of statistics courses onto finance topics. Statistics coursework might include classes in statistical analysis and applied regression analysis. Finance related topics may help students understand corporate finance, investments, derivatives and portfolio management.
Graduate certificate in risk management schools do not necessarily offer programs that lead to risk management certification because these are two distinct things.
A risk management certificate is a program of study that many graduate schools offer. It could be used as a stand-alone credential on a resume, as an add-on to a masters degree, or as a platform towards a masters degree in risk management. In contrast, risk management certification might be pursued after a candidate has a specified education (such as a certificate, masters degree etc.) and/or number of years work experience.
Some programs may provide course plans with preparatory course work, but individual agencies both set the prerequisites and administer their exams. If this is your goal, there are several agencies that provide risk management certifications, as well as ongoing training. Ongoing training is mandatory in some cases, particularly in the insurance industry.ii
Students should review individual graduate certificate in risk management schools for their admission policy and to determine what material is required on an application form.
Generally, prior to embarking on a certificate program, students are required to submit a graduate application and official transcripts. A graduate application could ask for things like a personal essay and references along with other documents. Sometimes applicants need prerequisite knowledge such as basic MS Excel skills and basic probability and statistics.
Applicants who want to use earned graduate certificate course credits toward a Master of Science in Enterprise Risk Management (MSERM) usually need to apply to the MSERM program early on in their certificate, so if this is an objective, keep a close watch on deadline dates.
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[i] onetonline.org/link/summary/13-2099.02 | [ii] smartsheet.com/risk-management-certification-guide
New York University
The Graduate Certificate in Enterprise Risk Management defines and examines types of risk, with a focus on understanding the process of risk identification, assessment, prevention, insurance, mitigation, and recovery; governance; auditing; and contro...
New York Institute of Finance
The CFRE™ program is the culmination of our hard work to perfect skills-based finance training. An Advisory Committee of industry leaders and prominent academics provides oversight and consultation to ensure that it remains on the cutting edge.