According to a recent survey conducted in 2018, the IT Skills and Salary Report from Global Knowledge was noted that finding a quality cybersecurity professional was one of 41% of the companies’ top challenges. It was also stated that those professionals who are certified earn 22% more than the non-certified employees.
Certifications in risk management and governance are gaining more importance for companies because they help in protecting the organization from various threats. Some of the top risk management certifications that employees can complete are listed below.
CRISC
SACA provides the Certified in Risk and Information Systems Control certification. It is a qualification for enterprise risk management, and the people who complete it are usually professionals who want to increase their knowledge of business and IT risk. This includes learning about how to implement various information system controls effectively.
CRISC is used to help IT professionals in preparing them with tools to evaluate and manage risks when it comes to threats in the real world. CRISC is considered to be the go-to accreditation for professionals who work with risk and information system controls.
It mainly targets IT professionals, control professionals, risk professionals, compliance professionals, and business analysts.
CGEIT
CGEIT is also a credential provided by ISACA. The working professionals who complete this certification have increased knowledge of enterprise IT governance and its application and its guiding principles and practices. All important areas when it comes to governance of enterprise at a board-level or senior management level are addressed in this course. The tests examine various domains that include:
- Framework for the Governance of Enterprise
- IT Strategic Management
- Benefits Realization
- Risk Optimization
- Resource Optimization
The CGEIT certification is usually completed by senior personnel in the organization, especially those who work in management and advisory or assurance roles. They will need an adequate amount of knowledge about risks and IT governance in their company. Usually, IT directors, CIOs, CEOs, CISOs, audit directors, professionals who work with compliance and information security, senior IT managers, IT assurance professionals, and managers responsible for organizational strategy get the CGEIT certification.
COBIT 5
There are many types of certifications available if working professionals want to be proficient with COBIT 5. If they complete even the Foundation level course, employees will have the basic knowledge and understanding they need to use COBIT 5 systematically and be able to follow the principles and models listed. All accredited candidates will have the skills to identify areas for improvement and recommend changes that need to be made using COBIT 5.
They will have in-depth knowledge when it comes to security, risk, assurance, compliance, privacy, and more. Working professionals such as IT managers, IT auditors, IT consultants, IT developers, and IT quality professionals pursue this certification.
The different COBIT 5 certifications made available by ISACA are as follows:
- COBIT 5 Assessor
- COBIT 5 Foundation
- COBIT 5 Implementation
CERA
A CERA certification is offered by the Society of Actuaries (SOA). Someone with a CERA accreditation takes a holistic view of risks and combines qualitative and quantitative means to understand and analyze risks. A CERA professional helps clients understand their risks and works with them in creating more effective risk management policies for the organization.
The professionals have in-depth knowledge of enterprise risk management and ethics to create an all-encompassing risk management strategy. Working professionals have four years to complete their CERA certification.
CRM
A CRM or Certified, or Risk Management certification, is to train professionals with the skills to handle risks and exposures. The certification is granted by the National Alliance for Insurance Education and Research. A professional with a CRM accreditation is aware of all operational risks, political risks, catastrophic exposures, legal exposures, and other risks, and more.
A CRM professional will be equipped to protect the company against such risks and exposures. All active risk managers and other professionals who work with risk management such as insurance professionals, legal advisors, accountants, and so on, are eligible to join the CRM course.
There are five courses for CRM, which are:
- Principles of Risk Management
- Analysis of Risk
- Control of Risk
- Financing of Risk
- The Practice of Risk Management
Once all the courses are complete, a working professional will have adequate knowledge to manage risks and call himself a Certified Risk Manager.
FRM
The FRM certification is given to professionals after completing the course by the Global Association of Risk Professionals (GARP). After completion of the course, all working professionals can call themselves specialists in financial risk management. They are equipped to handle liquidity risks, credit risks, and other market risks along with more non-market-based financial risks.
The professionals with an FRM certification will be successfully able to recognize, analyze, and manage risks. There are two parts to getting an FRM certification. The Part I exam is focused on risk management in financial markets, risk modeling and risk modeling, and quantitative analysis. In contrast, the Part II exam consists of tests that focus on the practical implementation of the concepts learned in Part I, along with more in-depth knowledge of market risks and operational risks. If the candidate receives a minimum of 46% in Part I and 52% in Part II, they will get the FRM certification.
Professional Risk Manager (PRM)
The PRM certification is given to candidates by the Professional Risk Managers’ International Association (PRMIA). As a course, it is quite similar to financial risk management certification. The difference between FRM and PRM as courses are based on where the course is being conducted, market understanding, and exam flexibility. However, PRM and FRM are both considered to be definitive risk management accreditations in risk management.
The examinations for PRM certifications are fixed. Only working professionals with a minimum of an undergraduate degree with two years of experience, or professionals with four years of work experience are eligible to apply for the certification. There are four parts to getting a PRM certification, and all four examinations need to be cleared with an aggregate of at least 60% by the candidate to get certified – all within two years.
Final Thoughts
There are many courses and certifications available for working professionals to get certified in risk management. It helps candidates gain a competitive advantage over their peers when they are certified with a background in risk management. It helps organizations assess, evaluate, and manage risks better when their employees are certified in industry-recognized IT Security and Governance certification courses.
Some of the popular IT Security and Governance certification courses that individuals and enterprise teams can take up are:
