Institute of Risk Management

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Institute of Risk Management (IRM) is a risk management professional education and training body. It was established in 1986, as a not-for-profit company limited by guarantee, and is governed by a Board of Directors elected from members with specialist non-member support. It has around 6000 members in more than 100 countries and has over 500 students studying risk management at any time. It takes a broad view of risk management as a discipline to be applied in all organisations, public and private, and from all sectors, covering risks of all types.

The Institute provides both taught and distance learning education, training and professional development in risk management at a range of levels. IRM Membership is recognised worldwide as the sign of a risk management professional and is achieved through examination and relevant experience.

The Institute is the only organisation currently offering vocational post-graduate level qualifications designed from the ground-up to meet the challenge of Enterprise Risk Management (ERM). Many other bodies run short courses focussed on individual areas of risk (e.g. insurable risk, risk in banks, health and safety, project risk, disaster recovery etc.) and in some cases there is the option to take an additional ERM paper but only IRM offers dedicated ERM qualifications.

Membership Grades[edit]

  • Fellow (FIRM) – Open to members who can demonstrate accredited practical experience, a record of personal professional development and proven contribution and support to the Institution
  • Member (MIRM) – Requires completion of Institute’s Diploma programme or equivalent qualification and a minimum of three years work experience
  • Certified Fellow (CFIRM) and Certified Member (CMIRM) - additional award for members and fellows who can also demonstrate practical experience in line with IRM's professional standards
  • Graduate (GradIRM) - Requires completion of Institute’s Diploma programme or equivalent qualification recognised by the IRM
  • Specialist (SIRM) - Requires formal qualification of the applicant in a risk specialism - e.g. audit, health and safety, risk financing, environment, project management, business continuity etc.
  • Certificant (IRMCert) – Completion of the Institute’s Certificate programme
  • Student – Open to all candidates registered for the Institute’s examinations
  • Affiliate – Open to anyone with an interest in risk management. Discounted rates are available to groups of 10 or more. Affiliate membership is free to university students on IRM approved courses

IRM Courses[edit]

  • The International Diploma in Risk Management – A challenging post graduate professional qualification, usually taken over 3–5 years and completed via distance learning. It is recognised worldwide as the sign of a risk management professional.
  • The International Certificate in Risk Management – This practitioner-level qualification provides a sound foundation in risk management theory and practice. It can be taken as a stand-alone course or as an introduction to the IRM Diploma. It is offered on a distance learning basis and takes 6–9 months to complete, with two intakes each year.
  • Risk Management in Financial Services – focuses on ERM in banking and insurance, offered on a distance learning basis and takes 6–9 months to complete, with two intakes each year.
  • Fundamentals of Risk Management – This two-day training programme provides a broad introduction to the subject of risk management. It aims to improve knowledge and practical skills in the identification, assessment and control of business risk, and provides an introduction to ERM and ISO 31000.

These qualifications are moderated by a panel of leading educationalists drawn from universities and business schools across the world. The qualifications are delivered by means of distance learning but the written examinations are taken in person and can be arranged virtually anywhere in the world.

IRM Publications[edit]

The IRM is responsible for the 2002 Risk Management Standard in conjunction with The Association of Insurance and Risk Managers (AIRMIC) and ALARM, the National Forum for Risk Management in the Public Sector. The standard is available free of charge in 17 world languages. IRM has also issued free guidance notes on the implementation of ISO 31000 and on Risk Appetite, Risk Culture, Cyber Risk, Extended Enterprise, Competition Law and Creating Value from Insurer Risk Models.

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