Risk Management Certification - Types of Courses

A risk management certification is a highly sought and functional designation that can aid any individual in taking advantage of new career opportunities. One component of the risk management training process is the completion of certain courses. These courses can also be undertaken by an individual who is looking to develop new skills as opposed to completing the certification process. There are several approaches to risk management courses for a risk management certification prospect or other type of student to consider. The decision between the type of course that is undertaken will depend on several factors: final objective and discipline interest, time and financial resources, and geographic location. Some courses and studying materials are offered online for independent study, while others have a classroom component.

The purpose of risk management courses is to provide the student with the academic and practical foundations to conduct successful risk identification, risk analysis, and risk mitigation. In some cases these courses can lead to a risk management certification, while in other cases they are taken to simply develop analytical skills. Below is an overview of risk management courses, categorized by the type of organization or institution providing them.

Professional Associations
These training courses are typically offered by professional organizations who have taken an oversight role to ensure that the risk management industry utilizes best practices. These organizations include (not an exhaustive list) GARP, RIMS, PRIMA, and the RMA. These organizations offer courses in general risk management as well as specialty classes that focus on specific risk disciplines. A sampling of course subjects include;

* Risk Control
* Risk Financing
* Risk Assessment
* Exploration of Credit Risk
* Quantitative Modeling of Operation Risk

Each organization differs in how they offer courses, with options ranging from in-class tutorials and guest speakers, to at-home online independent learning. Furthermore, each organization differs in certifications, designations, and associate certificates they confer; in some cases the professional body may confer no certificate at all.

Educational Institutions
Obtaining risk management training from an accredited educational institution is another route to take if the student is interested in undertaking risk management courses. While very few schools offer risk management certifications, there are minor certificates and degree focuses in areas of risk management. If the student is interested in just skill development, many colleges and universities allow individuals to take specific courses just for learning new skills. There are also elective courses in risk management available when undertaking an undergraduate or graduate degree in Business or Economics. The types of courses that cover elements of risk management include financial management, market trading (equities, commodities, and currencies). Also, some schools offer an entrepreneurship certificate that often include a risk management component. In many geographic regions, night schools and technical institutes offer courses to develop risk analysis skills. Again, many of these programs will not result in a risk management certification.