Risk management aims at creating awareness about hazards and risks that can take place at work. Irrespective of the nature of the industry, risk management professionals are an integral part of the human resource. An organization may be put to financial risks, failure risks or risks caused by natural disaster. Professionals in this field work diligently to mitigate potential risks associated with a specific industry.
PMI-Risk Management Professional (PMI-RMP) is a highly reputed certification when it comes to the field of risk management. It signifies that the beholder is capable of identifying potential threats, assess them and then to prioritizethem as per the consequences that they can lead to. The skills acquired through the certification leadsprofessional risk managers to make right decisions while applying coordinated resources to minimize and to control the probability of unforeseen events.PMI-RMP is recommended for project team members looking forward tovalidate their assessment and identification of risks management skills and experience in the same. The certification allows showcasing expertise in the field of project risk management.
As in the case of other certifications, the first step is to procure the application form, duly fill it and submit it within the given time frame of 90 days. A candidate can opt for submitting the form and appearing for the test online or for a paper based test. Paper- based tests are reserved for those that live 186.5 miles of greater away from the nearest testing center.
Candidates are required to answer a total of 170 questions, out of which 150 are to be marked while 20 are pretest questions. The pretest questions have no impact on the total scores of a candidate. Every candidate is required to attend a 15 minute tutorial and a survey before proceeding with the exam. The examination questions have to be answered in a total of 210 minutes (3hrs. 30 minutes.)
To be eligible for sitting for the certification exam a candidate, the prerequisites can be discussed under two levels:
- A high school diploma, associate degree and
- More than 4500 hours of professional project risk management work experience or a global equivalent and
- 40 contact hours of formal project risk management education.
- Bachelor's degree or global equivalent and
- 3000 hours of professional experience in the field of project risk management and
- 30 contact hours of training in the field of project risk management.
It is important that all experience must have been accrued in the last five years just before applying for the certification exam.
The certification aims at testing a candidate's ability and understanding of project management skills and principles. The certification is specifically designed to assess a candidate's:
- Ability to plan and implement risk strategies for the project team;
- Ability to identify potential risks and prioritize ;
- Ability to recognize the identity and objectives of stakeholders;
- Ability to facilitate risk monitoring and risk reporting process;
- Ability to perform specialized risk analysis.
In today's global business environment the challenges that organizations face are far too complex being a source of continuous uncertainty. Competition, fraud, continuously developing technology, statutory compliances, terrorism and nature are just some of these challenges. These challenges make organizations susceptible to numerous risks requiring professionally trained individuals for identifying and managing these risks.
PMI-RMP is a highly sought for certification amongst project risk management professionals. Professionals benefit in terms of better opportunities, in terms of responsibilities and remuneration. The candidate becomes more capable as the skills acquired are globally recognized and used.The organizations benefit as they have specialized professionals responsible for assessing, identifying, prioritizing and mitigating the project risks within the time frame and with least impacts.
Company affairs has always attracted me. Boardrooms, conferences, statutory deadlines all give me a thrill. It was around 7 years back that I moved in the field of risk management. Since the business world is highly global, partnerships, amalgamations and take overs are a common scene these days and so are risks posed by unique circumstances. It was during one such take over that I was responsible for risk management.I liked what I was doing and saw great potential in it. Today I am working as a risk specialist. My job involves planning for risk management. This starts by identifying the risks and performing both qualitative and quantitative analysis. I am also responsible for planning the responses to the risks. The entire team works to monitor and control the risks that may arise in day to day functioning.
Daniel Reed, Risk Specialist, AnthroFin