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What Are the Different Types of Risk Management Qualifications?

By Florence J. Tipton
Updated May 17, 2024
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The different types of risk management qualifications are generally necessary to become a risk manager of company assets. Getting risk management qualifications may require a certification, undergraduate studies, work experience, and designation as a risk management expert. Certification is typically based on a specific area of expertise in risk management such as financial services. Most risk management positions require a minimum undergraduate degree in business as a qualification for working in the field. Additionally, a risk manager may seek specialized designations to enhance professional qualifications.

Generally, the standard of practicing risk management is two-fold. One aspect involves the ability to avoid situations that cause catastrophic events. Another aspect is the ability to implement systems, policies, and strategies that can either control outcomes or minimize the impact of a catastrophic event.

Obtaining a certification in risk management is recognized as one type of qualification to meet these standards. A person might enroll in a certification program that is offered by a trade association or academic institution. The trade association typically provides specialized certification training to its members. Some academic institutions offer certification training programs in risk management, open to anyone who wishes to enroll.

Risk management qualifications may also include enrollment in continuing education classes. This can help maintain the certification level often required to continue working in a particular field, such as healthcare or financial services. Participation in continuing education classes can also help professionals stay abreast of emerging industry risks.

Anyone interested in the risk management field could obtain an undergraduate degree. This could be a degree in risk management, business, or a related field. In addition to an undergraduate degree, postgraduate studies are often pursued to enhance industry qualifications.

Absent an undergraduate or postgraduate degree, some people might have work experience in the insurance industry, particularly in the loss prevention department. Work experience is considered a valuable risk management qualification to properly assess threats. Generally, a person can learn firsthand industry standards, typical scenarios for risks, and best practices to prevent or avoid a catastrophic event.

Typically, the skill set applicable to risk management is often perfected in the workforce. These skills include being detail-oriented and analytical. Having industry knowledge to recognize perceived threats for which risk management strategies are usually developed through hands-on experience. Work experience can help an individual sharpen necessary skills to fulfill other risk management qualifications, such as specialized designations.

Special designation as a risk management expert strengthens qualifications to work in an industry. With some companies, this special designation signifies a level of expertise in avoiding potential threats. For example, general risk management training may not prepare an individual to assess risks specific to the financial services industry. Achieving risk management qualifications in securities training or regulatory compliance surpasses basic knowledge about current industry-related risks.

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