(International Certificate in Enterprise Risk Management / International Certificate in Financial Services Risk Management)
With the Level 2 Qualification, you will learn to adopt a systematic and consistent approach towards the practical implementation of enterprise risk management (ERM). With advanced understanding of global interconnected events, uncontrollable risks and strategic threats, you will gain immense knowledge on mitigation strategies to achieve business objectives and seize new opportunities. Every crisis has reminded organisations of the importance of qualified risk professionals whose perceptions of risk and behaviours have significantly transformed the organisation's risk culture and helped manage risks within its appetite.
The Level 2 executive program in risk management offers two electives for candidates to choose from : (A) International Certificate in Enterprise Risk Management (OFQUAL Level 5); OR (B) International Certificate in Financial Services Risk Management (OFQUAL Level 5). Each elective comprises two Modules (Module 1 and Module 2). Both the electives, i.e (A) The International Certificate in Enterprise Risk Management & (B) The International Certificate in Financial Services Risk Management, are assessed through a combination of an MCQ examination and Assignment Based Essay Questions.
Duration : 6-9 months
No. Of Modules : 2 (Module 1 and 2)
Hours per Module : 180 - 200
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Enterprise risk professionals are the human operational engine supporting the ERM process and it is vital that they have the knowledge, skills and tools required to build resilience, prepare for responses instead of reactions and deliver effective risk communication that influences decision-makers to enable their organisation to be successful risk-takers.
As a Level 2 IRM candidate, you will join a global community of risk professionals who are a step closer towards becoming Certified IRM Fellows (Level 5). Choose from the two elective options and start your journey towards becoming a business leader or chief risk officer:
The Qualification provides an advanced foundation in the theory and practice of effective risk management with:
Entry CriteriaCandidates enroling for the Level 2 Qualification must be 19 years and above when appearing for the Level 2 Qualification, and can be :
If you are a working professional with 2-3 years experience in risk management, then it is advisable you enrol for IRM's Level 2 examination. Click here
Need guidance from our Exam Reservations Team?
Working professionals can submit this form to get feedback on whether Level 2 would be the right starting point:
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Modules of Level 2 QualificationA general introduction to risk management concepts, to the importance of risk management across enterprises as well as internationally accepted standards and frameworks that support the effective implementation of risk management.
Contents
Explores formulation of an appropriate risk management approach for an organisation by considering risk principles, frameworks, and processes.
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Understanding the context and objectives for the organisation or activities, identification and analysis of real risks related to the context and objectives and supporting the decision-making process regarding which risks require further management.
Evaluating the appropriate controls to take charge of and manage the risks to an acceptable level. The monitoring and reviewing processes validate that the controls are operating effectively and that any changes in the context, risks and risk management process are recognised and actioned accordingly. This facilitates the risk reporting process, enabling relevant information to be communicated effectively, and supporting risk-based decision making.
Examining risk appetite and tolerance and their relevance to the achievement of objectives, including the requirement for and design of risk appetite statements. This unit will also cover evaluating risk culture to assess people’s influence on the risk management process and determining a successful risk culture for an organisation.
Analysing corporate governance, regulatory requirements and the relevant risk management roles and responsibilities for boards and executive management. Information that management receives regarding risks and controls being managed and implemented effectively supports decision making and provides assurance to the organisation and external stakeholders that an organisation is an ongoing concern and has a long-term viability.
Examining the importance of an organisation’s strategy and how this leads to the setting of objectives.
Examining the role that sustainability has on the performance of an organisation and of the part that risk management plays.
Examining organisational resilience and how it can help organisations manage future shocks, disruptive events, and major incidents. This unit assesses the importance of organisational agility and how resilience can be tested to give some assurance to stakeholders.
Examining different approaches to risk management relating to different activities, functions, and perspectives in an organisation.
Examining the maturity of risk management within an organisation and the need for continuous improvement
Examining the risk management competencies required to implement effective risk management within an organisation, recognising the value of risk management professionals.
A general introduction to some basic risk management concepts in financial services.
Contents
Explores the main features of key risk management standards, including the most generally accepted ISO 31000 standard (ISO, 2018), as well as Basel III and Solvency II.
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An overview of ERM. Understand how it can be implemented, in what context and the role of objective setting.
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Introducing risk assessment, the importance of risk identification, some general risk assessment considerations and techniques that are used specifically in financial services.
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Evaluating risk culture to assess people’s influence on the risk management process and to determine a successful risk culture for an organisation. This unit will also examine risk appetite and tolerance and their relevance to the achievement of objectives, including the requirement for and design of risk appetite statements.
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Analysing corporate governance, regulatory requirements and the relevant risk management roles and responsibilities for boards and executive management. Information that management receives regarding risks and controls being managed and implemented effectively supports decision making and provides assurance to the organisation and external stakeholders that an organisation is an ongoing concern and has a long-term viability.
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A general introduction to banking and insurance key regulation and regulators. This unit also explores the “Three Pillars” structure used by the majority of financial sectors.
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A general introduction to the four types of primary financial risks. This unit examines the approaches used to manage and quantify credit, liquidity, market and insurance risk in the banking or the insurance sectors. It also includes an understanding of Value at Risk and internal models.
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A general Introduction to operational risks in the banking and insurance sectors and explains the key regulatory requirements for managing those risks. This unit also addresses the approaches used to quantify operational risks in the banking and insurance sectors including usage of loss data.
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This unit explores several key operational risks in the banking and insurance sector. It also addresses key risks that organisations are expected to consider as part of their Pillar 2 assessment of risks such as ICAAP (Internal Capital Adequacy Assessment Process) or ORSA (Own Risk and Solvency Assessment)
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Examine organisational resilience in the financial services sector and how it can help financial service organisations manage future shocks, disruptive events, and major incidents. This unit assesses the importance of organisational agility and how resilience can be tested to give some assurance to financial services stakeholders.
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Evaluate the role of risk management in achieving the desired aspects of sustainability. This unit also helps understand the impact of climate change risk management on an organisation.
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Study SupportCandidates can prepare for the Level 2 qualification alongside their graduation / post-graduation / career. With access to global study resources and a discussion forum, candidates gain immense knowledge required in preparing for the qualification examination.
When you enrol for the qualification you will automatically be registered as a student member of IRM for a maximum of two years, or until you complete the qualification - whichever comes first. You will only continue to have student membership as long as you are entered for an exam. Students will also receive access to the following upon completion of enrolment and payment of fees:
Online virtual learning environment – with activities and quizzes
Student handbook
Discussion forum
Module coaches
Supportive Webinars & Videos
Sample MCQ Exam Questions
Online resource centre
Dedicated student support team
ERM textbook
Textbook for Financial Services elective (to be purchased at extra fee by the candidate)
Unit guides and essential readings
IRM works with reputed learning partners across the country who offer a blended learning pathway to prepare you for the IRM qualifications. Candidates who prefer a more interactive learning experience pay for additional tuition that may accelerate their performance in the examinations. The student-centred masterclasses and tuitions conducted reinforce your understanding of the materials and help you develop the practical skills needed to put your learning into practice. If you wish to enrol with any of our Blended Learning partners, please contact +91-7977950966.
Application timelines and key datesExams can be given in June or November / December at any of the 360 examination centres in India.
Please note that the enrolment is not an enquiry form or an expression of interest. By completing the online enrolment application, you are enroling as a candidate for the examination and must pay the fees.
Examination
Enrolment process
Fees
Online Learning
Student Handbook
Discussion Form
Module coaches
Revision webinars and videos
Online resource centre
Sample MCQ exam questions
Dedicated student support
Student membership
Online Learning
Student Handbook
Discussion Form
Module coaches
Revision webinars and videos
Online resource centre
Sample MCQ exam questions
Dedicated student support
Student membership
Please note: Core textbooks for the Financial Services elective of this qualification are not included in the fees and need to be purchased separately.
ExemptionsDo you have at least 8-10 years of experience in Risk Management? You may be eligible for an exemption from all IRM Examinations with direct entry to Level 4 (CMIRM).
The Senior Executive Route to IRM Certified Membership is designed for senior risk professionals who wish to have their skills and knowledge in Enterprise Risk Management (ERM) formally acknowledged by the world leader in enterprise risk management. It is aimed at risk management professionals with at least 8-10 years’ experience, and allows them to demonstrate a parity of understanding and experience with Certified Members who have completed up to Level 3.
The SER process is completed in two parts:
Download the PDF form and send us the completed application with your CV to cmirm@theirmindia.org
Once you register for the exams, you become a part of a professional community (check fee inclusions and type of membership) and can play a critical role in supporting the learning and development you need to progress in your career. Joining us will bring you the following benefits:
All professional members are expected to obtain 30 hours’ CPD each membership year (July to June) to maintain their professional designation and the IRM carries out random spot checks each year. You do not need to submit your annual CPD report if you are not directly asked to
Membership subscriptions are renewable on 1 July. They cover a 12-month period up to 30 June the following year. Membership fees can be directly renewed here. You can refer to the Low GDP rates as an Indian candidte.
