Associate in risk management

Associate in risk management
See also


Associate in risk management (ARM) is a person who must hold a nationally recognized certificate of professional competence in risk management, developed and administered by the Insurance Institute of America (IIA). Associate in risk management is a person qualified to take part in the risk management process consisting of practices to manage, avoid or reduce risk by identifying, assessing and controlling enterprise risk[1].

ARM™ Insurance Designation

An individual is required to successfully complete three following courses ending with an exam[2]:

  1. ARM™ 54 - associated with risk assessment. This part consists of 75 questions; to achieve a passing grade, an individual is obliged to answer 53 questions correctly, which constitutes 70% of the exam,
  2. ARM™ 55 - based on risk control,
  3. ARM™ 56 - connected with risk finance.

As a result of obtaining the ARM™ certification, associates in risk management are ready to perform the functions of risk manager[3].

ARM™ as a program designed for all professions associated with risk management

This three-part course is primarily recommended to be completed by individuals whose job duties are to make decisions based on risk[4]:

  • CFOs (Chief Financial Officers),
  • CROs (Chief Risk Officers),
  • brokers / agents,
  • risk management coordinators,
  • risk management consultants,
  • risk management analysts,
  • etc.

Amendments in ARM™ taking effect on March 15, 2020

Due to changes resulting from the new ARM™ designation, all three courses will be transformed in the following manner[5]:

  1. ARM™ 54ARM™ 400,
  2. ARM™ 55ARM™ 401,
  3. ARM™ 56ARM™ 402.

References

Footnotes

  1. What is the Associate in Risk Management (ARM™ Insurance Designation), 2019, AssociatePI Insurance Education
  2. Carroll R. E. (2009) Risk Management Handbook for Health Care Organizations, Student Edition, Jossey-Bass, San Francisco, p. 570
  3. What is the Associate in Risk Management (ARM™ Insurance Designation), 2019, AssociatePI Insurance Education
  4. Carroll R. E. (2011) Risk Management Handbook for Health Care Organizations, 3 Volume Set, Sixth Edition, Jossey-Bass, San Francisco
  5. The Institutes (2019) Important Course Revisions", The Institutes, Malvern

Author: Ewelina Wojtarowicz