Associate in risk management

Associate in risk management
See also
Stages of project Certified internal auditor Implementation of information security management system Project steering committee Accreditation Quality circles Delegation of authority Effectiveness of training Employability skills

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.

ARM™ Insurance Designation

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

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.

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:

• 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:

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

References

• Carroll R. E. (2009) Risk Management Handbook for Health Care Organizations, Student Edition, Jossey-Bass, San Francisco, p. 570
• Carroll R. E. (2011) Risk Management Handbook for Health Care Organizations, 3 Volume Set, Sixth Edition, Jossey-Bass, San Francisco
• Hopkin P. (2018) Fundamentals of Risk Management. Understanding, Evaluating and Implementing Effective Risk Management, Fifth Edition, Kogan Page, London
• ARM™ 54 Passing Grade (ARM™ 400), 2019, AssociatePI Insurance Education
• What is the Associate in Risk Management (ARM™ Insurance Designation), 2019, AssociatePI Insurance Education
• Keir Educational Resources (2016) Answers to the Questions in the Course Guide. Risk Management Principles and Practices. ARM 54, First Edition, Keir Educational Resources, Middletown
• Sadgrove K. (2015) The Complete Guide to Business Risk Management, Third Edition, Gower, Aldershot
• The Institutes (2019) Important Course Revisions", The Institutes, Malvern

Footnotes

Author: Ewelina Wojtarowicz