In my academic career, my pursuit of a Master’s degree has been helping me broaden my horizons in the world of Business and Management. As an aspiring individual, in search of increasing my knowledge, I came across the Institute of Risk Management (IRM) India Affiliate, which filled me with curiosity about the Risk domain. It was an unexplored territory which naturally urged me to take the opportunity, and educate myself about an up coming field. After enroling for the Level 1 examination in Enterprise Risk Management (ERM), the journey has been great. The holistic curriculum, swift assistance from the institute and even study support sessions made the sailing smooth from the start.
During my post-graduation studies, I had only been aware of Financial Risk Management (FRM) which revolved around financial risk. In a college seminar, I got to know about IRM, their examinations and certifications in ERM, which covers not only financial risk but also many other risks like climate change, fraud, technology, cyber security, governance and so many more. Also, IRM being the world leader in ERM was pivotal in my decision to enrol for the level 1 exam.
In the progression of level one, I learnt about different types of risks we have in our everyday surroundings which we usually are unaware of. IRM helped me develop a broader mindset about risk and its management. The study material and one-on-one sessions with highly qualified professors aided my learning and understanding of how risks should be treated. The live study sessions consisted of brainstorming, use of case studies and practical exercises for application-based learning.
Risk management is instrumental in the success of any organisation today. ERM enables us to be risk-intelligent and prepare us to mitigate the likelihood and impact before the uncertain event. The curriculum complies with the ISO 31000 – International Risk Management System Standard and COSO framework. The Risk Management Process consists of Risk Identification, Risk Analysis, Risk Evaluation, Risk Treatment, Risk Monitoring & Review, Risk Communication & Culture, etc. Risk management allows a company to identify, evaluate, analyse, monitor, and deal with the risks that threaten the company’s objectives.
Clearing IRM level 1 has been the best achievement yet. Following the certification, I was given access to the IRM alumni network which has its perks like getting risk management job opportunities, risk news, event alerts and current affairs. Getting such an overwhelming number of opportunities after completing only Level 1 makes me wonder about the opportunities that will come my way after completing the successive levels. But to achieve great things, we must start with a single step. I am looking forward to doing IRM Level 2 and gain IRMCert designation.
Blog Author: Jayesh Chauhan, Cleared IRM’s level 1 Enterprise Risk Management Exam