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Risk Management was traditionally studied with a focus on Financial Risk or Insurance Risk. While both those areas of risk are important, IRM's Qualifications cover Enterprise Risk Management and ERM is a much broader concept since it covers risks across the entity in all departments and all sectors, including supply chain, operations, human resources, marketing, branding & reputation, research & development, treasury, sales and much more. Additionally, financial risk management is a more quantitative subject, whereas ERM is more qualitative. Whether the candidate wants to pursue a career in risk or not, IRM's global qualifications are relevant for start-ups, family businesses and for all sectors in the industry including pharmaceuticals, financial services, FMCG, retail, manufacturing, technology and others.

Candidates can start a formal career in enterprise risk management with IRM’s global qualifications with Level 1 while pursuing graduation/post-graduation or even while working. The benefit of pursuing IRM’s qualifications is the application of risk in any and every sector, the ability to continue his/her existing work or study, and a professional designation that is earned at each stage after Level 2. IRM has been recognised by the industry for over 30 years and in 143 countries for the Enterprise Risk Management qualifications.

IRM is a globally recognised, not-for-profit, professional education body, headquartered in the UK with presence in 143 countries. IRM is run by professional members across the world since 1986.

No
IRM provides International Qualifications in Enterprise Risk Management from Level 1 to Level 5, recognised across the globe for over 30+ years.

However, IRM does offer customised courses and programs for corporate organisations looking to upskill their employees in the areas of risk management, crisis management, resilience, risk response strategies and many more. Several companies across the globe have pursued IRM's certified customised programs.

IRM also offers two other standalone qualifications (not part of Level 1 to Level 5) -

  • Digital Risk Management, developed in collaboration with the University of Warwick; and
  • Supply Chain Risk Management

No
Enterprise risk management covers an organisation wide perspective which includes risk from procurement, supply chain, marketing, HR, reputation, technology, sales and many other areas. Whether you’re a marketing head or a business owner or a budding entrepreneur, IRM’s enterprise risk management qualifications help you build resilience and risk knowledge required in today’s uncertain world.

Because risk is inherent in everything we do, our students and members across the globe in 143 countries come from varied backgrounds - leadership, risk heads, family businesses, consulting and across sectors including health, insurance, energy, pharmaceuticals, financial services, etc.

Whether the candidate is a student or a working professional, IRM’s Qualifications can be taken up by anyone aged 18 years and above.

Other eligibility criteria may apply depending on the Level.

Risk management is applicable across, no matter which sector, organisation or country the candidate works.

Globally and in India, IRM’s candidates come from varied backgrounds like family businesses, entrepreneurs, start-up founders, working professionals across various sectors, risk management teams of mid and large companies, SME business owners, students from law, marketing, engineering, commerce, accounting, management studies and many others.

Given the nature and structure of the curriculum developed in partnership with industry and academia over the years, IRM’s global qualifications equip candidates with complex problem solving, effective decision making and critical thinking skills and knowledge needed to succeed in a risky world. We are covering 40% of the 2022 World Economic Forum's Growing Skills.

IRM’s Qualifications (Level 1 to Level 5, DRM, SCRM) are valid for lifetime.

Once candidates enrol and select the examination month, depending on the Level, the qualifications can be pursued through self-study, live online webinars/study support sessions (recordings available as well), e-books, past exam questions, student handbook, module coaches, dedicated discussion forum, and other resources that will guide candidates in their journey towards these qualifications. Candidates can read about the preparation details of each level here - Level 1 and Level 2

Given the practical nature of our curriculum and strong resource support offered directly by IRM including the live webinars/study sessions, module coaches, discussions forums and learning materials, candidates do not require any additional coaching/tuitions.

IRM Accredited Trainers come from the industry with rich experience in the risk sector and they guide and mentor candidates in preparing for the examinations with case studies, activities and presentations on the curriculum.

Level 1 and Level 2 can be pursued alongside graduation. It is highly recommended that candidates take the Level 3 Examination after completing their graduation.

IRM members work across sectors in the capacity of chief risk officers, entrepreneurs, business owners, risk consultants, business risk managers, consulting, digital risk professionals and others. Our students and members work or have worked across the globe at companies like PwC, EY, Deloitte, Alvarez & Marsal, Barclays, Swiss Re, L&T, Aditya Birla Group, Zurich Insurance, Edelweiss, Royal Bank of Scotland, Shell International, GSK Pharma, Morgan Stanley, Dr. Reddy’s Laboratories, Equifax, Veritau, Rail & Transport Authority UAE, Network Rail.

SEBI & RBI have emphasised on the guidelines for appointment of Chief Risk Officers in specified companies. The Companies Act, 2013 also requires organisations to set up risk management teams to identify, assess and mitigate risks on an on-going basis. These companies are not only banks/financial institutions, but companies in the FMCG, metals, retail, pharmaceutical, real estate, automobile and all other sectors in the Indian economy.

IRM's Global Qualifications take the candidate on the right path towards becoming a Chief Risk Officer as he/she completes all 5 Levels and earn the designation CFIRM, considering it offers the gold standard in enterprise risk qualifications.

IRM members pursuing Level 2 and beyond, have been securing internships and full-time opportunities in industry risk teams, consulting firms, NBFCs and other companies in India.

  • Big 4 consulting firms in risk management
  • Risk based assurance in consulting and auditing firms
  • Strategic risk management at consulting firms
  • Credit rating agencies in risk management teams
  • Risk and credit teams at banks/NBFCs
  • Industry - FMCG, Pharma, Retail, Financial Services, Technology, Manufacturing, Agriculture, Steel - all listed, large companies have a risk management department as per requirement by SEBI/RBI/Companies Act 2013
  • Start-ups, family-owned businesses, SMEs - new scope in a post crisis world as most businesses are setting up a risk and crisis team

A chief risk officer has become a crucial resource during the coronavirus pandemic as many businesses face a wide range of operative threats to their processes and their workforces. CRO’s identify key risks, assess a company’s ability to take risks, and plan for recovery and resilience. The complex role of a CRO demands skills such as:

  • Analytical knowledge to evaluate varied business decisions ranging from supply chains to staffing
  • Relationship management expertise to maintain dealings with law firms, insurance brokers and industry peers
  • The power of persuasion to influence fellow executives
  • Sound communication skills to handle employees and media in a crisis
  • Financial literacy to gauge a company’s balance sheet and loss/gain elements involved in the workings of a factory unit
  • Accountability to the government regulators and investors who are inquiring about preparations for global catastrophe
  • Effective coordination with a company’s compliance and legal teams
Early Career
(Graduate + IRM Level 1/2)
INR 5,80,000 to INR 9 lakhs
Mid-Career
(PG + IRM Level 1/2
INR 10 lakhs to INR 18 lakhs
Experienced
(Level 3)
INR 19 lakhs to INR 26 lakhs
Senior
(Level 4)
INR 27 lakhs to INR 38 lakhs
Chief Risk Officer
(Level 5)
INR 75 lakhs and upwards

*Based on external reports: As of June 2020

Candidates can pay upfront or opt for payment in EMI over a duration, either through IRM’s education financing partner (Eduvanz) or independently.

Qualification Qualification Details Duration Examination Frequency Examination Delivery On completion
Level 1 Exam based 1 month (30-40 hours of study) Monthly (last Sunday of every month) Online Proctored Examination Globally recognised Certificate
Level 2 Exam based 6-9 months, (360-400 hours of study) June & November Exam Centre Globally recognised Qualification + IRMCert Designation
Level 3 Research and Assignment based (Dissertation) 12-18 months N/A N/A Globally recognised Diploma + GradIRM Designation
Level 4 Work experience based N/A N/A N/A CMIRM Designation
Level 5 Work experience based N/A N/A N/A CFIRM Designation
Qualification Qualification Details Duration Examination Frequency Examination Delivery On completion
Digital Risk Management Exam based 6-9 months(360-400 hours of study) June & November Exam Centre Globally recognised Qualification(Affiliated to Warwick University
Supply Chain Risk Management Exam based 6-9 months, (360-400 hours of study) June & November Exam Centre Globally recognised Qualification

IRM has 360+ Exam centres across India.

No, each Level is valid for lifetime and can be completed independently. Candidates are not required to complete all the 5 Levels to receive a designation. Candidates receive something after each Level.

It is not mandatory for candidates to take up the Levels immediately one after the other. Candidates can progress from one level to another at their own pace.

For example: A Level 2 candidate can progress to the Level 3 even after 3-4 years of completing Level 2.

Candidates can start a formal career in Enterprise Risk Management with IRM’s global qualifications with Level 1 while pursuing graduation/post-graduation or even while working. The benefit of pursuing IRM’s qualifications is the application of risk in any and every sector, the ability to continue their existing work or study, and a professional designation that is earned at each stage after Level 2. IRM has been recognised by the industry for over 30 years and in 143 countries for the Enterprise Risk Management qualifications.

IRM’s Level 1 Examination can be taken by -

  • students who are minimum 18 years of age, have successfully completed XII grade with no experience or up to maximum 24 months of work experience OR
  • working professionals who are minimum 21 years of age, have successfully completed graduation with minimum 24 months of full time work experience in any field/sector (except risk management)

There is no significant variance in the curriculum structure of the Level 1 Student Examination and the Level 1 Professional Examination. However, the study material for the Level 1 Professional Examination is more detailed, the examination is far more rigorous and the study support sessions are delivered by senior trainers with practical examples.

If you are a professional with 2-3 years of experience in risk management, you could be eligible for an exemption from IRM’s Level 1 Examination and can directly apply for the Level 2 Qualification. Submit your exemption request here.

The recommended study period for the Level 1 examination is 40 – 60 hours.

IRM offers free live study sessions to support candidates in preparation for the Level 1 examination. These live study support sessions are delivered virtually by industry experts who guide you through the curriculum and help you in preparing for the examination. The study sessions are interactive and delivered through a combination of case studies, activities, practical exercises/assignments and current affairs. 14 hours of self-study are involved on the part of the candidates. The recordings of the live study support sessions will also be made available to all candidates.

NOTE: The live study support sessions and study materials for Students and Professionals are different

The total duration of the live study support sessions is sixteen (16) hours. The sixteen (16) hours are covered over four (4) days, i.e. four (4) days for four (4) hours each.

Generally yes, but we will also be providing recordings of the live study support sessions in case candidates are unable to attend it.

The RMAT (Risk Management Aptitude Test) is a pre-admission logic. There is no study required to take the RMAT. The RMAT tests candidates’ reasoning and analytical thinking skills before they begin their journey in Enterprise Risk Management. The candidate’s performance on the RMAT does not affect their final Level 1 Examination grading in any way.

No, the study material is sent electronically to all candidates.

The Level 1 Examination is conducted every month. Exact dates can be found on the calendar.

Candidates must first choose the month in which they wish to opt for the Level 1 Examination, i.e. any month from January to December considering Level 1 Examinations are conducted every month.

Once a candidate has chosen the examination month and completed the admission, the candidate will be automatically enrolled for the live study support sessions in the month preceding the chosen Level 1 Examination month.

For example: If a candidate has chosen his Level 1 Examination month as February, he/she will have be enrolled for the live study support sessions in January, i.e. the month preceding the chosen Level 1 Examination month.

Candidates do not have to take the Level 1 Examination at an exam centre. The Level 1 Examination is a proctored exam that can be taken at your convenience. Proctored exams are timed exams that the candidate has to take while a proctoring software monitors the candidate’s computer desktop, webcam video and audio.

The duration of the Level 1 examination is sixty (60) minutes.

The Level 1 examination will consist of thirty (30) Multiple Choice Questions (MCQs) which are applications and case-study based.

No, there will be no negative marking for any questions.

On successful completion of the Level 1 Examination, candidates will receive their globally recognised certificate and a one-year free membership into the IRM Alumni Community. All physical and soft copies of the certificates that the candidate receives on completion of the Qualifications are issued by IRM’s Global headquartered in the United Kingdom. Candidates also meet the prerequisite for admission into IRM’s Level 2 Qualification - (IRMCert) after clearing the Level 1 Examination.

Candidates have 3 attempts (including the original attempt opted for by the candidate) to complete the Level 1 Examination successfully. In case a candidate fails to clear the Level 1 Examination in the first attempt, he/she has 2 more attempts to clear the Level 1 Examination.

A candidate who has not cleared the Level 1 Examination in the first attempt AND/OR second attempt, must appear for his/her second attempt AND/OR the third attempt in any one of the next two immediate Examinations only.

If a candidate fails to appear for his/her second attempt AND/OR the third attempt in the two immediate Examinations, then such failure on the part of the candidate will be counted as a second or the third attempt accordingly.

For example: If a candidate does not clear the first attempt of Level 1 in September 2020 he must appear for the second attempt of Level 1 in October 2020 or November 2020. If a candidate fails to appear for his second attempt of Level 1 in October 2020 or November 2020, his/her second attempt will be counted irrespective.

The first two attempts are included in the Level 1 Examination fee. However, if the candidate fails to clear the second attempt, the candidate will have to pay a resit fee of INR 6000 all inclusive for the third attempt. In case a candidate is unable to clear the Level 1 Examination within three (3) attempts, the candidate will have to re-enrol and pay the complete Level 1 Examination fee.

The pass percentage of the Level 1 Examination is 60%. On an average, 75% of candidates clear the Level 1 Examination in the first attempt.

Candidates can pay upfront or opt for payment in EMI over a duration, either through IRM’s education financing partners or independently. For more details about payment in EMI through IRM’s education finance partner, the candidate can visit the Payment Page. Candidates must pay the fees in INR with GST and applicable taxes.

IRM’s Qualifications (Level 1 to Level 5, DRM, SCRM) are valid for lifetime.

Candidates aged 18 years and above are eligible to pursue the Level 2 Qualification, SUBJECT to:

  • successful completion of the Level 1 Qualification;OR
  • receiving a Level 1 Exemption.

(Exemptions are considered on a case-to-case basis and are granted at the sole discretion of IRM and all decisions as regards exemptions are final and binding on candidates)

Following candidates may be eligible for a Level 2 Qualification directly and can apply for a Level 1 Exemption;

  • Candidates with 2+ years of experience in Enterprise Risk Management;OR
  • Candidates with 3+ years of experience in Risk Management related domains;OR
  • Candidates having completed a specialised study in Enterprise Risk Management at an undergraduate or postgraduate level;OR
  • Candidates with other equivalent backgrounds.

Candidates can apply for a Level 1 Exemption by completing the exemption application form here. Candidates applying for a Level 1 Exemption must submit a copy of his/her CV and/or a copy of his/her Degree with the attached course syllabus. Exemptions are considered on a case-to-case basis and are granted at the sole discretion of IRM and all decisions as regards exemptions are final and binding on candidates.

IRM’s Level 2 qualification, which comes with a formal designation- IRMCert, covers two options -

  • The International Certificate in Enterprise Risk Management (2 Modules);OR
  • The International Certificate in Financial Services Risk Management (2 Modules).

Candidates can opt for any ONE of the above two options.

The International Certificate in FSRM is focused on the Financial Services industry and is therefore recommended for those candidates working/aspiring to work in a finance-related role/department/organisation/industry.

The International Certificate in ERM, on the other hand, is the ideal qualification for anyone looking for a solid foundation in the theory and practice of effective risk management and is recommended for all other candidates working/aspiring to work in any other (other than Finance) role/department/organisation/industry.

IRM’s Level 2 qualification is set at a degree level difficulty. The designation that candidates receive on completion of IRM’s Level 2 Qualification - IRMCert is at par with a graduate degree recognised in 143 countries globally.

The International Certificate in Enterprise Risk Management has two (2) modules. Likewise, the International Certificate in Financial Services Risk Management also has two (2) modules.

The recommended study period for the Level 2 examination is 180 to 200 hours per module.

To support candidates in preparation for the Level 2 examination, IRM provides to all candidates access to the following:

  • Online virtual learning environment – with activities and quizzes

  • Study guide and readings

  • Student handbook

  • Discussion forum

  • Module Coaches

  • Tutorial & Revision webinars/videos

  • Specimen Papers

  • Online resource centre

  • Dedicated student support team

  • Guides and briefings

Access to the online virtual portal will only be granted to candidates after candidates make complete payment of the Level 2 fees.

On successful completion of the Level 2 Qualification, Candidates become Certificate Members - IRMCert. This designation (IRMCert) is equivalent to a graduation degree and is recognised in 143 countries globally.

(All physical and soft copies of the certificates that the candidates receive on completion of the Qualifications are issued by IRM’s headquarters in the United Kingdom)

Candidates will also have met the prerequisite for admission into IRM’s Level 3 Qualification - International Diploma in Enterprise Risk Management (GradIRM), which is equivalent to a Master's Degree.

In case a candidate fails the Level 2 Examination, he/she may reappear for the Examination(s). In case a candidate passes one examination module and fails the other, he will only have to reappear for the examination module in which he/she failed.

Candidates will be required to pay a resit fee of GBP 175 per module examination.

Candidates have three (3) attempts and must complete the Level 2 Qualification (both Module 1 and Module 2) successfully within three (3) consecutive sessions, i.e. June, December, June OR December, June, December. If a session is skipped, then this will count as an attempt.

For example: If a candidate enrols for the June 2020 session, then the candidate will have to successfully clear the failed Module (Module 1 and/or Module 2) in December 2020 and thereafter if he/she still does not clear, then in June 2021.

After this point, candidates will be required to re-enrol and pay the complete Level 2 Qualification fee.

Both the International Certificate in Enterprise Risk Management and the International Certificate in Financial Services Risk Management consist of two (2) modules each, and each module is assessed separately through an examination. However, the exam for both Module 1 and Module 2 has to be given in the same exam period that relates to their enrolment window and cannot be split.

Candidates can choose to take the Level 2 Examination over two examination sessions in a year - early June OR late November. Exact dates can be found on the exam timetable.

Candidates can appear for the Level 2 Examination at any one of our 360+ Exam Centres across India.

Each Module of the Level 2 examination will consist of sixty (60) Multiple Choice Questions (MCQs) for ninety (90) minutes.

(Note: The Level 2 Qualification consists of two modules; therefore, candidates will be required to appear for two such examinations.)

No, there will be no negative marking for any questions.

Candidates will be notified of the date they can book the exam centre for the exam after they have enrolled for the Level 2 Qualification and their payment of the Level 2 Fees has been successfully processed.

On an average, globally 60% of candidates clear the Level 2 Examination (both Modules) in the first attempt.

Candidates can pay upfront or opt for payment in EMI over a duration, either through IRM’s education financing partner (Eduvanz) or independently. For more details about payment in EMI through IRM’s education finance partner, candidates can visit the Payment Page. Candidates must pay the fees in INR with GST and applicable taxes.

Candidates must pay the Level 2 Fees in INR only. The Level 2 Fees stated in GBP will be converted to INR at the time of making the payment.

When candidates enrol for IRM’s Level 2 in the International Certificate in Enterprise Risk Management OR Financial Services Risk Management, he/she will automatically be registered as a student member of IRM for a maximum of two years, or until he/she successfully completes the qualification - whichever comes first. Candidates will only continue to have student membership as long as he/she is entered for an exam.

Wherever possible, IRM will provide examination arrangements that take account of candidates’ special requirements. If the candidate completes an application for special arrangements, we must receive the completed form no later than 28 February for the June examinations, and by 31 July for the November examinations. This is to give us enough time to help with the candidate’s requirements effectively. While we aim to meet all requests, we cannot fulfil requirements where applications are received late. All applications must be made on the appropriate form and submitted by the deadline given. Candidates can request a copy of the Special Needs form by emailing studysupport@theirmindia.org

Candidates can start a formal career in enterprise risk management with IRM’s global qualifications with Level 1 while pursuing graduation/post-graduation or even while working. The benefit of pursuing IRM’s qualifications is the application of risk in any and every sector, the ability to continue their existing work or study, and a professional designation that is earned at each stage after Level 2. IRM has been recognised by the industry for over 30 years and in 143 countries for the Enterprise Risk Management qualifications.

IRM’s Qualifications (Level 1 to Level 5, DRM, SCRM) are valid for lifetime.