IRM’s Global Level 1 Enterprise Risk Management (ERM) Examination is the first step towards starting a career in ERM with the world's leading professional body. The Level 1 Examination can be pursued by students and working professionals alongside their graduation or post-graduation or professional career. The Level 1 ERM Exam is relevant for aspiring risk leaders, entrepreneurs, family business owners, risk champions, risk consultants, process owners, functional experts, or business heads. Students from any background can pursue the ERM exam considering the wide coverage of risks (i.e. finance, technology, legal, accounting, operations, management studies, and more) and the rising importance of risk intelligence as a an important skill.
The Level 1 Examination covers the foundational knowledge that organisations expect as well as the critical risk identification and mitigation skills that professionals need to respond to complex uncertain events impacting all departments of an organisation that include marketing, human resources, procurement, supply chain, information technology, cyber security, sales, legal, research & development, environmental, social, governance (ESG) and many more. The curriculum empowers you with the theory and practice of enterprise risk management in-line with ISO 31000 standards, COSO framework, and industry best applications with a combination of case studies, applied exercises, and current affairs.
Additionally, outsourced services, IT security, supplier assessments, joint ventures and partnerships, alliances, and informal arrangements, together with the speed of change can all present challenges to organisations today. The Level 1 curriculum now also covers the study on the Extended Enterprise. Extended Enterprise looks at how all organisations are affected by the way that others in their value chain and network manage risk and the complexities that can arise from these relationships. It aims to study the complex network of relationships that underpin public and private economic activity in modern economies.
Successful completion of IRM’s Level 1 Examination entitles you to an international certificate, access to IRM's Level 2 Qualification and membership into IRM India alumni community.
97%
of candidates agree that they are able to think from a risk perspective and have become analytical in their approach
92%
of candidates agree that they have learnt the process to identify and manage risks
86%
of candidates agree that they are better aware of global inter-connected events and risk management frameworks
70%
of candidates have generally passed the Level 1 Examination in the last 12 months
60%
of candidates in the industry are working in non-insurance roles which is the true essence of enterprise risk management
Features of the Level 1 Curriculum
Global risks
Risk culture and maturity
Identification, assessment, mitigation of risks
Risk appetite
Risk frameworks
Black swan events
Entry Criteria
Candidates enroling for the Level 1 Examination can be:
-
Students who have successfully completed XII grade with no experience or up to maximum 24 months of work experience
-
Working professionals who have successfully completed graduation with minimum 24 months of full time work experience in any field/sector (except risk management)
No background or knowledge of mathematics or finance is required for learning enterprise risk management.
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
Duration
- The time taken to complete the Level 1 Examination is a maximum of two months’ subject to the candidate passing the examination in the first attempt. The resit examinations are conducted every month.
- The average study duration for the Level 1 Exam is 60 hours. Depending on the learning path chosen by the candidates, the duration of self-study and live training will vary.
- Candidates who choose to prepare for the exam with NMIMS-CIS will get access to upto 30 hours of live training including revision lectures, doubt-solving sessions, detailed training on Handbook 1 and the newly included Handbook 2 (Feb'23 exam onwards only), and mock tests.
- Candidates who choose to prepare for the exam under self-study option without any training support, will get access to 8 hours of live virtual sessions covering Handbook 1 only. Preparation from the remaining resources will be on a self-study basis.
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Modules of Level 1 Examination
Enterprise risk management is applicable for everyone as it goes beyond finance and insurance and covers the following:
- Reputation, branding, marketing risks
- Health and safety risks
- Procurement and supply chain risks
- Technology and cyber security risks
- Environmental and geo-political risks
- Human resources and people risks
- Insurance and financial risks
As the economy becomes more complex, organisations find themselves confronting an increasing array of risks that can affect their businesses significantly.
From investigating cyber risks, climate change, pandemics and fraud to co-ordinating intricate supply chains and operational risk; an effective enterprise
risk management system is increasingly seen as a cardinal for businesses in all sectors. The Level 1 Examination curriculum blends very well with your current
education or work and draws parallels from real-life examples, empowering you with the tools and techniques to identify and manage any kind of risks. The curriculum
for the Level 1 examination covers:
Introduction
- Understanding risk maturity
- Understanding the risks around us
- Global interconnected events
- Case studies on business failures
What is Risk?
- Learn how to define risk
- Understanding how risk management can be used to both maximise opportunities and minimise threat
- Understanding the principles and processes of risk management
- Establishing the attributes of effective risk management
Context and Objectives
- Understanding the purpose and scope of risk management
- Establishing the relevant risk framework including roles and responsibilities and policies
- Develop an awareness of risk appetite
Risk Assessment
- Identification techniques
- Assessing risk and selecting appropriate actions and controls using key tools, such as risk registers, risk bow-ties and risk matrices
- Practically applying risk assessment using case studies to identify and analyse
Risk Action
- Understanding risk treatment plans
- Recognising control effectiveness
- Awareness of business resilience
Communication and Reporting
- Techniques to keep the risk management process alive
- Develop and appreciation of effective risk reporting
- Communicate risk to all levels and to external stakeholders
Unit 3
(applicable for the February 2023 examination and beyond only)
Introduction to the Extended Enterprise
- Complex 21st Century Organisations
- Modelling the extended enterprise
Leadership and governance
- Ethics and behaviour
- Building collaborative relationships
- Sector collaboration
Challenges
- Communications challenges
- Assurance challenges
- Checklist
Study Support
Depending on the learning option you choose (i.e. self-study or study through NMIMS-CIS, national learning partner) you will gain access to a variety of study tools and resources to help you prepare for the exam. NMIMS-CIS provides an excellent learning ecosystem with case studies, doubt-solving sessions, and mock tests along your path to earning the Level 1 certification.
The table below will help candidates in understanding the relevance and weightage of the study materials in the Examination.
| Study Resources |
Study Support |
| Handbook 1 - ERM |
50% |
| Handbook 2 - Extended Enterprise
(applicable for Feb 2023 exam and training available through NMIMS-CIS only)
|
25% |
| Past Paper Questions |
15% |
| Case Studies and Other Materials |
10% |
The table below will help candidates in understanding various study resources available under both options.
| Resources |
Available under
Self-Study Option |
Available under
Study through NMIMS-CIS |
| Handbook 1 - ERM (Student Version and Professional Version) |
Yes |
Yes |
| Basic Live Virtual Study Support Sessions on Handbook 1 (recordings available subsequently)
|
Yes |
Yes |
| Basic Revision Question Booklet |
Yes |
Yes |
| International Webinars |
Yes |
Yes |
| e-Resource Center |
Yes |
Yes |
| Handbook 2 - Extended Enterprise |
Yes |
Yes |
| Detailed Training on Handbook 1 |
X |
Yes |
| Detailed Training on Handbook 2 |
X |
Yes |
| Revision Sessions and Doubt-Solving |
X |
Yes |
| Mock Tests and Latest Exam Question Banks |
X |
Yes |
| Case Studies and Examples |
X |
Yes |
| Additional Certificate and Academic Credits |
X |
Yes |
Application Timelines and Key Dates
The Level 1 examination is conducted online four times a year (February, May, August, and November) on the last Sunday of the respective month. Resit exams are conducted every month on the last Sunday of the respective month. The results are announced within 15 days of the exam date.
Upon registration and successful payment of fees (self-study or study through NMIMS-CIS), you will get access to the resources mentioned under the 'Study Resources' section. The study support sessions under the self-study option for Students and Professionals are conducted separately as per the dates given below. Candidates opting for study through NMIMS-CIS will get all details pertaining to the training, revision sessions, mock tests, and other resources upon payment of fees to NMIMS-CIS. Click here to know more.
February 2023
Student/Professional Exam
26th
February 2023
May 2023
Student/Professional Exam
28th
May 2023
August 2023
Student/Professional Exam
27th
August 2023
November 2023
Student/Professional Exam
26th
November 2023
Examination
The table below will help candidates in understanding the relevance and weightage of the study materials in the Examination.
| Study Resources |
Study Support |
| Handbook 1 - ERM |
50% |
| Handbook 2 - Extended Enterprise
(applicable for Feb 2023 exam and training available through NMIMS-CIS only)
|
25% |
| Past Paper Questions |
15% |
| Case Studies and Other Materials |
10% |
The Level 1 examination is online, application-based with multiple-choice questions. Questions from previous examinations are available in the study materials. Candidates are permitted one additional resit at no extra fee.
The results are announced within 15 days of the exam date. The format of the examination for students and professionals is different.
| Mode |
Online, link will be sent on email 2 days prior to the examination |
| Format |
- 25 to 35 questions depending on the score points
- Multiple choice
- Application based questions (including case studies)
- One qualitative essay-based question (only one question of 20 score points with an answer expected to be within 200 words) - Feb'23 exam onwards only
|
| Duration |
- 90 minutes i.e. One hour, thirty minutes
- 4 PM IST to 5:30 PM IST
- The last Sunday of February / May / August / November
|
| Technology Requirements (Detailed instructions regarding technology shall be available on the enrolment completion page) |
- Laptop / desktop
- Good internet connectivity with a backup internet connection
- Fully functional inbuilt microphone
- Fully functional webcam
|
| Browser Requirements |
- All other windows / tabs must be closed
- All electronic study materials / webinars must be closed
- All activities during the exam will be strictly monitored
|
| Optional Requirements |
|
| Scoring |
- 600-750 depending on the score assigned for each question in each exam attempt
- No negative marking
- Answering all questions is mandatory
|
| Required Pass Percentage |
-
50% to 60% depending on the examination attempt and difficulty level
- Generally about 70% students pass the Level 1 Examination
|
Enrolment process
- Select your preferred examination month under the Enrolment page
- Complete the registration form including payment of fees and access the following on the registration completion page
- Download the study materials
- Complete the Risk Management Aptitude Test (RMAT)
- Register for the study support sessions applicable for the selected examination
- Candidates will also receive an email with the above instructions after payment of the fees
Fees
Student and Professional Exam
Global fee: GBP 700
Subsidised fees: INR 29,500
Inclusive of 18% GST
Contact Exam Reservations Office for the Group Discount Programme if you plan to register and study in a group
Fees include RMAT, access to learning resource center with e-materials and international webinars, study support with live online sessions, Level 1 examination, hardcover handbook and hardcover revision question booklet couriered to your preferred address (only for Indian candidates), certification and alumni membership fee
Study with NMIMS
Total Fees: INR 36,500
Discounted Exam Fee payable to IRM:
INR 16,500
Inclusive of 18% GST
Tuition Fee payable to NMIMS
(Handbook 1 & 2):
INR 20,000
(exclusive of GST)
Fees inclusive of everything covered in the IRM exam fees plus live tuition support by NMIMS Center for International Studies that will also cover case studies, mock tests and practical doubt-solving by approved exam coaches to help you prepare for the global ERM exam better. Candidates also receive certification and academic credits from NMIMS.
Resources
Scroll to view all
(resources in red are provided by NMIMS-CIS only)
Handbook 1 - ERM
Basic Live Virtual Study Support Sessions on Handbook 1
Basic Revision Question Booklet
International Webinars
e-Resource Center
Handbook 2 - Extended Enterprise
Detailed Training on Handbook 1
Detailed Training on Handbook 2
Revision Sessions and Doubt-Solving
Mock Tests and Latest Exam Question Banks
Case Studies and Examples
Additional Certificate and Academic Credits
Eligibility Advisory
Students must pursue the Level 1 Student Exam before proceeding for the Level 2 Examination.
If you are a working professional with no or less than 2 years' risk management experience, the Level 2 examination would be extremely challenging / difficult, and instead of making a huge investment, it is recommended that you pursue the Level 1 Professional Exam as:
1. It will help you understand all concepts through training / resources and gauge whether Level 2 and beyond is the right path for you
2. It will provide a solid foundation to be successful at Level 2
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:
We recognise that a change of circumstances may mean that a candidate has to withdraw from their course of study. Candidates may request for a withdrawal of their enrolment within three (3) working days from the date of payment of the part enrolment OR complete enrolment fees, as the case may be. Requests for withdrawals will be considered on a case-to-case basis, only if the following conditions are fulfilled:
1. IRM India Affiliate has received the request of a candidate for withdrawal of the enrolment within three (3) working days from the date of payment of the part enrolment OR complete enrolment fees, as the case may be; AND
2. Candidate has NOT appeared for the RMAT aptitude test; AND
3. Candidate has not attended any of the live study support sessions.
In the event ALL of the above conditions are fulfilled, then IRM India Affiliate will consider a request for withdrawal of the candidate’s enrolment. Please note, any decision on withdrawal of enrolment, is at the sole discretion of IRM India Affiliate and all decisions by IRM India Affiliate as regards withdrawal of enrolments are final and binding on the candidates.
If a candidate's request for withdrawal is considered by IRM India Affiliate, then a refund of the fees actually paid by the candidate and received by IRM India Affiliate (less) an administrative fee of INR 10,000 (including GST) will be processed by IRM India Affiliate to the student. Kindly note, all refunds shall be processed by IRM India Affiliate to the candidate, within thirty (30) days from the date on which the candidates’ withdrawal request is approved by IRM India Affiliate.
No refunds will be granted after the said three (3) days cooling off period, and the enrolment fees will not be refundable under any circumstances whatsoever, even in the event of a medical condition or any other extreme circumstances. Enrolment fees are non-transferrable. Please refer to the Deferral Policy in the event of a medical condition / extreme circumstances.
[NOTE FOR CANDIDATES MAKING PART PAYMENT: If a candidate has made part payment of the enrolment fees AND such candidate has not made a request for withdrawal of his enrolment within three (3) working days from the date of payment of such part enrolment fees, then such candidate’s enrolment is final and complete, and he/she cannot seek to withdraw their enrolment at all, and IRM India Affiliate shall under no circumstances whatsoever be liable to refund the part enrolment fees to such candidates. In such circumstances, the candidate can either make balance payment of their enrolment fees and appear for the Level 1 Examination OR opt out completely without any refund of the part enrolment fee]
Please note that the withdrawal policy for the Level 1 examination is NOT APPLICABLE to candidates who are paying for the Level 1 examination in EMIs over a duration, through IRM India Affiliate’s education finance partner or independently, and once enrolled, such candidates CANNOT withdraw their enrolment under any circumstances whatsoever.
In case you would like to request a withdrawal, please write an email to
admissions@theirmindia.org. Candidates seeking withdrawal of their enrolment must mandatorily attach a copy of their invoice with such a request.
After a candidate has enrolled for the Level 1 Examination for a particular month, he/she cannot defer his examination to the next or another month.
However, a request for deferral of the Level 1 Examination to the next or another month are considered on a case to case basis, and only in the event of one of the following, impacting the candidate or a member of his/her family member:
- life-threatening illness (candidate or immediate family member) in the month of the exam;
- death of a candidate’s family member;
- mandatory military service (candidate only) in the month of the exam;
- pregnancy (candidate only); or
- natural disaster (affecting candidate’s local area) that prevents the candidate from appearing for the exam.
The candidates’ “family member” shall mean and include only the candidate’s parent, grandparent, sibling, spouse or child. In such a case, a request for deferral of the Level 1 Examination must be received by IRM India Affiliate within five (5) working days after the exam. Any decision on deferrals is at the sole discretion of IRM India Affiliate and all decisions by IRM India Affiliate as regards deferrals are final and binding on candidates. Candidates awarded a deferral by IRM India Affiliate, shall be liable and responsible to pay any and all differential fees, if any.
In case you are looking to seek an exam deferral, please email
examination@theirmindia.org. Candidates seeking an exam deferral, must mandatorily provide supporting documentation with such a request.
Candidates have three (3) attempts to complete the Level 1 Examination successfully.
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 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 third attempt in the two immediate Examinations, then such failure on the part of the candidate will be counted as a second and / or 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 6,000 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.
Duration : 2 Months
No. Of Units : 3
Study Hours : 60 hrs
