International Diploma in Risk ManagementBuilding excellencein risk management

The Institute of Risk Management

Diploma Brochure • 3

ContentsThe International Diploma in Risk Management: Overview 4

Course Content and Structure 6

Entry Requirements 8

About IRM 10

Learn how to make a real difference in your organisation.

“ IRM’s International Diploma helped me make sense of the real world complexity of modern risk. By systematically taking me through the key risk management concepts, I gained a unique skill set which has been invaluable in developing risk management systems. I’d recommend it to anyone needing to broaden their risk management skills. It’s challenging – but it’s worth it. Michael Dorrian, Risk Manager, North West Ambulance Service NHS Trust

For nearly 30 years, IRM’s International Diploma in Risk Management has been the global choice of qualification with risk professionals and their employers.

Organisations that have benefitted from this comprehensive programme include Aon, Barclays, BBC, BT, Centrica, Deloitte LLP, Diageo, HMRC, IBM, ITV, Lloyd’s Banking Group, Marsh, Nationwide, Nestle, Network Rail, Qatar Gas, PWC, RBS, Sainsbury’s, Saudi Aramco, Willis and Zurich.

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Risk management is now a significant issue for all businesses, taking many forms, from cyber risk and fraud to operational risk.

Employers appreciate the value of professional qualifications.

The International Certificate

Is a practical, introductory qualification. It can be taken as a stand-alone qualification or form the first part of the International Diploma. It gives you:

• a comprehensive introduction to the principles and practice of risk and risk management

• an understanding of the multi-disciplinary nature of risk management within any organisation

The International Diploma in Risk Management: OverviewRisk management is a major business function. From managing ever evolving cyber risk to fraud prevention, complex supply chains and operational risk, today’s organisations increasingly value professional risk management qualifications such as the International Diploma in Risk Management.

This post-graduate level qualification has been developed by internationally recognised academics and industry practitioners. The International Diploma will provide you with both the theoretical knowledge and the practical skills to manage risk and maximise opportunities in your organisation.

The programme is structured in six modules. Modules one and two form the International Certificate in Risk Management. The remaining four modules make up the rest of the International Diploma in Risk Management. Successful completion of the Diploma entitles you to use post-nominal letters in recognition of your expertise.

• an appreciation of current risk management thinking, standards and regulations across the world

• the basis for advancement to the International Diploma in Risk Management

Further information regarding course content for the International Certificate can be found at www.theirm.org/qualifications.

The International Diploma

Builds on the foundation of the International Certificate. It provides a deep understanding of the impact of organisational culture, attitudes and appetite for risk, as well as the way risk is perceived and treated within an organisation.

The course will help you develop:

• the competencies to design and implement risk management strategies

• proficiency in choosing and using the tools and techniques required to assess and treat risks

• a critical understanding of the influence of organisational culture, attitudes and appetite for risk

• a critical appreciation of the relationships between risk management, governance, internal control and compliance

• the ability to make informed risk management decisions for both current and emerging risks

• the opportunity to analyse and appraise real life case studies from different sectors and countries

Principles of Risk and Risk Management

Practice of Risk Management

Risk Assessment

Risk Treatment

Risk Governance and Culture

Crises, Resilience and Future Risks

International Certificate International Diploma

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Course Content and StructureThe International Diploma has six modules. The International Certifi cate is achieved on successful completion of the fi rst two of these modules.

Further details with the full syllabus can be found on our website at

MODULE TWO: Practice of risk management

This module explores the impact of the global business environment on risk. It examines issues relevant to specifi c sectors and geographical areas, and the needs and demands of various stakeholder groups, including regulatory authorities. The module studies corporate governance and risk assurance and how these can infl uence the design of a risk management programme.

MODULE FIVE: Risk, governance and culture

This module examines issues of corporate governance, risk oversight, internal control and assurance in a global marketplace. It examines the role of the board and key stakeholders in ensuring that risk is integrated with strategy. The critical elements of organisational behaviour are explored, including culture, corporate social responsibility and business ethics. The module also considers the psychology of risk, the skills required to effectively manage risk and the factors that infl uence individual and corporate decision making.

MODULE SIX: Crises, resilience and future risks

This module equips students with a framework to help organisations strengthen their resilience at strategic, tactical and operational levels to face current and future risks. Through a range of case studies from different business sectors and geographical regions the ways in which crises are managed are dissected and analysed so that lessons can be learned for building resilience and handling future events.

MODULE THREE: Risk assessment

This module builds on the previous modules and explores the sources and types of risk information that help to identify, record and communicate risks effectively. It examines the different techniques for identifying risks, and explores common methods for analysing risks and uncertainties.

Key topics include:

• An overview of the global business and risk environment

• Risk architecture, strategy and protocols

• Risk culture, appetite and tolerance

• Risk and organisations, including an introduction to corporate governance, project and operational risk management, and supply chain management

• Organisational risk management, emerging risks and future developments

Key topics include:

• Corporate governance models, risk oversight frameworks, internal control models, compliance, internal audit and assurance

• Strategic planning and risk management, including the role of the board, audit and risk committees, and the chief risk offi cer

• Risk culture, business ethics and organisational change

• Risk perception and human behaviour

• Risk management performance, including competencies, training, leadership and confl ict management

• Reputation risk management

Key topics include:

• The nature and consequences of crises and the drivers for crisis management including business continuity, contingency planning and crisis preparedness

• Learning lessons from the past, including root cause analysis

• Building resilience

• The core attributes of emerging and future risks, tools, techniques and models for predicting future risks

• Decision making for the future

MODULE ONE: Principles of risk and risk management

This module provides an introduction to the principles and concepts of risk and risk management. It explores the history of risk management to help gain an understanding of the current drivers of enterprise risk management, as well as the development and impact of international standards. The module examines the ways in which risks are classifi ed, and the models and frameworks that are commonly utilised to identify, assess and treat them.

Key topics include:

• The concepts and defi nitions of risk and risk management

• Risk management standards

• Enterprise risk management

• Risk assessment, identifi cation, analysis and evaluation

• Risk responses and risk treatment

MODULE FOUR: Risk treatment

This module looks at the role of risk treatment within the wider enterprise risk management framework. It explores the variety of approaches that can be employed by an organisation to effectively respond to opportunities and treat threats, including physical controls, management systems, training and supervision of staff and risk fi nancing.

Key topics include:

• An introduction to risk treatment, including the risk management cycle

• Evaluating and selecting risk control mechanisms, including the four ‘T’s

• Identifying, allocating and resourcing risk controls

• Monitoring, reviewing and reporting on risk controls

• Risk fi nancing mechanisms

• Business continuity management, including the key elements of business continuity planning and the diffi culties of predicting future risks

www.theirm.org/qualifi cations

Key topics include:

• Types and sources of risk information

• Risk identifi cation techniques

• Risk prioritisation and rating, including qualitative assessment tools and techniques

• Quantitative risk analysis and risk modelling

• Presenting and sharing risk assessment information

• Risk evaluation, problem solving and decision making

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Each module needs about 180 –200 hours of student effort.

Modules are set at postgraduate level.

Entry RequirementsInternational Diploma

You are eligible to take the International Diploma if you have one or more of the following:

• A degree or a qualification at an equivalent level

• A relevant professional qualification

• At least 3 years’ risk management or associated experience

You do not need to be currently working in risk management or a related profession but such experience will benefit you during the course of your studies.

Language requirements

The modules are delivered and assessed in English. If English is your second language we recommend that you have an Academic IELTS score of 6.0 (with no element less that 5.5) or equivalent evidence of competence in English language, before starting your studies.

Completing the course

It takes three years, on average, to complete the International Diploma and you must complete it within five years of your initial enrolment. Each module takes about 180 –200 hours of student effort and we recommend that you take no more than two modules in any one year. You must successfully complete modules one and two, Principles of Risk and Risk Management and Practice of Risk Management, before taking further modules. Each module is assessed by examination.

“ A university degree is no longer enough for a risk-related career, you need to be able to demonstrate you’ve got the right knowledge and qualifications. The risk community is growing, you need to be part of that and make the most of the networking opportunities on offer. IRM couldn’t be more relevant to all this, from the International Diploma to the wider networking and events. As far as I’m concerned, I owe my current job to IRM.

Adam Skene, Risk Advisor, Harnser Group

Enrolment

Enrolment is open between 1 October and 15 December, and 1 February and 15 May. The examination sessions take place in June or November respectively.

Funding

If you would like help from your employer to fund your studies, a list of benefits to support your business case can be found on our website under qualifications/benefits to employers.

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About IRMIRM is the leading professional body for risk management. We are an independent, not-for-profit organisation that champions excellence in managing risk to improve organisational performance.

We do this by providing internationally recognised qualifications and training, publishing research and guidance and raising professional standards across the world. Our members work in all industries, in all risk disciplines and across the public, private and not-for-profit sectors.

www.theirm.org

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