revised international diploma in risk management - the institute of risk management … ·...

The Institute of Risk Management

Revised International Diploma in Risk ManagementTransitional arrangements for current Diploma Students



Summary

It is essential our qualifications stay relevant, abreast of good practice

and reflect changes and challenges facing the global business

community. This will ensure we continue to meet the development

needs of risk management professionals today and in the future.

IRM’s qualifications are developed by leading academics and

practitioners from across the globe, and truly reflect an enterprise-

wide approach to risk management.

IRM’s revised International Diploma has been developed in line with

the UK higher education system and the European Qualifications

Framework. This will support our objective to achieve formal

accreditation within the higher education sector. This will also help us

to build closer links with universities and business schools around the

world and enable students who have completed IRM’s International

Diploma to top-up their studies with a partner university to gain an

MSc Risk Management, and vice versa.

The qualification is underpinned by a competency framework which

sets out the technical and business knowledge, skills and behaviours

required of risk management professionals. Information on the

competency framework will be published later in 2014.

The Institute of Risk Management (IRM) has been leading the development of

professional qualifications in risk management for over 25 years.

Contact our student services team by tel: +44 (0)20 7709 9808 or email: [email protected]

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The Institute of Risk Management 3

Contact our student services team by tel: +44 (0)20 7709 9808 or email: [email protected] our student services team by tel: +44 (0)20 7709 9808 or email: [email protected]

Changes to IRM’s qualificationsThe revised International Diploma comprises six modules. The first two modules make up the new International

Certificate qualification, which replaces the current International Certificate. The qualification structure provides a

seamless progression path for students moving from the International Certificate to Diploma.

Current International Diploma

Revised International Diploma

Current and revised

qualification

structures Level one Level two Level three

International Certificate International Diploma

Principles of Risk

Principles of Risk and Risk Management

Practice of Risk Management

Risk Assessment Risk Treatment Risk, Governance and Culture

Crises, Resilience and Future Risks

>

> > > > >

> > > > > >Risk andOrganisations

Risk Decisions

Risk Leadership

Risk Solutions

Specialist module one

Specialist module two

Practical assignment


Summary of the syllabus for the revised International DiplomaModule 1 (Certificate)



Risk Assessment Risk Treatment Risk, Governance and Culture

Crises, Resilience and Future Risks

Module 2 (Certificate) Module 3 (Diploma) Module 5 (Diploma)Module 4 (Diploma) Module 6 (Diploma)

An introduction to the principles and concepts of risk and risk management, including the history and current drivers of enterprise risk management; risk management standards including ISO31000; risk management models/frameworks and types of risk.

An exploration of the impact of the business environment on risk; sector specific and geographical issues; stakeholders involved including regulatory bodies; an introduction to corporate governance, risk assurance, culture and appetite for risk within an organisation, and the architecture of a risk management programme.

A thorough examination of the various types of risk information and the techniques for identifying and evaluating risks, including basic quantitative methods; communicating risk information through registers and matrixes; issues of risk and uncertainty.

Detailed consideration of the variety of approaches to dealing with opportunities and treating threats, including physical controls, management systems and financial strategies; an introduction to business continuity planning.

A comprehensive exploration of corporate governance, internal control and compliance issues, internationally; the role of the board and key stakeholders; creating a risk management strategic plan; organisational and human behaviour; the psychology of risk including risk perception; reputation risk management; risk management skills, competencies and training of staff; monitoring and improving performance.

A detailed examination of crises and their management, utilising case studies across various sectors and types of risk; underlying factors involved in a crisis; learning lessons from the past; building resilience for the future; using tools to identify emerging risks and predict future events, their impact and mitigation strategies; impact of globalisation on risk.




Module mappingThe syllabi for the current and revised International Diploma have been mapped against each

other. The table below shows the exemptions which will be granted.

Current International Diploma modules

Principles of Risk

Risk and Organisations

Risk Decisions

Risk Leadership

Risk Solutions

Revised International Diploma modules



Risk Assessment

Risk, Governance and Culture

Risk, Governance and Culture

Risk Treatment

Exemption granted

Yes

Yes

NoNo

No

Yes

Transitional arrangements In developing the transitional principles we have ensured:

• A seamless transition between the current and revised International

Diploma.

• Students will not study any more modules than originally signed up

for when applying to study the current International Diploma i.e.

seven modules and an assignment.

• The fees for completing either the current or revised International

Diploma are comparable.

For those who remain on the current International Diploma, we have

developed a transition schedule that sets out the phasing out of the

current modules over the next two years. Students will have at least

one opportunity to re-take any modules that may not be passed at the

first attempt. The schedule can be found on page 10.

Some students will move immediately to the revised International

Diploma.



Transition Table The table below provides the detail for typical scenarios students may find themselves in as at September 2014.

Students who do not fall into one of these scenarios should contact the student services team for specific advice and guidance.

Scenario

1 Passed module one

only. You will be

required to move

onto the revised

Diploma.

2 Passed modules

one and two only.

You will be required

to move onto the

revised Diploma.

3 Passed modules one,

two, and three. You

have two options.

Transition details to complete the Diploma

• Practice of Risk Management

• Risk Assessment

• Risk Treatment

• Risk, Governance and Culture

• Crises, Resilience and Future Risks

• Risk Assessment

• Risk Treatment



Option one: Remain on the current Diploma and take:

• Risk Leadership

• Risk Solutions

• Specialist module one

• Specialist module two

• Assignment

Option two: Move onto the revised Diploma and take:

• Risk Assessment

• Risk Treatment



Important points to note

Modules Risk, Governance and Culture and

Crises Resilience and Future Risks on the

revised Diploma will not be available until 1

October 2015.


Crises, Resilience and Future Risks on the

revised Diploma will not be available until 1

October 2015.

We will be suspending the rule that both

levels one and two have to be completed

before embarking on level 3, the assignment.


Crises, Resilience and Future Risks will not be

available until 1 October 2015.

Example timetable to complete the Diploma

Enrol Oct 2014 (June 2015 exams)• Practice of Risk

Management

• Risk Assessment

Enrol Oct 2014 (June 2015 exams) • Risk Assessment

• Risk Treatment

Enrol Oct 2014 (June 2015 exams)• Risk Leadership

• Risk Solutions

Enrol Oct 2014 (June 2015 exams) • Risk Assessment

• Risk Treatment

Enrol Oct 2015 (June 2016 exams)• Risk Treatment


• Crises, Resilience and Future

Risks

Enrol Oct 2015 (June 2016 exams)• Risk, Governance and Culture


Risks

Enrol Oct 2015 (June 2016 exams)• Specialist module one


• Assignment

Enrol Oct 2015 (June 2016 exams)• Risk, Governance and Culture


Risks



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Scenario

4 Attempted modules

one and two in June

2014 and failed one or

both module.


Option one Re-sit failed modules in November 2014 and,

if successful, move to the revised Diploma and

complete:

• Risk Assessment

• Risk Treatment



Option two Move immediately to the revised Diploma and

take:

• Principles of Risk and Risk Management

and/or

• Practice of Risk Management

• Risk Assessment

• Risk Treatment




Students who re-take modules one and/or

two in November 2014 and are unsuccessful

in either or both modules will be required to

move to the revised Diploma and complete

the corresponding module(s) in November

2015.



available before 1 October 2015.


Enrol Feb 2015 (Nov 2015 exams)• Risk Assessment

• Risk Treatment

Enrol Oct 2014 (June 2015 exams)• Principles of

Risk and Risk

Management and/or

• Practice of Risk

Management

Enrol Feb 2016 (Nov 2016 exams)• Risk, Governance and

Culture

• Crises, Resilience and

Future Risks

Enrol Oct 2015 (June 2016 exams)• Risk Assessment

• Risk Treatment

Enrol Oct 2016 (June 2017 exams)• Risk, Governance and

Culture


Future Risks

Transition Table The table below provides the detail for typical scenarios students may find themselves in as at September 2014.



Scenario

5 Passed modules one

and two; attempted,

but failed, module

three in June

2014.


Option oneRe-sit module three in November 2014 and, if

successful, continue on the current Diploma

and complete:

• Risk Leadership

• Risk Solutions



• Assignment

Option twoMove immediately to the revised Diploma and

complete:

• Risk Assessment

• Risk Treatment




Students who re-take module three in

November 2014 and are unsuccessful will be

required to move to the revised Diploma.



available before 1 October 2015


Enrol Feb 2015 (June 2015 exams)• Risk Leadership

• Risk solutions

Enrol Oct 2014 (June 2015 exams)• Risk Assessment

• Risk Treatment

Enrol Oct 2016 (June 2017 exams)• Specialist module 1

• Specialist module 2

• Assignment

Enrol Oct 2015 (June 2016 exams)• Risk, Governance and

Culture


Future Risks

Transition Table


The table below provides the detail for typical scenarios students may find themselves in as at September 2014.



Scenario

6 Passed modules one,

two, three and four.

You will remain on the

current Diploma

7 Completed all level

one core modules.


current Diploma.

8 Completed all level

one core modules and

one specialist module.


current Diploma.


• Risk Solutions



• Assignment



• Assignment

• One specialist module

• Assignment


The rule that both levels one and two have to

be completed before embarking on level 3,

the assignment will be suspended.








Enrol Oct 2014 (June 2015 exams)• Risk Solutions



Enrol Oct 2014 (June 2015 exams)• Specialist module one


Enrol Oct 2014 (June 2015 exams)• One specialist module

Enrol Oct 2015• Assignment

Enrol Oct 2014 onwards • Assignment

Enrol Oct 2014 onwards • Assignment

Transition Table

Contact our student services team by tel: +44 (0)20 7709 9808 or email: [email protected] our student services team by tel: +44 (0)20 7709 9808 or email: [email protected] our student services team by tel: +44 (0)20 7709 9808 or email: [email protected]

The table below provides the detail for typical scenarios students may find themselves in as at September 2014.



Schedule for phasing out the current DiplomaThe table below shows the current International Diploma modules which will be offered up to November 2016. Students who fail a module at the June sitting will be

offered the opportunity to re-take the module in November. Students who fail a module in a year when it is offered for the final time will move onto the revised Diploma.

LT = Indicates the last time this module will be offered

Examination Session

June 2014 June 2015 June 2016

• Principles of Risk

• Risk & Organisations

• Risk Decisions

• Risk Leadership

• Risk Solutions

• Risk Management in

AEC

• Business Continuity

• Financial Services

• Governance

• Public Sector

• Information Risk

• Environmental Risk

• Risk Leadership

• Risk Solutions


AEC



• Governance

• Public Sector


AEC



• Governance

• Principles of Risk (LT)

• Risk & Organisations

(LT)

• Risk Decisions (LT)

• Risk Leadership

• Risk Solutions


AEC



• Governance

• Public Sector

• Information Risk (LT)

• Environmental Risk (LT)

• Risk Leadership (LT)

• Risk Solutions (LT)


AEC



• Governance

• Public Sector (LT)


AEC (LT)

• Business Continuity (LT)

• Financial Services (LT)

• Governance (LT)

November 2014Re-takes ONLY




Additional information 1. Enrolment for the revised International Diploma will commence on 1 October

2014. The first examinations will be held in June 2015.

2. Module 5: Risk, Governance and Culture and module 6: Crises, Resilience and

Future Risks will be available from 1 October 2015. The first examinations will

be held in June 2016.

3. For those students who are required to remain on the current International

Diploma to complete their studies, we will be suspending the policy that

students must complete both levels one and two prior to undertaking level

three, the practical assignment. Students who feel able and have the available

time and commitment may therefore attempt the specialist modules and the

practical assignment together in the same year.

4. Any module exemptions that were granted to students from the current

International Diploma will still stand. They will continue to be treated

as a module passed and an exemption will be granted from the revised

International Diploma.

5. The practical assignment will continue to be offered to students enrolled on

the current Diploma until October 2016.

6. Students are strongly advised to sit their June 2014 examinations. Any

students who withdraw from the June 2014 examinations will lose any fees

paid.

Q&AWill the current Diploma still be relevant to me?

Absolutely. Like every professional body in the world, IRM periodically reviews the content and aims

of its qualifications. Learning is a lifelong journey, and students should think of the International Diploma

as just one step on that journey rather than a goal in itself. The revised programme retains most of the

core elements of the current Diploma, while ensuring that the syllabus content keeps up-to-date with

current developments and future thinking. The main changes are the incorporation of the certificate level

qualification into the programme as a whole, with successful completion of the first two modules leading

to the award of International Certificate in Risk Management. The remainder of the Diploma builds on

this foundation and now also includes some of the material found in the specialist modules, particularly

those in the areas of governance and business continuity. Achievement of the Diploma, whether under the

current or revised syllabus entitles the successful student to apply for full membership of IRM and use the

designation MIRM.

There are now only six modules in the Diploma, whereas I have (had) to complete seven modules and a project, does that mean it will be easier to get the Diploma in the future?

Although the number of elements have been reduced, the overall demands on students will remain

the same as the modules have been designed to comply with the expectations of a postgraduate

certificate/diploma programme and, in addition, now incorporate some of the material that was

previously delivered in the specialist modules. A six module format fits better with the most common

structure of a postgraduate programme and will assist IRM in seeking accreditation of the programme

against the Framework for Higher Education Qualifications / European Qualifications Framework.



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Contact usA set of frequently asked questions has been developed to help students with the transition.

These can be found on our website at www.theirm.org/Qualifications/overview

If you have any specific questions about your own situation and would like to discuss your options, please contact our

student services team by tel: +44 (0)20 7709 9808 or email: [email protected]

revised international diploma in risk management - the institute of risk management … ·...

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