Prepare your employees for the next steps in their ORM career.
What is the certificate?
The Operational Risk Management (ORM) Fundamentals Certificate was developed under the guidance of RMA’s Operational Risk Council. It was created to validate an institution’s entry-level ORM training program and/or identify any gaps in training, which may be bridged through one or more of RMA’s operational risk Web seminars.
Who is it for?
The certificate is intended for individuals who are new to the operational risk discipline to demonstrate that they have a solid foundational knowledge of key principles in the practice area. To earn the certificate, individuals may take an online, 30-question exam at any time they choose. Institutions may sponsor a group of people to take the exam.
For you, the individual, passage of the exam and awarding of the certificate confirms that you have a solid understanding of general operational risk concepts. For the institution, the exam can be used to validate its entry-level training program and/or identify any gaps in training, which may be bridged through one or more of RMA’s operational risk Web seminars.
About the Exam
The exam is offered online and is comprised of 30 questions. The exam takes approximately one hour to complete and a score of 80% or higher is required to pass. Individuals who achieve a passing score will receive a Certificate of Competency. The cost for an individual to take the exam is:
- $150 for individuals employed by RMA Institutional members; and
- $300 for individuals employed by nonmembers.
Individuals who do not pass the exam on the first try, can retake the exam one (1) time at no additional charge at any time within 180 days. Individuals who fail to pass the exam twice must re-register and pay an additional $75 fee, which allows individuals two more opportunities to pass the exam.
Important: You must complete the entire exam in one sitting. You cannot ‘X’ out or leave the page.
An individual will receive his or her score immediately upon completion of the exam. The results become official upon the individual’s receipt of the Certificate, which will be sent by RMA via mail following successful completion of the exam.
What is covered in the Exam?
The exam features questions developed by RMA’s Operational Risk Council on topics that align with the operational risk framework. The topics covered by the exam are the subjects of the following Web seminars offered by RMA:
- Introduction to Operational Risk
- Information Security in Operational Risk
- Internal Loss Events: Embedding Internal Loss Data in an Organization’s DNA
- Key Risk Indicators: What They Are and Why You Need Them
- Quantitative Modeling of Operational Risk
- Risk and Control Self-Assessments
- Understanding External Losses for a Robust Operational Risk Program
- Understanding the Boundaries Between Credit Risk and Operational Risk
- Understanding the Value of Scenario Analysis in Operational Risk
Participants may purchase access to all nine Web seminars at a discounted rate when signing up for the exam. Participants will receive a link to purchase the Web seminars after signing up for the exam. The cost per person to access all sessions is $50 for members and $100 for non-members. Once the order is placed, it takes approximately 24 hours to receive links to the Web seminars. Participants may view them for 30 days. They will also be prompted to download the student slides. We recommend that participants listen to the study materials as well as view the slides, as there are additional items mentioned by the instructor in the seminars that are not listed on the slides. For more information, please see our FAQs.)
Passage of the exam and awarding of the certificate confirms that your employee has a solid understanding of general Operational risk concepts.
For more information, please contact Ed DeMarco, Director of Operational Risk or Sylwia Czajkowska, Associate Director, Operational Risk.