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What is an Associate in Risk Management?

The Associate in Risk Management is a professional designation awarded by the Insurance Institute of America to those persons who complete the required three written exams the general risk management aspects. The program focuses on the science of risk management, which includes means of reducing, avoiding, and managing risks.

What Does an Associate in Risk Management Do?

The ARM program helps professionals working in the insurance industry to enhance their skills in risk management. The training teaches them how to implement and build a balanced risk management strategy by use of transfer, retention, and hybrids. The ARM designation holders are seen as individuals who are capable of making sound decisions when it comes to risk management, business losses, and organizations exposure. They are also considered to be competent in handling risk management related issues in the following areas:

Legal foundations of property
Net income loss exposure
Personnel

The ARM title qualifies an individual to take up an associate risk manager job. The job involves responsibilities such as company risk identification, assessment, and control. An individual holding this position is also responsible for developing an internal self-insurance program or securing insurance with the right amount for a firm. Also, it is the duty of the risk managers to do a projection and determine where things are likely to go wrong. He or she is then required to do an estimation of the risk involved and come up with a program to help reduce the impact of the problem. Note that risk managers must also put into consideration the recovery cost in case of an incident. The ARM program is generally recommended for the following category of professionals:

Risk managers, consultants, and analysts
Chief Finance Officers
Agency principles
Claims analysts and managers
Business continuity, safety, supply chain, and safety
Cyber risk professionals
Public entity risk managers
Agents and brokers
Underwriters
Executives and line of business managers
Data analytics professionals
Executive concerned with risks
Employee benefits managers
Any person who makes decisions related to risks

ARM Program Course and Exam Requirements

A candidate who wants to earn the ARM designation, he or she must complete the required three-course and pass the exam. Also required is for the candidate to pass the ethics requirements. Required Courses The ARM program offers a course level known as intermediate. The course duration is about 9 to 12 months. The candidate must do the following coursework:

ARM 54- The Management Principles and practices of risk management
ARM 55- Treating and Assessing Risk
ARM 56- Financial and Risk Strategies and Considerations

Note that the course materials are available at the test center authority, and a candidate is required to purchase them. The mode of study for the ARM course is a self-study course. A candidate must complete the course before taking exams.

Examination Requirements

Exams administration is on a computer, and they are available in testing-month windows. They include:

15 January to 15 March
15 April to 15 June
15 July to 15 September
15 October to 15 December

However, note that a candidate cant take the exams more than two times in one testing-month window. A candidate can only take the exam four times in a calendar year. The ARM program provides free practice exams for its applicants.

ARMs Designation Benefits

It helps insurance firms to meet the rating requirements from the agency by applying practical tools that will assist in initiating and implementing a strategic program
It empowers employees to make more informed decisions so that they can do risk management optimization
It enables the organizations employees to be able to effectively communicate a consult with serious stakeholders where they share international recognized guidelines

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Associate in Risk Management - Explained