Deciphering the designation: CRM
The CRM is designed for a variety of professions with risk management responsibilities.
Editor’s note: This column is part of PropertyCasualty360’s Foundations of P&C Insurance series, which aims to bring new insurance professionals up to speed, while keeping industry veterans sharp. On Fridays, PC360 will offer fresh content covering the nitty-gritty details of P&C insurance, tips for professional development, articles looking at the industry’s more niche concepts, and the history of certain lines and programs.
Unlike previous designations PropertyCasualty360.com has covered, such as the CIC and CPCU, the certified risk manager (CRM) designation is a program designed for a variety of professionals that might have risk management responsibilities, according to the National Alliance for Insurance Education & Research (National Alliance).
The designation was established in 1996 at the request of certified insurance counselors and National Alliance participants who wanted deeper knowledge of the risk monument filed.
The National Alliance reported professionals most prepared to tackle the CRM designation can meet some of the following criteria:
- Work as a risk manager, financial or insurance professional, licensed agent, broker, accountant or solicitor.
- Have at least two years of full-time experience in the insurance industry or risk management field.
- Have taken a CRM course through the National Alliance’s university associate program, which is open to students with an interest in risk management.
- Have served as full-time risk management or insurance faculty at an accredited college or university.
How to obtain & maintain a CRM designation
To obtain the designation, candidates must take five courses, outlined below, and pass the corresponding exams within five calendar years of passing the first CRM exam.
Each course includes 16 hours of instruction and application exercises. Courses in the program are:
- Principles of risk management: Reviews the tools risk management professionals need to identify exposures and covers risk identification methods.
- Analysis of risk: Covers risk analysis, quantitative analysis tools, and forecasting and risk modeling.
- Control of risk: Focuses on ways to prevent, eliminate, control and mitigate risk. The course covers emerging and changing risks such as cyber, fleet and ergonomic risks as well as crisis and disaster planning.
- Financing of risk: Reviews “complex options, solutions and methodologies for financial risk,” the National Alliance reported.
- Practice of risk management: Covers the daily managerial and organizational requirements of risk management. Additional topics include executive risks, due diligence, multi-national and international risks, and compliance and governance.
Keeping a CRM designation requires the holder to complete continuing education courses each year, according to the National Alliance, which reported no additional exams are required to maintain the designation.
The National Alliance lists the following course options to keep the designation in good standing:
No dues required:
- Take any CRM course.
- Take a certified personal risk manager course.
- Take a certified insurance counselor course.
Renewal options that require dues:
- James K Ruble Seminar
- ProFocus Series Seminar
- Ruble MEGA Seminar
- Dynamics of Selling
- Dynamics of Sales Management
- Dynamics of Company/Agency Relationships
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