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The Institute of Risk Management
Revised International Diploma in Risk ManagementTransitional arrangements for current Diploma Students
The Institute of Risk Management
The Institute of Risk Management
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
The Institute of Risk Management 4
Summary of the syllabus for the revised International DiplomaModule 1 (Certificate)
Principles of Risk and Risk Management
Practice of Risk Management
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.
Contact our student services team by tel: +44 (0)20 7709 9808 or email: [email protected]
The Institute of Risk Management 5
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]
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
Principles of Risk and Risk Management
Practice of Risk Management
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.
The Institute of Risk Management 6
Contact our student services team by tel: +44 (0)20 7709 9808 or email: [email protected]
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
• Risk, Governance and Culture
• Crises, Resilience and Future Risks
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
• Risk, Governance and Culture
• Crises, Resilience and Future Risks
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.
Modules Risk, Governance and Culture and
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.
Modules Risk, Governance and Culture and
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
• Risk, Governance and Culture
• Crises, Resilience and Future
Risks
Enrol Oct 2015 (June 2016 exams)• Risk, Governance and Culture
• Crises, Resilience and Future
Risks
Enrol Oct 2015 (June 2016 exams)• Specialist module one
• Specialist module two
• Assignment
Enrol Oct 2015 (June 2016 exams)• Risk, Governance and Culture
• Crises, Resilience and Future
Risks
The Institute of Risk Management
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]
7
Scenario
4 Attempted modules
one and two in June
2014 and failed one or
both module.
Transition details to complete the Diploma
Option one Re-sit failed modules in November 2014 and,
if successful, move to the revised Diploma and
complete:
• Risk Assessment
• Risk Treatment
• Risk, Governance and Culture
• Crises, Resilience and Future Risks
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
• Risk, Governance and Culture
• Crises, Resilience and Future Risks
Important points to note
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.
Modules Risk, Governance and Culture and
Crises, Resilience and Future Risks will not be
available before 1 October 2015.
Example timetable to complete the Diploma
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
• Crises, Resilience and
Future Risks
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.
The Institute of Risk Management 8
Scenario
5 Passed modules one
and two; attempted,
but failed, module
three in June
2014.
Transition details to complete the Diploma
Option oneRe-sit module three in November 2014 and, if
successful, continue on the current Diploma
and complete:
• Risk Leadership
• Risk Solutions
• Specialist module one
• Specialist module two
• Assignment
Option twoMove immediately to the revised Diploma and
complete:
• Risk Assessment
• Risk Treatment
• Risk, Governance and Culture
• Crises, Resilience and Future Risks
Important points to note
Students who re-take module three in
November 2014 and are unsuccessful will be
required to move to the revised Diploma.
Modules Risk, Governance and Culture and
Crises, Resilience and Future Risks will not be
available before 1 October 2015
Example timetable to complete the Diploma
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
• Crises, Resilience and
Future Risks
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]
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.
The Institute of Risk Management 9
Scenario
6 Passed modules one,
two, three and four.
You will remain on the
current Diploma
7 Completed all level
one core modules.
You will remain on the
current Diploma.
8 Completed all level
one core modules and
one specialist module.
You will remain on the
current Diploma.
Transition details to complete the Diploma
• Risk Solutions
• Specialist module one
• Specialist module two
• Assignment
• Specialist module one
• Specialist module two
• Assignment
• One specialist module
• Assignment
Important points to note
The rule that both levels one and two have to
be completed before embarking on level 3,
the assignment will be suspended.
The rule that both levels one and two have to
be completed before embarking on level 3,
the assignment will be suspended.
The rule that both levels one and two have to
be completed before embarking on level 3,
the assignment will be suspended.
Example timetable to complete the Diploma
Enrol Oct 2014 (June 2015 exams)• Risk Solutions
• Specialist module one
• Specialist module two
Enrol Oct 2014 (June 2015 exams)• Specialist module one
• Specialist module two
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.
Students who do not fall into one of these scenarios should contact the student services team for specific advice and guidance.
The Institute of Risk Management 10
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
• Risk Management in
AEC
• Business Continuity
• Financial Services
• Governance
• Public Sector
• Risk Management in
AEC
• Business Continuity
• Financial Services
• Governance
• Principles of Risk (LT)
• Risk & Organisations
(LT)
• Risk Decisions (LT)
• Risk Leadership
• Risk Solutions
• Risk Management in
AEC
• Business Continuity
• Financial Services
• Governance
• Public Sector
• Information Risk (LT)
• Environmental Risk (LT)
• Risk Leadership (LT)
• Risk Solutions (LT)
• Risk Management in
AEC
• Business Continuity
• Financial Services
• Governance
• Public Sector (LT)
• Risk Management in
AEC (LT)
• Business Continuity (LT)
• Financial Services (LT)
• Governance (LT)
November 2014Re-takes ONLY
November 2015Re-takes ONLY
November 2016Re-takes ONLY
Contact our student services team by tel: +44 (0)20 7709 9808 or email: [email protected]
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.
The Institute of Risk Management
Contact our student services team by tel: +44 (0)20 7709 9808 or email: [email protected]
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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]