18 June 2012

FERMA launches pan-European risk management certification project

A working group led by three FERMA vice presidents, Michel Dennery, Julia Graham and Igor Mikhaylov, is developing a plan for presentation to the 2012 Ferma Seminar in Versailles in October.

FERMA intends that the certificate will provide independent confirmation that the holder has a high level of knowledge and experience in risk management that has been challenging to achieve. The aim is to put risk management on a similar standing to other professions such as law and accounting.

The working group plans to involve FERMA’s national member associations and other education providers in the creation of two types of certificate: professional and specialist. The professional certification would be experience-based and include evidence of the risk manager’s previous professional development and education. Specialist certification would involve formal education and examination by accredited organisations.

The professional certificate is intended for risk managers already working at senior level, while the specialist certificate would be for risk managers who are at an earlier stage in their careers or individuals who have risk management as part of a wider role.

Enthusiastically welcoming the plan, FERMA President, Jorge Luzzi, said: “FERMA has had many requests for a programme like this. We have received great support from our member associations, and we are confident that this will be one of the most important projects that FERMA has ever been involved in. The working group, elected from our board members, is approaching it very seriously and with a lot of energy and enthusiasm.

“Our idea is that FERMA will lead the project, but we will strongly maintain communication, support and commitment with our members, the national associations.”

Dennery commented: “Risk management is on the top of the expectations of boards and stakeholders: legislators, shareholders, regulators and the public. This is an opportunity for FERMA to enhance the status of risk managers through the creation of transparent and objective verification of professional standards.”

Graham added: “The profession is now ready to raise its professional bar. However, professional recognition is not a gift – it must be earned and there must be evidence that any award is justified. To date no certification for risk managers has crossed geographic boundaries or been at a pan-European level, so this is not only an important but a ground-breaking project.”

Igor Mikhaylov said: ”FERMA is responding to the highest ever demands for formal recognition of the risk management profession. To be recognised as professionals, risk managers need to demonstrate extensive theoretical knowledge, the skills required to implement it in practice and experience at strategic and operational levels. We are very well positioned as an independent, recognised central authority for certification of professional knowledge and skills.”

He added that in this way, FERMA will contribute to the development of professional standards supported by suitable training programmes and support the national associations by providing an opportunity to attract new members.

Press release

© FERMA