Project Risk Management Certification – How to Get It
Are you interested in becoming a certified project risk manager? This post provides information on how to obtain certification in project risk management, including required trainings to complete, and what to expect building a career in that field.
What is Project Risk Management?
Project risk management has to do with the management techniques that ensure that planned project objectives or outcomes already scheduled are achieved.
Project risk management is usually practiced by project managers or specialized risk officers.
Course in project risk management is designed to input skills and techniques in the management of projects which are not likely to succeed or proceed without a measure of risk, in a cost-effective way, ensuring that a framework for the application of risk management is adopted by those trained in it, and applied when necessary.
Such projects likely to be involved in these risks include large capital projects; both for public, commercial and private use.
Project risk management certification is designed for all career options that make decisions about projects with uncertainties in mind, and includes professionals like project managers, program managers, and even project sponsors, software system engineers, as well as policy makers in the fields of development acquisition and supply.
Educational Requirements and Training in Project Risk Management
Project Risk Management is endorsed by a number of institutions and organizations as an adopted approach to reducing and understanding risks associated with finance and project successes.
A number of institutions; both online and offline provide courses in project risk management.
Institutions like the Professional Risk Management International Association, PRMIA, offers training in project risk management.
Udemy also has a number of professionals who can put you through the training in levels for $147 per level. A number of other online educational institutions like Management Concepts also provide training in project risk management.
Likely courses you may come across in such trainings will bother around areas such as: key risk terminologies, risk management planning, and stakeholder tolerance, performing quantitative and qualitative risk analysis, and risk responses and control.
The Project Management Institute (PMI) also offers trainings in project risk management. The training focuses on determining risk appetite of organizations, identification and evaluation of risk events and triggers, development of proactive measures and control.
These trainings are offered to individuals willing to adopt risk management efforts in handling their projects, and enhance greater success. The price ranges from $1455 for members, to $1595 for non-members.
Project Risk Management Certifications
The Professional Risk Managers International Association, PRMIA, is a network of risk management experts, and an organization that provides certification programs and exchange of ideas on risk management.
Membership with this organization will cost you $200 annually for professionals and $50 for students.
Requirements for exams in the PRMIA include four year experience for non-Bachelor’s degree holders, and two years’ experience for Bachelor’s degree holders.
Although, holders of a second degree like an M.A. or similar qualification may not require an experience to sit for the certification exams.
Exam fee costs between $1000 to $1200 dollars and you need to pass four exams in a two-year period.
The Association for Project Management (APM) also offers certificate courses in project risk management in two levels; the first level is to ascertain the extent of knowledge acquired by the candidate and his/her ability to apply the knowledge in effectively managing project-related risks.
The Association will analyze the knowledge of the candidate to enable him/her to undertake the formal project risk management training program.
Institutions offering training in Project Risk Management
Watermark learning, Minneapolis, offers a Master’s certificate in Project Risk Management. Candidates are expected to have working knowledge of project management or a project environment.
Classes are offered in a number of categories, including public class, private, virtual, anytime training, and applied training; certificate program is run in partnership with Auburn University.
Graduate School, USA, Washington DC, offers a two-day classroom training at the cost of $1149 for project managers, team managers, and all who are interested in the application of Best Practice to project risks.
Other institutions that offer risk project management programs include the UBC Sauder School of Business at $1195.
Roles, Duties, and Responsibilities of Project Risk Managers
It is not uncommon for things to go wrong in the execution of projects. Therefore, project risk managers are usually employed by organizations to ensure that such risks are accessed, and a successful risk response initiated.
Basically, they are to plan for risk management, make provisions for identification of risks, perform quantitative and qualitative risk analysis, and monitor and control risks.
Project Risk Managers Skills
Skills required to effectively carry out the functions entails in project risk management include the ability to:
- Prepare a risk management plan to guide risk approaches
- Integrate such approaches to form a balanced project management
- Access risks to overall project cost, and schedule objectives
- Communicate the outcome to project stakeholders
- Prioritize risks for monitoring and response.
Career Opportunities in Project Risk Management
A career in project risk management can be started from the field of engineering, manufacturing, real estate, and architecture.
Insurance companies and banks may also need the services of the project risk manager.
Salary Expectations for Project Risk Management Professionals
Due to the requirements of the job, a project risk manager may be expecting an annual salary of between $75,000, to as much as $95,000.
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