Risk management is the process by which an organization identifies, measures and manages the risk from its activities. Risk management is used by corporations, banks, insurance companies, government agencies, non-profit agencies and other organizations. Courses, certifications and bachelor's degree or master's degree programs in risk management are offered by educational institutions.
Institutions award non-degree certificates and training in risk management. The Risk Management Association (RMA) offers a certificate in credit risk and the International Association of Risk and Compliance Professionals (IARCP) offers risk management training and a certificate in risk management. The University of South Florida offers a certificate program in health care risk management. The Professional Risk Managers International Association (PRMIA) offers a certificate for an Associate Professional Risk Manager (APRM).
A bachelor's or a master's degree program in risk management and insurance is offered by several colleges and universities. Universities such as St. John's University in New York, Indiana State University, Florida State University and the University of Wisconsin offer a bachelor's degree program or graduate degree in risk management. Students learn how to evaluate risk using research tools and methods. Students also learn how to finance risk using various financial instruments.
Organizations provide seminars, conferences and publications to provide individuals with knowledge and informal training in risk management. RMA offers seminars such as "Enterprise Risk Management Seminar for Community Banks" and "Operational Risk Experience -- Collecting, Analyzing & Using Operational Risk Event Information."
Program costs vary depending on the level of education and certificate or degree achieved. A master's degree in risk management and insurance at Indiana State University is approximately $11,000, while the master's degree at St. John's University is $28,000. The IARCP Certified Risk and Compliance Management Professional program is $300. Seminars offered by the Risk Management Association can range between $800 and $2,500.
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