Publications & Articles
- Publications
- Articles
- Accounting (3)
- Banking (7)
- Corporate Governance (3)
- Financial Management (9)
- General (10)
- Marketing (1)
- Markets (19)
- Risk Management (73)
- Wealth Management (4)
- Islamic Finance (2)
- Financial Services Sector (2)
- Anti Corruption (1)
- Corporate Social Responsibility (2)
- Economics (6)
- Research (1)
- Bonds (1)
- Human Resources (2)
- Business and Management (1)
- Expert Opinion
IABFM Articles > > Risk Management > The Dimensions of Risk Management - CPRM March 2002
The Dimensions of Risk Management - CPRM March 2002
By Michael Vincent
26 December, 2006
The Australasian Risk Management Unit of Monash University and the Australasian Institute of Risk Management have recently completed the first half of the Certified Practising Risk Manager course available only to substantive members of the institute under its constitution.
The first weekend activity consisted of 21 hours of contact and discussion designed to create a base level of language and understanding between all active practitioners of the risk profession or indeed professions. The weekends conducted in Melbourne, Sydney and Canberra moved at a very fast pace and participants found their life ruled by adherence to a tight timeline that ensured all relevant topics and materials were discussed. The participants were a varied group in all locations, the one common thread was their professionalism and desire to see the profession of risk recognised more than it is currently. The drive to contribute and learn from each other was in my opinion the outstanding feature of the program. The topics covered and discussed as a group were: -
1. What is risk and where does it belong?2. The risk environment.3. Introduction and overview of risk.4. The risk problem.5. The need to manage risk.6. The process for managing risk.7. ASNZS4360: 1999 - introduction and overview.8. ASNZS4360: 1999 - risk management requirements.9. ASNZS4360: 1999 - risk management overview.10. ASNZS4360: 1999 - risk management process11. ASNZS4360: 1999 - required documentation.12. Discussion on the demise of HIH.13. Risk and uncertainty14. Solutions and decisions.15. Integrated risk management - the future management paradigm.
The weekend was an intense activity with a directed allowance of 90 minutes discussion for each of the above topics as a maximum. The participants were active all the time with different perspectives and definitions of risk under the microscope for the duration of activities. Thinking on your feet was the order of the day and a large number of us learnt the incredible power of mind mapping and how to present information in an articulate and meaningful way.
The aim of the first weekend activity for the CPRM was to set a minimum hurdle for the Institute to move to certification of the individual participants, it set a benchmark of language and culture so that risk managers from all professions attending both public and private could understand one another. All three groups had a different identity and personality based on the individuals and locations, however the real thrill for the panel of presenters was that by different paths and discussions all activities ended at the same point in the acceptance of risk and the understanding of ownership by all in an inclusive not exclusive way.
The next activity for the participants is the assessment weekend where teams arrive to be put through an intensive 21 hours judging process, those that survive will become the first line ambassadors for the profession of risk and for the AIRM. The successful candidates will know they have earned the honour of being a CPRM and not merely have it handed to them as a long service award.
The course is to be examined and revamped for next year with a higher hurdle rate of entry than now applying in accordance with the constitution of the AIRM. The final opportunity for members of the institute to avail themselves of this current program happens in July 2002, applications will close 15 June 2002; please call the Australasian Risk Management Unit 03 99032861 for an application form if you wish to join the future of a qualified profession.
About the Authors
Director
Australasian Risk Management Unit
Faculty of Business and Economics
Monash University
