Risk management is an essential function in the construction industry, with several roles designed to fulfill it. Keep reading to learn more about the top risk management certifications for construction professionals, how to obtain them, and the benefits of doing so.
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Top risk management certifications for construction
1. Construction Risk and Insurance Specialist (CRIS) certification
The Construction Risk and Insurance Specialist (CRIS) certification is offered by the International Risk Management Institute. It’s widely recognized as one of the best risk management certifications for professionals looking to specialize in construction risk management and insurance.
The curriculum and examinations are geared towards professionals such as:
- insurance agents
- insurance buyers
- corporate social responsibility officers
- in-house risk management professionals
To receive the CRIS certification, professionals must complete five courses related to:
- commercial vehicles
- commercial insurance liability for construction contractors
- contractual risk transfer
- workers compensation
- property insurance
Subsequently, maintaining the CRIS certification requires the successful completion of an annual online reaccreditation course.
2. Risk and Insurance Management Society Certified Risk Management Professional (RIMS-CRMP)
The RIMS-CRMP certification is the only risk management program in the world to be accredited by the American National Standards Institute (ANSI).
To become certified, applicants must complete an examination that tests knowledge in a range of risk management-related areas, including:
- business model analytics
- designing and implementing organizational risk management strategies
- delivering risk management training
- risk-based decision making
- facilitating discussions surrounding risk
Recipients of the RIMS-CRMP certification must renew their certification based on a two-year recertification cycle.
3. Transportation Risk and Insurance Professional (TRIP) certification
The Transportation Risk and Insurance Professional (TRIP) certification, also offered by the International Risk Management Institute, offers benefits for construction professionals whose work scope involves the transportation sector.
As with the CRIS certification, the TRIP certification is geared towards professionals such as:
- insurance agents
- insurance buyers
- risk management officers
- safety professionals
- transportation attorneys
To receive the TRIP certification, applicants must complete five courses (which typically takes between six and 10 hours to complete) covering topics such as:
- regulations and liabilities
- cargo risk and insurance
- transportation liability insurance
- transportation risks
- workers compensation
To maintain their TRIP certification, one must complete six hours of additional education annually.
4. Energy Risk and Insurance Specialist (ERIS) certification
The Energy Risk and Insurance Specialist (ERIS) certification is another program that, although not created specifically for construction professionals, provides training in an adjacent industry and, consequently, may prove valuable for certain workers.
It is also offered by the International Risk Management Institute. Applicants must complete five courses, lasting between six and 10 hours, focusing on topics such as:
- commercial liability insurance in the energy industry
- contractual risk transfer
- risks inherent to the oil and gas industry
- workers compensation for energy industry workers
As with many other certifications offered by the International Risk Management Institute, ERIS recipients must complete six hours of training annually to maintain their standing.
5. Risk Management Certificate (RMC)
The Risk Management Certificate offered by the Insurance Institute is a Canadian certification program consisting of courses that educate professionals in topics such as:
- risk management best practices
- risk assessment
- the financial management of risk
It’s meant for a range of professionals that includes:
- insurance brokers
- insurance agents
- loss/fraud prevention officers
- operational risk managers
According to the Insurance Institute, recipients of this certification meet the foundational requirements for the Canadian Risk Management designation.
6. Chartered Enterprise Risk Analyst (CERA)
The Chartered Enterprise Risk Analyst (CERA) designation is offered by the Society of Actuaries. To receive it, applicants must complete coursework and examinations related to topics such as:
- economics
- accounting and finance
- statistics
- probability
- risk modeling
- actuarial mathematics
- ethics
Applicants have a maximum of four years to complete the required coursework and pass all necessary examinations.
7. Financial Risk Manager (FRM) certification
The Financial Risk Manager (FRM) certification is offered by the Global Association of Risk Professionals. It aims to be the global standard for training and certifying financial risk management professionals.
To receive the FRM certification, applicants must pass a two-part examination and submit two years of relevant work experience (obtained before or after the examinations).
8. Professional Risk Manager (PRM) certification
The Professional Risk Manager (PRM) certification is offered by the Professional Risk Managers’ International Association. Applicants must be members of the association and hold a graduate’s degree or have multiple years of experience in the financial services sector.
Additionally, applicants must complete all required examinations within two years, scoring 60% or higher on each one. The two-year period begins following the applicant’s first successful completion of a PRM examination.
Benefits of receiving construction risk management certifications
Obtain (and demonstrate) transferable skills
Risk management concepts apply in a variety of industries, including not only construction and adjacent sectors but also financial services, technology, agriculture, and more. Professionals with risk management certifications consequently have very broad horizons career-wise and can easily retrain to transfer elsewhere.
Improved ability to spot and address risks that aren’t obvious
Not all risks in construction are obvious. Construction risk insurance specialists who complete training and examinations have a leg up in that they can more effectively spot risks untrained professionals often miss. In other words, they’re better at their jobs, which offers many benefits on its own.
Improved salaries
While the value placed on a risk management certification varies depending on the program along with one’s role and company, the right certification can help certain professionals obtain significant salary increases.
Better standing in the risk management industry
Risk management is a specialized sector with various societies and associations. Those with certifications may find it easier to network in the risk management sector, which can lead to additional career advancement and development opportunities.
Membership benefits
Some risk management certifications grant holders priority access to conferences and other career development events. Some also serve as prerequisites for other certifications, helping professionals pave the way for greater educational growth.
Risk management certifications for construction professionals
We hope this article has helped you understand the options available to construction professionals in regards to risk management certifications. For more articles about the construction industry, including certification and management best practices, visit our blog.
