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The ARM Certification
The ARM designation, awarded by the Insurance Institute of
America (IIA), is the most recognised Professional Designation
Programme in Risk Management. This programme was created
in 1963 by IIA. Since then, the Risk and Insurance Management
Society (RIMS), the Public Risk Management Association (PRIMA),
the American Society of Safety Engineers (ASSE), and the Board
of Certified Safety Professionals have all recognised ARM as a
professional designation. Furthermore, the American Council of
Education, has deemed that each of the three ARM courses be
recognised as equivalent to a graduate credit course in an insurance,
risk management or MBA curriculum.
By earning the ARM designation, you will develop a
comprehensive understanding of today's key issues and best practices
in Risk Management and master the risk management methodological
decision making process, from diagnostic to treatment and finally
audit.
To earn the ARM designation, you have to prepare for and pass the
exams for three courses; namely, ARM54, ARM55 and ARM56. The
ARM certification is a self-study programme and candidates can take
the exam for each course at an IIA Approved On-Site Testing Center.
In January 2006, the ARM programme was substantially updated to
integrate the most recent developments in the Risk Management field.
The Asian Risk Management Institute (ARiMI) has developed
a strategic partnership with IIA to promote the ARM programme and
offers assistance to candidates in their preparation for the three new
exams. As such, ARiMI is providing a comprehensive Exam Preparation
programme to give the candidates the best chances in passing the exam
by learning directly from experienced ARiMI faculty who will be able to
guide candidates in their exam study.
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Candidate Profile: Who Should Take Up A.R.M?
The ARM designation is designed for people who are decision
makers in their organisations and hence are involved in the
management of risks. They wish to learn not only how to protect
against losses but also how to optimise the value creation process in
an organisation.
Those who would benefit from the ARM programme include Risk
Managers from the corporate and public sectors; internal & external
audit; finance managers; senior managers; executives from any industry;
safety personnel; insurance brokers and consultants; insurance
underwriters; reinsurers and people involved in the management of
captives. More than 28,000 people who work in these fields have
earned the ARM Designation in the USA and Europe.
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What are the Benefits for YOU?
Earning the ARM designation will bring you:
- Expertise in a discipline that is at the core of the value creation process
in an organisation.
- Ability to apply risk management skills and tools to your current job
scope in order to improve your performance and positively affect the results
of your organisation.
- Career enhancement opportunities with higher competency in tackling
critical issues.
- Stepping stone into a new growth area as a Risk Manager.
- Access to an international network of alumni in the US, European Union,
Australia and Asia.
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What are the Benefits for Your Organisation?
In addition to the individual benefits outlined above (which will transfer
into the workplace), your organisation will also gain from the following
factors:
- Having an expert able to implement Risk Management effectively in
your organisation.
- Integration of Risk perspectives in strategic planning capability.
- Improve project implementation proficiency with reduced cost and
errors.
- Enhance operational efficiency with improved risk-based control
systems.
- Reduce overall operational risks and improve business results.
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Required Courses in the ARM Programme
ARM 54 - Essentials of Risk Assessment focuses on the first
step of the risk management decision-making process ie., Risk
Assessment with a comprehensive methodology for identifying and
analyzing risks and loss exposures. Subjects include choosing the most
effective risk framework, methodology, tools and risk management
alternative for handling each risk and loss exposure.
ARM54: Risk Assessment- Understanding Risk Management and Establishing a RM Program
- Understanding the RM Process
- Assessing Property Loss Exposures
- Understanding the Legal Foundations of Liability Loss Exposures
- Assessing Liability Loss Exposures Part 1
- Assessing Liability Loss Exposures Part 2
- Assessing Management Liability Loss Exposures
- Understanding Corporate Governance
- Assessing Personnel Loss Exposures
- Assessing Net Income Loss Exposures
- Understanding Forecasting
- Applying Forecasting
- Understanding Cash Flow Analysis
- Applying Cash Flow Analysis
ARM 55 - Essentials of Risk Control concentrates on selecting
appropriate risk control techniques, implementing the chosen techniques
and monitoring the results for effective control and coordination of the
organisation’s total risk management effort.
ARM 55 - Risk Control- Framework for Risk Control
- Crisis Management Planning
- Controlling Fire Losses
- Protecting the Health Potential of Personnel
- Designing Safer, More Productive Workplaces
- Rehabilitation Management
- Controlling Losses from Fleet Operations
- Controlling Liability Losses
- Controlling Environmental Losses
- Controlling Net Income Losses
- Controlling Crime Losses
- System Safety
- Motivating and Monitoring Risk Control Activities
ARM 56 - Essentials of Risk Financing includes the selection,
implementation and monitoring of risk financing techniques. Subjects
include insurance; capital markets; securitization; risk retention including
use of captives; risk cost allocation.
ARM 56 - Risk Financing- Introduction to Risk Financing
- Risk Financing Objectives
- Introduction to Risk Financing Plans
- Insurance as a Risk Financing Technique
- Reinsurance and Self-Insurance
- Retrospective Rating Plans and Captive Insurance Companies
- Finite and Integrated Risk Insurance Plans
- Capital Market Products for Risk Financing
- Forecasting Accidental Losses and Risk Financing Needs
- Accounting and Income Tax Aspects of Risk Management
- Dealing with Insurers’ Representatives
- Allocating Risk Management Costs
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ARM Certification Exams
Candidates seeking accreditation are required to pass an exam in ARM
54/55/56 respectively (need not be in sequence). Upon successful
completion of the examinations for all 3 courses, the candidate will be
awarded the Associate in Risk Management title by the
IIA/AICPCU.
Each exam consists of eighty-five objective questions
(multiple-choice) and is administered by computer. The time
allotted is 2 hrs. Past Success Rate is 50%.
Candidates can take an exam on any working day within the quarterly
exam window. Exams are conducted with computers at ARiMI, the
official test center for ARM in Asia. There are two time slots for the
exam: 10.00am-noon and 2.00-4.00pm.
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Exam Preparation Class Format
ARiMI conducts regular Exam Preparation Classes to help candidates
better prepare for each of the three exams. Each Exam Preparation
class consists of 8 sessions, usually with one session per week.
Duration of each class is 3 hours for a total of 24 hours.
In each session, you will attempt to answer past exam questions with
the instructor explaining both the question format and how to answer.
The instructor will also cover key contents for that particular course.
This will enable you to focus your preparation on the key areas that you
need to understand.
Classes are conducted at NUS Extension @ Park Mall (opposite Dhoby
Ghaut MRT).
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Programme Dates
4th Quarter 2006
ARM55 Exam Preparation
| |
Date |
Time |
| Session 1: |
Mon, Nov 06 |
1400 - 1700 |
| Session 2: |
Tue, Nov 14 |
1830 - 2130 |
| Session 3: |
Tue, Nov 21 |
1830 - 2130 |
| Session 4: |
Tue, Nov 28 |
1830 - 2130 |
| Session 5: |
Tue, Dec 05 |
1830 - 2130 |
| Session 6: |
Tue, Dec 12 |
1830 - 2130 |
| Session 7: |
Tue, Jan 09 |
1830 - 2130 |
| Session 8: |
Tue, Jan 16 |
1830 - 2130 |
ARM54 Exam Preparation
| |
Date |
Time |
| Session 1: |
Mon, Nov 06 |
0900 - 1200 |
| Session 2: |
Mon, Nov 13 |
1830 - 2130 |
| Session 3: |
Mon, Nov 20 |
1830 - 2130 |
| Session 4: |
Mon, Nov 27 |
1830 - 2130 |
| Session 5: |
Mon, Dec 04 |
1830 - 2130 |
| Session 6: |
Mon, Dec 11 |
1830 - 2130 |
| Session 7: |
Mon, Jan 08 |
1830 - 2130 |
| Session 8: |
Mon, Jan 15 |
1830 - 2130 |
The exam window is between 15 January to 15 March
2007.
1st Quarter 2007
ARM56 Exam Preparation
Schedules to be fixed for February 2007
ARM55 Exam Preparation
Scheduels to be fixed for February 2007
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Exam Preparation Cost
The fee for each Exam Preparation class is SGD 1,850
which includes 24 hours of class time (8 sessions), a course guide,
a text book and a practice-exams CD-ROM. After completing the
Exam Preparation class, each candidate will sit for the respective
exam at a cost of SGD 315 per exam.
| Course |
Contents |
Duration |
Fees (SGD) |
| ARM 54 |
Essentials of Risk Management |
24 hours |
1,850 |
| ARM 55 |
Essentials of Risk Control |
24 hours |
1,850 |
| ARM 56 |
Essentials of Risk Financing |
24 hours |
1,850 |
| Exams |
To validate each course |
2 hours |
SGD 315 each |
4th Quarter 2006 Promotions
For candidates taking BOTH the ARM54 and ARM55 Exam
Preparation Classes starting in November 2006, there will be a
special 10% discount off the class fee of SGD 1,850 per
class for a savings of SGD 370!
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Programme Lead Faculty
Dr. ER Jwee Ping is currently the Programme Director of
Asian Risk Management Institute (ARiMI). He is also an adjunct
Assistant Professor with the NUS Business School. He has many
years of practical experiences in both teaching and consulting for
government and private sector on risk management issues. He
holds a Bachelor of Accountancy from NUS, an MA (Applied
Economics) and PhD (Risk Management and Insurance) from Wharton.
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© copyright 2003 arimi. ARiMI is supported by IIA and CARM Institute