The Certified Enterprise Risk Analyst (CERA) certification is ideal for those who wish to examine the way in which business and society make an assessment of, control and transferrisk. The goal of this course is to engage students in active discovery of risk management principles.
Certified Enterprise Risk Analysts will be prepared to function in a business environment, developing an awareness of the challenges, the tools, and the process of designing and implementing a risk management program. The risk management process is becoming an increasingly important tool in the management of business and personal strategic and financial health. An effective and efficient corporate risk management program leads to knowledge and control of costs and an improved bottom line. The risk management process involves identification of risks and associated potential costs, analysis of the causes of risk of financial loss, determination of various strategies to treat risk, selection of strategies appropriate to the goals and objectives of the business, implementation of the selected strategies, management and monitoring of results. Making adjustments, adapting to external and internal forces, and crisis or disaster management are incorporated in the corporate risk management process. An effective risk management program will reduce losses, and improve financial performance and employee morale.
AFMA Certification can be obtained either by Direct Application (for those with experience and/or qualifications in the area); or by undertaking an AFMA approved Training Program.
Direct Application: Those applying direct for the CERA certification will need to demonstrate advanced knowledge and experience in (1) risk management processes; (2) efficient corporate risk management programs; (3) the identification of risks and associated potential costs; (4) the analysis of the causes of risk of financial loss; (5) determining various strategies to treat risk; (6) the selection of strategies appropriate to the goals and objectives of the business; (7) the implementation of the selected strategies; and (8) the management and monitoring of results.
Training: For those wishing to undertake training to obtain certification, this course trains individuals in the areas of (1) Financial Risk and Its Treatment (including the definitions of risk;, chance of loss, peril and hazard, classification of risk, major personal risks and commercial risks, burden of risk on society, and techniques for managing risk); (2) Risk Management: Introduction (covering the meaning of risk management, objectives of risk management, steps in the risk management process, benefits of risk management, and personal risk management); (3) Risk Management: Advanced (focusing on the changing scope of risk management, insurance market dynamics, loss forecasting, financial analysis in risk management decision making, and other risk management tools); and (4) Financial Operations of Insurers (including property and casualty insurers, life insurance companies, ratemaking in property and casualty insurance and ratemaking in life insurance).
The Certified Enterprise Risk Analyst CERA TM Board Certification is awarded to individuals who have met Requirements