These days, risk management is more important for businesses than ever before. It has gotten to the point that ‘risk manager’ has evolved into a specialist position in its own right, not that risk itself is a niche subject. Significant dangers in the digital or business spheres have the potential to cause disruptions across an organization. Not only that, but events like the COVID 19 Pandemic have demonstrated how new threats can come out of nowhere, causing significant damage to businesses that lack effective risk response measures.
With this in mind, studying risk management has become increasingly valuable. Professionals in HR, project management, finance, and other areas can all benefit from studying risk management frameworks. By investing in risk management training, organizations can implement best practices throughout different departments, not only helping them reduce risks but also minimizing any negative effects and keeping teams on track with daily and long-term targets.
What is M_o_R?
Management of Risk (M_o_R) is a framework used to identify, assess, and control risks. It offers best practices and insight to help businesses deal with both predicted and unforeseen risks, protecting daily operations and strategic programs as well as customer-facing services. M_o_R’s principles and interrelated processes can also be embedded, utilized, and continually reviewed in a bespoke manner suited both to individual risks and the type of business addressing them. In other words, it takes a flexible approach that is almost universally applicable.
Having come from AXELOS, the company behind frameworks like ITIL 4 and PRINCE2, M_o_R has an impressive pedigree. It examines a range of risks from multiple perspectives, including project, program, operational, and strategic standpoints. It also looks at how risk relates to areas outside of project and program management - a crucial perk, given how major risks have the potential to cause ripples throughout an organization.
The M_o_R certification path
For those interested in studying Management of Risk (M_o_R), you will be happy to know that the certification path is straightforward:
Management of Risk (M_o_R) Foundation - This exam focuses on a candidate’s ability to identify, assess, and control risks via the M_o_R framework. Successful candidates will also have a strong understanding of how the framework guides and supports strategic governance.
Management of Risk (M_o_R) Practitioner - This exam tests a candidate’s ability to apply M_o_R in a given scenario and examine risks from multiple perspectives. This requires a strong understanding of different contexts within an organization.
Management of Risk (M_o_R) Practitioner Re-Registration - Candidates who have passed the M_o_R Practitioner exam are required to take the Re-Registration exam every three to five years following their accreditation date. This simply demonstrates that their understanding of the framework, as well as the wider topic, remains current. Candidates who have only passed the Foundation exam do not need to take the Re-Registration exam.
What is the value of risk management certification?
Professionals with risk management qualifications and practical experience can often unlock fantastic career opportunities in major companies around the world. As we said, the potential of some risks to affect wider business functions has also made studying risk management a valuable path for those in less specialized careers, such as program managers, business change managers, and so on.
Here are just a few average salaries for relevant positions, according to Payscale and Salary.com:
Risk Manager - $85,490 to $146,320 in the USA or £33,000 to £90,000 in the UK
Business Change Manager - $62,000 to $163,000 in the USA or £30,000 to £79,000 in the UK
Program Manager - $101,348 to $177,158 in the USA or £53,000 to £136,000 in the UK
As with any other profession, candidates looking for high-tier positions in these areas must have appropriate qualifications and levels of experience.
Why study risk management with Good e-Learning?
Good e-Learning is an award-winning online training provider with a range of fully accredited courses on M_o_R, as well as other popular frameworks like PRINCE2 and ITIL 4. We work with subject matter experts to deliver training experiences that not only help candidates pass their exams but also equip them with valuable insight to take into their careers.
Each of our courses comes with a variety of online training assets. These include instructor-led videos, official practice exams, and regular knowledge checks. Students can access courses from any web-enabled device thanks to the free Go.Learn app, and our support team is fully qualified to answer questions on course content. When a candidate feels ready, they can also contact us to receive a FREE exam voucher. We even offer free resits via Exam Pledge.
Key features of our risk management courses:
Accredited by PeopleCert
FREE exam vouchers included
Quizzes and revision modules
Instant 6 or 12 months access
24/7 Tutor support
Mobile app for offline learning
Our team also creates bespoke corporate training programs for organizations all over the world. Your personal account manager will work with you to understand what you want to achieve with training, as well as your circumstances regarding company size, number of candidates, locations, languages, branding, and more. Our support team will also be on hand to help you with your own customized LMS platform.
Want to find out more? Try a free trial, or contact a member of the Good e-Learning team today!