Certification in Risk Management Assurance

The Certification in Risk Management Assurance (CRMA) designation is bestowed upon members accepted into the professional, internationally-recognized association The Institute of Internal Auditors (IIA) who, through their accreditation process, maintain the professional standards of the risk management discipline. A discipline that assesses and minimizes potential risks through the usage of financial forecasting techniques.

The Institute of Internal Auditors (IIA)

The IIA is a historically renowned organization—founded in 1941 and headquartered in Altamonte Springs, USA—with over 180 thousand members, 160 chapters, and eleven corporate partners. They are actively involved in the auditing field and even recognize achievements in the field through their twelve awards programs. Furthermore, they even promote the construction and maintenance of a pluralistic association through specialized initiatives. Through their historic efforts the IIA has established—and continues to—ensure the certified internal auditor profession is recognized.

Prerequisites

This designation stipulates three ways to enter the certification program: a post-secondary degree of 3-4 years, 2 years of post-secondary education coupled with 5 years of auditing experience, or 7 years of internal auditing experience. Furthermore, in order to complete the certification process, applicants are required to have 2 years of relevant experience, provide a character witness to testify their ethical standing, and have completed part 1 of the CIA designation exam. Additionally, an applicant should have approximately $800 available to cover course costs ($350-$450), membership fees ($35-$275), study guide ($100), and more.

Advantages

According to the IIA website, the CRMA designation can lead to better paying positions as an executive financial advisor. Additionally, the designation is very affordable, does not cost much, and is heavily dependent on your own self-study. It is incredibly accessible and is offered online via their specialized testing sites. The only disadvantage is that they do not offer any lecture-oriented courses.

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