What Is Learned in a Risk Management Certificate Program?
Risk management certificate programs are offered in many areas, including healthcare, safety, finance, information technology and insurance. What is learned in each certificate program is basically the same - how to identify, assess and mitigate risk. Read on to learn more about these programs.
Risk Management Certificate Program Overview
Businesses are susceptible to threats in many forms from human to technical to environmental. Risk management programs train graduates to identify, control and mitigate risks to fall in line with the protected assets' value.
Certificates in risk management are offered at both the undergraduate and graduate levels. Some programs may be available online. Because risk management is a broad field that is applicable to many different industries, certificate programs may be focused on specific use of risk management, such as finance or health care. Often, classes within a risk management certificate program can count toward a master's degree program.
Certificate programs in risk management usually include between three and six classes. Some courses may be required, while the others may be chosen electives.
Important Facts About This Program
|Prerequisites||Some programs require experience in a specific field, like health care; graduate certificates may require a bachelor's degree and specific prerequisite coursework|
|Common Courses||Statistics, financial mathematics, risk financing|
|Online Availability||Sometimes available|
|Possible Careers||Financial Manager, Insurance Actuary, Health Care Attorney, Hospital Administrator, Human Resources Administrator|
|Median Salary (2018)||$127,990 (for all financial managers)|
|Job Outlook (2016-2026)||19% growth (for all financial managers)|
Source: U.S. Bureau of Labor Statistics
Courses and Areas of Study
What is learned in a risk management certificate program varies from institution to institution, as do the courses making up the program. What the program covers is also dependent on the area of specialization, i.e., healthcare, business or insurance, that offers the certificate. However, there are certain courses and subject areas common to most certificates. They include:
- History and Purpose of Risk Management: Programs may look at the history of risk management, which essentially started to gain popularity in the late 1960s. Its purpose is to protect the company so it can carry out its mission. Therefore, risk management is a function of management.
- What is Risk Management: Defines what risk management is. Discusses its various components:
- Risk Assessment: How to determine what the risks are. Where does risk occur and what is its size?
- Risk Mitigation: This involves learning about how to decrease risk. How to prioritize risk, evaluate its effect and implement risk-reducing checks.
- Assessment and Evaluation: Risk management is ongoing. It needs to be assessed and evaluated at appropriate intervals.
- Types of Risk Management:
- Reactive Risk Management: This type of risk management works to protect people. It takes place after something happens to contain, assess and repair damage. It also involves determining cause and updating policies.
- Proactive Risk Management: Risks are identified and intentional steps are taken to minimize risk's impact or to accept, transfer, reduce or monitor it.