Certified Risk and Compliance Management Professional in Insurance and Reinsurance - CRCMP(Re)I, distance learning and online certification program
The recent crisis has revealed not only the extreme complexity of insurance and reinsurance activities, but also the difficulties that risk and compliance officers, managers, and directors face in understanding all dimensions of the risks being taken.
The increased regulatory demands after the Solvency II Directive and the Dodd-Frank Act, drive risk and compliance management professionals working for insurance and reinsurance firms to better identify, assess, manage, monitor, and document risk and capital within their business. They must establish enterprise-wide policies and procedures that satisfy the regulatory requirements around the world and improve operational efficiency.
The CRCMP(Re)I program has been designed to provide with the knowledge and skills needed to understand and support regulatory compliance and enterprise wide risk management in insurance and reinsurance firms. The course provides with the skills needed to pass the Certified Risk and Compliance Management Professional in Insurance and Reinsurance - CRCMP(Re)I exam.
The program is intended for:
- Managers and employees that work for insurance or reinsurance firms, involved in the design and implementation of risk and compliance related strategies, policies, procedures, risk assessments, control activities, testing, documentation, monitoring and reporting.
- Vendors, suppliers, and service providers.
- Managers and employees that work in risk and compliance management for Financial Conglomerates (FC), Financial Holding Companies (FHC), Mixed Financial Holding Companies (MFHC), Insurance Holding Companies (IHC).
This course is intended for employers demanding qualified professionals that meet the fit and proper requirements.
Part A: Introduction.
- The International Association of Insurance Supervisors (IAIS).
- Insurance Core Principles (ICPs).
- IAIS, Issues Papers.
- Access to Insurance Initiative (AII).
- The Joint Forum.
- The National Association of Insurance Commissioners (NAIC).
- The European Insurance and Occupational Pensions Authority (EIOPA).
- Governance, Risk and Compliance.
- Corporate governance.
- OECD Principles of Corporate Governance.
- FSB, Thematic Review on Risk Governance.
- FSB, Thematic Review on Corporate Governance
- Risk and uncertainty.
- Issue Management, Risk Management.
- Threats and Vulnerabilities.
- Policies, Procedures, Baselines, Guidelines, Ethics.
- Conflicts of Interest and Ethics.
- Data owners, process owners.
Part B: The Solvency II Directive and the new international standards.
- The European Union, Directives, Regulations.
- European Union, legal acts after the Treaty of Lisbon.
- Delegating and Implementing Acts.
- The Lamfalussy Process.
- Solvency II and Basel II/III.
- The Solvency II Directive, important articles.
- The three pillars.
- Supervisory authorities and scope of supervision.
- Supervisory review process.
- Corporate governance requirements.
- Fit and proper requirements.
- Risk management.
- Own risk and solvency assessment.
- Internal control.
- Report on solvency and financial condition.
- Valuation of assets and liabilities.
- Calculation of technical provisions.
- Best Estimate, Risk Margin.
- Basic own funds, ancillary own funds.
- Classification of Own Funds.
- Calculation of the Solvency Capital Requirement.
- Structure of the standard formula
- Minimum Capital Requirement.
- The approval of full and partial internal models.
- Use test.
- Investments, prudent person principle.
- Non-Compliance with the Solvency Capital Requirement.
- Non-Compliance with the Minimum Capital Requirement.
- Right of establishment and freedom to provide services.
- Conditions for branch establishment.
- Group supervision.
- Supervision of group solvency.
- Calculation methods.
- Method 1 (Default method): Accounting consolidation-based method.
- Method 2 (Alternative method): Deduction and aggregation method.
- Group Supervisor.
- Parent undertakings outside the Community: equivalence.
- Case Studies.
Part C: The Dodd-Frank Act and the Federal Insurance Office (FIO).
The Dodd-Frank Act.
- Basel ii /iii and the Dodd Frank Act.
- The Financial Stability Oversight Council.
- The Orderly Liquidation Authority.
- The new Federal Insurance Office (FIO).
- The role of the FIO.
- The annual reports.
- The Volcker Rule.
- Investor Protection and Securities Reform Act.
- Consumer Financial Protection Act.
Part D: The Frameworks.
- Committee of Sponsoring Organizations (COSO).
- 1992, COSO Internal Control — Integrated Framework.
- The COSO cube.
- Control Environment.
- Risk Assessment.
- Control Activities.
- Information and Communication.
- Effectiveness and Efficiency of Operations.
- Reliability of Financial Reporting.
- Compliance with applicable laws and regulations.
- 2013, the COSO Internal Control — Integrated Framework.
- The updated COSO cube.
- Example: Cyber risk and COSO.
- 2004, the COSO Enterprise Risk Management (ERM) Framework.
- The differences between COSO and COSO ERM.
- Components of Enterprise Risk Management.
- The COSO ERM cube.
- Is COSO ERM needed for compliance?
- Internal Environment.
- Objective Setting.
- Event Identification.
- Risk Assessment.
- Risk Response.
- Control Activities.
- Information and Communication.
- Objectives: Strategic, Operations, Reporting, Compliance.
- ERM – Application Techniques
- 2017 - The updated COSO ERM
- Enterprise Risk Management and Strategy Selection.
Part E: Stress Testing.
- What is financial stress testing?
- Reverse stress tests.
- Scenario tests.
- A. The portfolio-driven approach.
- B. Event-driven approach.
- Choosing stress-test scenarios.
- Berkowitz and Stress Testing.
- Regulatory Stress Tests.
- Sensitivity tests.
- Micro stress tests.
- Macro stress tests.
- Stress Testing scenarios based on a higher correlation environment.
- Correlation, Correlation Coefficient (?).
- Endogenous and Exogenous Risks.
- Heisenberg's uncertainty principle and stress tests.
- The Birth of Stress Testing: Financial Sector Assessment Programs (FSAPs).
- Principles for sound stress testing practices and supervision.
- Use of stress testing and integration in risk governance.
- The Supervisory Capital Assessment Program (SCAP).
- Stress Testing for Assessing the Adequacy of Capital and Liquidity.
- Dodd-Frank Act Stress Tests (DFAST).
- Comprehensive Capital Analysis and Review (CCAR).
- Qualitative Assessments.
- Quantitative Assessments.
- Departing Thoughts, Governor Daniel K. Tarullo.
Part F: Designing and Implementing a Risk and Compliance Program.
- Which is the best program?
- Principles of Effective Compliance Programs.
- Comprehensive compliance programs.
- Closing remarks.
Become a Certified Risk and Compliance Management Professional in Insurance and Reinsurance - CRCMP(Re)I
For secure payment we work with PayPal, the faster and safer way to make online payments. With PayPal we minimize the cost of administration and compliance with national and international laws, so we can keep the cost of our programs and services so low. You can also use Visa, MasterCard, Discover, or American Express cards, as well as local payment methods, depending on your country. Only PayPal receives your financial information. We receive your full name, your email, and your mail address.
When you click "PayPal" below, you will be redirected to the PayPal web site. If you prefer to pay with a card, you can click "Debit or Credit Card" that is also powered by PayPal. Your payment will be received by our strategic partner and service provider, Cyber Risk GmbH (Dammstrasse 16, 8810 Horgen, Switzerland, Handelsregister des Kantons Zürich, Firmennummer: CHE-244.099.341). Cyber Risk GmbH may also send certificates to all members.
We will send the program up to 24 hours after the payment. Please remember to check the spam folder of your email client too, as emails with attachments are often landed in the spam folder.
You have the option to ask for a full refund up to 60 days after the payment. If you do not want one of our programs or services for any reason, all you must do is to send us an email, and we will refund the payment, no questions asked.
The all-inclusive cost is $297. There is no additional cost, now or in the future, for this program.
What is included in the price:
A. The official presentations (1,314 slides)
The presentations are effective and appropriate to study online or offline. Busy professionals have full control over their own learning and are able to study at their own speed. They are able to move faster through areas of the course they feel comfortable with, but slower through those that they need a little more time on.
B. Up to 3 online exam attempts per year
Candidates must pass only one exam. If they fail, they must study the official presentations and retake the exam. Candidates are entitled to 3 exam attempts every year.
If candidates do not achieve a passing score on the exam the first time, they can retake the exam a second time.
If they do not achieve a passing score the second time, they can retake the exam a third time.
If candidates do not achieve a passing score the third time, they must wait at least one year before retaking the exam. There is no additional cost for any additional exam attempts.
To learn more, you may visit:
C. The certificate
Processing and posting via registered mail with tracking number. Certificates are usually dispatched every 10 weeks.
Frequently Asked Questions
1. I want to learn more about the International Association of Risk and Compliance Professionals (IARCP).
The IARCP is wholly owned by Compliance LLC, a company incorporated in Wilmington NC and offices in Washington DC, a provider of risk and compliance training in 36 countries.
Several business units of Compliance LLC are very successful associations that offer standard, premium and lifetime membership, weekly or monthly updates, training, certification, Authorized Certified Trainer (ACT) programs, lobbying that raises awareness on certain problems, interest representation, and other services to their members.
2. Does the association offer training?
The IARCP offers distance learning and online certification programs in all countries, and in-house instructor-led training in companies and organizations in many countries.
A. Distance learning and online certification programs.
A1. Certified Risk and Compliance Management Professional (CRCMP). To learn more, you may visit: https://www.risk-compliance-association.com/Distance_Learning_and_Certification.htm
A2. Certified Information Systems Risk and Compliance Professional (CISRCP). To learn more, you may visit: https://www.risk-compliance-association.com/CISRCP_Distance_Learning_and_Certification.htm
A3. Certified Risk and Compliance Management Professional in Insurance and Reinsurance CRCMP(Re)I. To learn more, you may visit: https://www.risk-compliance-association.com/CRCMP_Re_I.htm
A4. Certified Cyber (Governance Risk and Compliance) Professional CC(GRC)P. To learn more, you may visit: https://www.risk-compliance-association.com/CC_GRC_P_Distance_Learning_and_Certification.htm
B. Instructor-led training.
The association develops and maintains four certification programs, and tailors presentations and training programs for directors, executive managers, risk and compliance managers, internal and external auditors, data owners, process owners, consultants, suppliers, and service providers.
For instructor-led training, you may contact Lyn Spooner.
3. Is there any discount available for the distance learning programs?
Unfortunately, we do not offer any discount for the first program. We want to keep the cost of the programs so low for all members.
You have a $100 discount only after you purchase one of our programs. The discount applies to each additional program of the association.
For example, you can purchase the CRCMP program for $297, and then purchase the CISRCP program for $197 (instead of $297), and/or the CC(GRC)P program for $197 (instead of $297), and/or the CRCMP(Re)I program for $197 (instead of $297).
4. Why do you accept payments via PayPal only, for the distance learning programs?
There are important threats to data security in today's IT landscape. On top of that, new data protection regulations around the world put tough requirements on organisations that store “personally identifiable data”, including credit card information. These two factors could increase the cost of our programs dramatically.
We accept payments via PayPal for the distance learning programs, to minimize the cost of compliance and administration. PayPal keeps and protects your financial information, not us, so we can keep the cost of the program so low.
With PayPal you have some additional benefits. You can keep the program for 59 days to evaluate it, and if you do not like it, you can simply send us an email and ask for a full refund, no questions asked. We will refund your payment in less than 24 hours. PayPal offers this escrow service (an escrow generally refers to money held by a third-party, PayPal, on behalf of the transacting parties). In this way, there is absolutely no risk for you.
If you do not have a PayPal account and you do not want to create one, somebody else with a PayPal account can also pay for you. After the payment, just let us know, and we will update the record.
5. Are your training and certification programs vendor neutral?
Yes. We do not promote any products or services, and we are 100% independent.
6. I want to learn more about the exam.
You can take the exam online in the comfort of your home or office, in all countries. You will be given 90 minutes to complete a 35-question multiple-choice exam. You must score 70% or higher.
We do not send sample questions. If you study the presentations, you can score 100%.
When you are ready to take the CRCMP exam, you must follow the steps: https://www.risk-compliance-association.com/CRCMP_Certification_Steps_1.pdf
When you are ready to take the CISRCP exam, you must follow the steps: https://www.risk-compliance-association.com/CISRCP_Certification_Steps_1.pdf
When you are ready to take the CRCMP(Re)I exam, you must follow the steps: https://www.risk-compliance-association.com/CRCMP_Re_I_Certification_Steps.pdf
When you are ready to take the CC(GRC)P exam, you must follow the steps: https://www.risk-compliance-association.com/CC_GRC_P_Certification_Steps_1.pdf
7. How comprehensive are the presentations? Are they just bullet points?
The presentations are not bullet points. They are effective and appropriate to study online or offline.
8. Do I need to buy books to pass the exam?
No. If you study the presentations, you can pass the exam. All the exam questions are clearly answered in the presentations. If you fail the first time, you must study more. Print the presentations and use Post-it to attach notes, to know where to find the answer to a question.
9. Is it an open book exam? Why?
Yes, it is an open book exam. Risk and compliance management is something you must understand and learn, not memorize. You must acquire knowledge and skills, not commit something to memory.
10. Do I have to take the exam soon after receiving the presentations?
No. You can take the exam from your office or home, any time in the future. Your account never expires.
11. Do I have to spend more money in the future to remain certified?
No. Your certificates never expire. They will be valid, without the need to spend money or to take another exam in the future.
12. Ok, the certificates never expire, but things change.
Recertification would be a great recurring revenue stream for the association, but it would also be a recurring expense for our members. We resisted the temptation to "introduce multiple recurring revenue streams to keep business flowing", as we were consulted. No recertification is needed for our programs.
Things change, and this is the reason you need to become (at no cost) a member of the association. Every Monday you can visit the "Reading Room" of the association and read our newsletter with updates, alerts, and opportunities, to stay current.
13. How many hours do I need to study to pass the exam?
You must study the presentations at least twice, to ensure you have learned the details. The average time needed is 32 hours for the CRCMP program, 26 hours for the CISRCP program, 35 hours for the CC(GRC)P program, and 34 hours for the CRCMP(Re)I program, but there are important differences.
14. Why should I get certified?
Firms and organizations hire and promote "fit and proper" professionals who can provide evidence that they are qualified. Employers need assurance that employees have the knowledge and skills needed to mitigate risks and accept responsibility. Supervisors and auditors ask for independent evidence that the process owners are qualified, and that the controls can operate as designed, because the persons responsible for these controls have the necessary knowledge and experience.
The marketplace is clearly demanding qualified professionals in risk and compliance management. Certified professionals enjoy industry recognition and have more and better job opportunities. It is important to get certified and to belong to professional associations. You prove that you are somebody who cares, learns, and belongs to a global community of professionals.
15. Why should I choose your certification programs?
We strongly believe that we offer very good value for money.
a. The all-inclusive cost of our programs is very low. There is no additional cost for each program, now or in the future, for any reason.
b. If you purchase a second program from the association, you have a $100 discount. The all-inclusive cost for your second (and each additional) program is $197.
c. There are 3 exam attempts per year that are included in the cost of each program, so you do not have to spend money again if you fail.
d. No recertification is required. Your certificates never expire.
e. You become a member of the association, you get certified, and you receive weekly updates, news, and alerts.