A PMI-RMP creates, protects, conserves, and sustains value. Everytime a PMI-RMP or PMI certified Risk Management Professional sees a risk, he/she assesses its probability and impact, and immediately comes up with an effective and appropriate response. A risk response is almost always financial. Therefore, everytime a risk manager documents a risk, the cost of the project instantly increases as and when a suitable response is developed. A good Risk Management Professional would focus on high probable and high impact risks.
Risk is an undetermined and uncertain phenomenon that is potentially advantageous or detrimental to a project. While positive risks are perceived as opportunities, negative risks are seen as potent threats to the project. Risks can be broadly classified into three categories:
Cost: Risk of events that might cause the project’s cost to surpass its estimated budget..
Schedule: Risk of scenarios and events that might delay the completion of a project on the designated time.
Performance: Risk of events that might cause the results to be different than the ones that were expected and specified.
The PMI-RMP certification course hones your skills in effectively managing all possible risks an organization may face.
Advantages of Risk Management Canada
Risk Management Canada facilitates and equips the organizations and companies to:
- Estimate and foresee any possible changes
- Enhance and refine decision making in compliance with the predicted changes.
- Have opportunities to adopt lower-cost preventative measures rather than resorting to more expensive options.
- Hiring a PMI-RMP (Risk Management Professional) increases the chances of the organization to reap the benefits of any hidden opportunities posed as threats.
- Create general awareness of the uncertainty and unpredictability of outcomes
- Be better equipped to adapt to a constantly changing and evolving business environment.
- Fortify the resilience and agility of the organization.
PMI RMP: Project Management Institute certified Risk Management Professional
According to the 2015 PMI Pulse of the Profession report, out of the organizations that have a dedicated risk management approach, 73% projects successfully meet their goals; 61% reach their objectives on time, and 64% accomplish the desired results within their budget. A PMI RMP is adept in:
- Planning effective approaches towards potential risks
- Identifying potential threats
- Analyzing risks
- Planning and implementing risk response, and
- Constantly surveilling the risks
Risk is an inevitable part of an organization so much so that even inaction poses risks. A PMI RMP is an expert in risk management in the context of Portfolio, Project, and Program management that is encompassed in Enterprise Risk Management.
What is PMI Risk Management course?
The PMI Risk Management course acknowledges and substantiates the expertise of a project manager in forseeing, assessing and responding to any form of risk associated with a project. The course is exclusively for professionals with a sharp acumen in evaluating potent risks involved in a project. The PMI-RMP is an expert in alleviating the estimated risks and making the most of these unforeseen opportunities, than a general practitioner. Besides being an expert in Risk Management, a PMI certified Risk Management Professional also possesses a general ability in all areas and fields of project management. For professionals inclined towards Project Management, PMI-PMP certification course is the best option.
Due to the inevitability of risk, a Risk Management Professional is dependable and indispensable for any project. PMI-RMP are constantly in demand as they not only effectively safeguard the project from any potential losses, but are also prompt in capitalizing most opportunities posed as risks.
PMI Risk Management Certification: Process
Earning a PMI Risk Management Certification entails 5 major steps.
- Online Submission: Submit a PMI-RMP application within 90 days (3 months) of online application initiation.
- Application Review. The application then goes through an application review to verify if it is complete and accurate. This application review takes 5 days.
- PMI-Audit: After the application is reviewed, it goes through the PMI-RMP Audit. The audit takes up to 5-7 days.
- Payment of fee: Once your application is successfully audited, you will be required to pay the PMI-RMP exam fee.
Approved: Once your application is approved, the one-year exam eligibility period will commence. The professional can take up to 3 eams within this one year period.
PMI-RMP Exam Eligibility and Credential Maintenance
The PMI-RMP exam requires the professionals to satisfy few mandatory eligibility requirements.
Academic requirement: The professional must either have a high-school diploma, an associate degree or a 4-year degree such as a bachelor’s degree. A professional with a Bachelor’s or a postgraduate degree from a PMI Global Accreditation Center (GAC) is also eligible to take the PMI-RMP exam.
Project Risk Management Experience: If you only have a high-school diploma or an associate’s degree, 36 months or 3 year’s of professional risk management within the last 5 years is mandatory.
If you possess a bachelor’s degree or a 4-year academic degree, you are mandated to have 2 years’ specialized experience in professional risk management. This professional risk managing experience must be gained within the last 5 consecutive years.
In case you have a bachelor’s or a postgraduate degree from a PMI Global Accreditation Center or GAC, you only need 12 month’s or one year of professional risk management experience.
Project Risk Management education: if you only have a high-school diploma or an associate’s degree, 40 contact hours of formal Risk Management training are compulsory. Professionals with a 4-year degree, or a bachelor’s or postgraduate degrees from GAC are required to have specialized risk management training of 30 contact hours.
How to maintain the PMI-RMP credential?
The PMI or the Project Management Institute tirelessly and continuously takes measures to maintain the high and global standard of all its certification programs. The PMI ensures that the certified professionals are constantly adapting to the ever changing and evolving environment. Thus, a PMI-RMP certification does not end with the certification after clearing the exam. The PMI Risk Management Canada requires the professional to maintain the certification. To maintain the PMI-RMP credential, the professional must undergo Continuing Certification Requirements or CCR.
- The CCR program must be taken every three years after becoming PMI-RMP certified. The certification cycle begins on the day you are certified as a PMI Risk Management Professional.
- Within 3 years from being granted the certification, you must earn and report 30 PDUs or Professional Development Units.
- Upon being unsuccessful to fulfill the CCR, your PMI credential will be suspended for a year.
- If you are further unable to fulfill the Continuing Certification Requirement, you risk getting your PMI-RMP expired. In this circumstance, you will have to reapply.
The PMI-RMP is a global risk management certification that opens plethora of opportunities for a professional. The demand for a PMI certified Risk Management Professional is only set to increase as the unpredictability of the economy is not going anywhere. With this credential beside your name, you will dominate the project management industry.
