Summary:
Do you know what certifications in project risk management are available?
Are you interested to know how you can become a certified risk management professional?
There are two internationally recognized certifications in project risk management that I highly recommend you to consider if you are a project risk management practitioner or you perform cost or schedule risk analysis. The recommended certifications in project risk management include:
- Risk Management Professional (RMP)
- Decision & Risk Management Professional (DRMP)
Watch this video to check the eligibility requirements for each certification and evaluate which certification(s) you can pursue in project risk management.
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Video Transcript:
Do you know what certifications in project risk management are available?
Are you interested to know how you can become a certified risk management professional?
In this post, I’d like to recommend two internationally recognized certifications in project risk management.
Certifications in Project Risk Management
PMI Risk Management Professional (PMI-RMP)®
The first certification is a “Risk Management Professional” or “RMP,” which is offered by “Project Management Institute (PMI).”
“The PMI Risk Management Professional (PMI-RMP)® highlights your ability to identify and assess project risks, mitigate threats and capitalize on opportunities. In this capacity, you enhance and protect the needs of your organization.”- PMI
To validate your specialized expertise in Project Risk Management, you need to have a four-year degree (bachelor’s degree or the global equivalent), 3,000 hours of project risk management experience (~ 2 years of experience), plus 30 hours of project risk management education.
If you don’t have a four-year degree, you need to fulfill 4,500 hours of project risk management experience (~ 2.5 years of experience) and take 40 hours of project risk management education.
Do you have the required education and experience in the project risk management training program?
Once you fill out the PMI-RMP application and PMI approved your qualifications; you will be able to take the certification exam. The PMI-RMP certification exam has 170 multiple-choice questions, and you have 3.5 hours to complete it.
After you passed the exam and recognized as Certified Risk Management Professional (RMP), every three years you must earn 30 professional development units (PDUs) in risk management topics to re-certify.
Check out more details about the PMI-RMP certification here.
Decision & Risk Management Professional (DRMP)
The next certification is “Decision & Risk Management Professional” or “DRMP,” which is offered by the “Association for Advancement of Cost Engineering (AACE).”
To become a Decision & Risk Management Professional (DRMP), you need to have extensive technical experience in specialized tools and services such as decision analysis, cost risk and uncertainty analysis, and schedule risk analysis.
To be eligible for this certification, you need to have a four-year college or university degree. You may substitute a four-year college degree with an additional four years of industry related experience or one of the following professional certifications: AACE’s CCP; CEP; EVP; PSP; Certified Construction Manager (CCM); Certified Professional Constructor (CPC); Professional Engineer (PE); Registered Architect (RA); or Chartered Surveyor.
In addition to the education or certification criteria, you need to have 8-years of industry related experience, of which 4-years must be directly related to the field of decision and risk management.
To claim your risk management experience, you need to provide three letters of recommendation from your current or past clients/ employer, describing the complexity of the projects you were involved in, type of risk management you implemented on the project and your role in the implementing or providing such risk management services.
Another option to prove your experience is to submit three work product samples on your projects that demonstrate you have performed any aspect of the risk management work (decision analysis, schedule and cost risk analyses, implementation of risk management programs, risk workshops, etc.).
You can also provide the combination of the options mentioned above. For example, you can provide two letters of recommendation and one work sample, or one letter of recommendation and two work products, etc.
Once you fulfill these eligibility requirements and your application is approved, you can take the DRMP certification exam. The exam consists of around 120 multiple-choice questions and one memo writing. You have five hours to complete the exam.
Once you pass the exam, every three years you need to earn 12 Continuing Education Units (CEUs), to re-certify. Otherwise, your certification would expire, and you have to go through the whole process again.
Check out more details about the DRMP certification here.
In summary:
Risk Management Professional (RMP) and Decision & Risk Management Professional (DRMP) are two primary international certifications that I highly encourage you to consider, especially if you are a project risk management practitioner.
If you are interested in learning more how you can become a project risk management practitioner, especially cost and schedule risk analyst in a project, make sure that you check the “Project Control Success Roadmap Training.”
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About the Author, Shohreh Ghorbani
Shohreh is a licensed project management professional (PMP) recognized by Project Management Institute (PMI) and holds a Master of Science in Industrial Engineering.
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