UNIVERSITY OF TORONTO
SCHOOL OF CONTINUING STUDIES
CANADIAN RISK
MANAGEMENT
(CRM) DESIGNATION
RISK MANAGEMENT
CERTIFICATE
BUSINESS & PROFESSIONAL STUDIES
The Risk Management Certificate provides
participants interested in pursuing a
career in risk management a foundation
of knowledge and skills needed to identify,
assess, monitor and limit risks.
CANADIAN RISK MANAGEMENT (CRM)
On Cover:
“ The Certificate in Risk
Management is wellrecognized within the
insurance industry - not
only the qualification
but also the U of T
School of Continuing
Studies as the best
place to get it.
People can trust
they will get a good
education and there is
more credibility. The
certificate has given
me a different way of
thinking about things.”
Philip Mouser
B.Sc. (HONS), Ph.D.,
CRM is Vice- President
of Marsh Global
Analytics and recipient
of the 2013 Fred H.
Bossons Award for the
highest CRM score in
Canada.
The Canadian Risk Management (CRM) designation is a widely
recognized qualification for those seeking to practice risk
management. Employers in a variety of industries, both public
and private, often identify the designation as a prerequisite for
hiring. In addition to the knowledge and skills attained while
earning the CRM designation, employers are also impressed by the
professional commitment needed to attain it.
CRM Candidates studying with the University of Toronto School of
Continuing Studies also earn a Risk Management Certificate upon
completion of three courses:
•
Foundation of Risk Management SCS 2921
(or SCS 0981 Risk Assessment prior to Spring 2013)
•
•
Risk Control
Risk Financing SCS 0985 SCS 0986 What is Risk Management?
Risk management is the identification, assessment and economic
control of risks that threaten or endanger a business’s assets
and earning capacity. Risks, both internal and external arise
from hazard. Operational, strategic and financial areas must
be managed in accordance with an organization’s specific risk
appetite. Businesses that embrace the foundations of risk
management are able to address and manage both negative and
positive risks appropriately.
Why is Risk Management Growing in Importance Now?
Globalization and organizational growth and maturity increase the need
for effective risk management. Legislation affecting business operations
is becoming tougher, insurance is more expensive and difficult to secure,
and customers and shareholders are more aware of risk. Globalization
has made us appreciate that we are more interconnected than ever - and
a more knowledgeable public and more professional management has
established a higher standard for risk management. Risk management
has traditionally been about preventing and reducing harm, but a
contemporary view recognizes the positive side of risk management -maximizing the return on opportunities. Risk managers are an integral
part of any management team and help to manage the risks faced
enterprise-wide.
2
Risk Management Certificate and the
Canadian Risk Management (CRM) Designation
“ When I am looking
for extremely
qualified staff in the
risk management
area, I look first for
people that have
their Canadian Risk
Management (CRM)
designation.
I believe the CRM
designation is a
requirement for any
risk management
professional. All my
staff have their CRM.”
Deb Tracogna, CIP,
CRM-E
Manager, Risk
and Insurance
Management,
City of Brampton
In addition to meeting the Certificate requirements, completion
of our three course program qualifies you to obtain the Canadian
Risk Management (CRM) designation recognized by the Risk and
Insurance Management Society (RIMS) and awarded by the Global Risk
Management Institute (GRMI). Students should contact GRMI directly
about membership and CRM official documentation.
Key Information About The Canadian Risk Management
Designation and the U of T SCS Risk Management
Certificate Program
Real Life Learning
• •
•
Canadian and global examples throughout our courses
demonstrate how risk management principles are applied
in the real-life practice of risk management and complement
the textbook material
The Canadian Risk Management designation is an industry
recognized designation. U of T School of Continuing Studies
courses have been completely updated to reflect
the new CRM Body of Knowledge
U of T School of Continuing Studies courses are accredited
by the Risk and Insurance Management Society (RIMS).
About the CRM Designation
•
•
If you are a CRM candidate in progress – the courses you
completed with us still apply
The Global Risk Management Institute, Inc. (GRMI) issues
the CRM. It also serves as an alumni association of individuals
who hold the Canadian Risk Management (CRM) and
RIMS Fellow (RF) designations
Registration & Course Details
•
•
•
•
•
•
Courses are available in-class, at all three of the
University of Toronto campuses: St, George (downtown),
Mississauga and Scarborough and online
Course fees: $745 (in-class and online)
Time commitment: 3-6 hours of homework per week
(reading text, homework and completing assignments and
preparing for exams)
Final exam: for an in-class course the final exam is held
during the final class; if you study online, the final exam is
written at an exam site close to you
Our online courses include regular and accessible
instructor support and many resources
BlackBoard is the online course’s easy-to-use learning
management system.
3
The Foundations of Risk Management - SCS 2921
(available in-class and online)
“ As a leading global
risk adviser, insurance
and reinsurance
broker to the risk
management
community, Willis
recognises the CRM
program provides an
excellent foundation
for new entrants into
the business as well
as offers foundational
concepts and
risk management
strategies.
People are our
greatest asset, and
we strongly promote
continuing education.
The CRM designation
is a key component
of the career path
we expect for our
employees, one that
is highly supported by
management.”
Sharon Greenidge,
CRM, CIP
Senior Vice President
and Team Leader,
Willis Canada Inc
The course introduces you to the risk management process and starts
with an enterprise-wide perspective of risk. Risk identification and
analysis tools and techniques, including risk registers and risk mapping
are discussed. Global risk management standards and guidelines are
also covered. Other important financial risks such as liquidity and capital
investment are addressed. Risk oversight, monitoring and assurance are
discussed from the perspectives of governance and control.
Learner Outcomes
Upon completion of this course you will be able to:
•
use the steps involved in risk management
•
identify and analyze exposures to accidental risks and business
losses facing individuals and organizations
•
describe, analyze, and apply alternative risk management
techniques
•
develop, justify and apply risk management in various
situations
Risk Control - SCS 0985 (available in-class and online)
The course gives you a broad understanding of risk assessment and
how to manage and control the major categories of risk faced by all
organizations, with an emphasis on insurable risk. Risk assessment
techniques are covered as are various risk management alternatives.
Understanding, assessing and managing specific types of risk are
covered in more detail including: emerging risks, cyber and socialmedia risks, climate change, reputation, regulatory, supply chain, legal,
property, personnel, environmental and motor fleet risk.
Learners Outcomes:
Upon completion of this course you will be able to:
•
use the steps involved in risk control, risk assessment and risk
treatment
•
analyze and treat the exposures to accidental and business
losses facing individuals and organizations
•
apply criteria for making risk control decisions
Recommended Pre-requisite:
SCS 2921 The Foundation of Risk Management (or SCS 0981 Risk
Assessment (offered prior to 2013).
4
Risk Financing - SCS 0986 (available in-class and online)
“ Being a professional
is not a task done
once and then
forgotten. It is instead
a continuing process
requiring some
continuous effort.
The CRM designation
is an excellent
example of this kind of
continuing education.
I have carefully
reviewed the
textbooks associated
with the CRM courses
and this, together
with my personal
knowledge of people
who have attained
their CRM, makes
me certain that
CRM holders have
a solid grounding in
risk management,
corporate financial
needs, and the
essentials of
insurance coverage
and pricing.”
You will learn the techniques risk management professionals use to
finance the negative consequences of risk events. The first part of the
course provides a broad overview of risk financing techniques as well as
techniques for estimating losses arising from hazard risk. The middle
part of the course concentrates on alternative financing techniques for
hazard risk including insurance, self-insurance, retrospective rating,
reinsurance, captive insurance and contractual transfer. The last part of
the course covers financial risk and capital markets as well as allocation
of the costs associated with hazard risk.
The course explains the risk financing techniques available so
participants can assess the advantages and disadvantages of the
different techniques and alternatives. The course equips participants
with the knowledge and skills needed to understand and apply various
risk financing techniques.
Learner Outcomes:
Upon completion of this course you will be able to:
•
•
•
use the steps involved in risk financing , retention and transfer
analyze and treat the exposures to accidental and business
losses facing individuals and organizations.
apply criteria for making risk financing decisions
Recommended Prerequisite:
SCS 2921 The Foundation of Risk Management (or SCS 0981 Risk
Assessment (offered prior to 2013).
Mike Boyce
Vice President,
Claims
The HIROC Group
To learn more about earning the industry recognized
Canadian Risk Management designation and the
University of Toronto School of Continuing Studies Certificate,
visit learn.utoronto.ca.
5
The RIMS (RF) Credential
The RIMS Fellow (RF) credential builds on the three course CRM
certification and with a minimum of five year’s industry experience
and 4 business courses (see recognized list below) or a business
administration degree, and specialized workshops available through
RIMS (see link), your increasing skills knowledge and experience is
recognized:
•
•
5 year’s industry experience
Four Foundation Courses in Business:
Accounting and Finance are required.
Two courses in business, economics, MIS, law, insurance,
marketing or management.
•
An applicant holding a business administration degree meets
this requirement.
About the University of Toronto School of Continuing Studies
The University of Toronto School of Continuing Studies is a global leader in
continuing education. Each year, thousands of adults enroll in the School’s
high quality courses and programs gaining essential knowledge, skills and
credentials to advance their careers, contribute more effectively in their
workplaces, and expand their personal horizons.
About RIMS
As the preeminent organization dedicated to advancing the practice of risk
management, RIMS, the risk management society™, is a global not-for-profit
organization representing more than 3,500 industrial, service, non-profit,
charitable and government entities throughout the world. Founded in 1950,
RIMS brings networking, professional development and education opportunities
to its membership of more than 11,000 risk management professionals who are
located in more than 60 countries. For more information on RIMS and the CRM
designation visit www.rims.org/education/Pages/CRMdesignation.
About GRMI
The Global Risk Management Institute, Inc. (GRMI) is an institute that issues
the CRM and is an alumni association of individuals who hold the Canadian Risk
Management (CRM) and RIMS Fellow (RF) designations.
w: learn.utoronto.ca t: 416.978.2400
158 St. George Street, Toronto, Ontario e: [email protected]
M5S 2V8
CANADA