PROFESSIONAL OPERATIONAL RISK MANAGER (ORM) DESIGNATION CANDIDATE GUIDEBOOK PROFESSIONAL OPERATIONAL RISK MANAGER Contents How to Use this Candidate Guidebook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 PRMIA Contact Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 About the Professional Operational Risk Manager (ORM) Designation Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Program Design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Professional ORM Designation Requirements . . . . . . . . . . . . . . . . . . . . . . . . 6 Experience Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Examination Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Recertification Requirements: Maintaining the Professional ORM Designation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Professional ORM Designation Outline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 The Path to Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Is This the Right Certification for You? . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Refund Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Application . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Profile Details for PRMIA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Program Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Profile Details for Pearson VUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Preparing for the Exam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Reading List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Scheduling Your Exam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Canceling or Rescheduling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Checking in for an Exam Appointment . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Exam Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Taking the Exam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Exam Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Retaking the Exam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 PRMIA Certification and Examination Policies and Procedures . . . . . . . . 21 Application . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Program Enrollment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Examination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Professional ORM Designation Status Definitions . . . . . . . . . . . . . . . . . . 23 1 How to Use this Candidate Guidebook T he purpose of this Professional Operational Risk Manager (ORM) Designation Candidate Guidebook is to ensure future and current candidates have the information needed to pursue the Professional ORM Designation. Future candidates (those individuals who have not yet applied for certification) may find important and detailed information regarding the Professional ORM Designation to determine whether it is appropriate for their career path. Current candidates (those who have applied for and are taking the examination) should refer to this Candidate Guidebook to aid their path to the Professional ORM Designation. 2 Be sure to read this entire document. It contains important information that will help you be a successful candidate. Many of your questions can be answered by this Professional ORM Designation Candidate Guidebook. However, as a quick reference, some of the more commonly asked questions from candidates can be found on the online FAQs page. PRMIA CONTACT INFORMATION Inquiries related to PRMIA Membership or the Professional ORM Designation program may be submitted using the options below. Inquiry Category Online Contact Us Form Category Email Membership and renewal General Questions support@prmia.org General questions about certification General Questions support@prmia.org Exam results Exam Result Inquiries certification@prmia.org Fees and refunds Billing Question support@prmia.org PRMIA courses and training, including member webinars Training Inquiries learning@prmia.org Inquiries related to the certification process or requests for appeals of results may be submitted by completing the Contact Us form titled Exam Result Inquiries. Accommodation requests: Examinees who require specific test environment accommodations may contact certification@ prmia.org with details of the specific accommodations required for testing. Report a potential violation of the PRMIA Standards of Best Practice, Conduct, and Ethics via the PRMIA website. Do not hesitate to contact certification@prmia.org or call +1-612-605-5370 for answers to any other questions. 3 About the Professional Operational Risk Manager Designation Program T he Professional Operational Risk Manager Designation recognizes the competencies of the leading operational risk leaders around the world. Developed by a broad coalition of industry leaders to reflect the mission objectives of the association and to establish the leading form of education, validation, and certification for operational risk managers, the Professional ORM Designation demonstrates the competency of professional operational risk managers related to: • Operational risk management frameworks and taxonomies • Compliance risk management • Enterprise risk management approaches • Risk control, control frameworks and financial controls • Emerging risk identification and management • Risks such as country/sovereign, geopolitical, conduct, reputation, corporate treasury, climate, etc. • Processing and execution of operational risk • Business continuity and resiliency • IT, IS, and cyber security • Theft and fraud risk, and financial crime • Risk profiles, KRIs, scenario analysis, and the use/types of risk information • Risk modeling approaches and risk models • Bank and regulatory requirements • Risk monitoring and controls • COBIT and COSO frameworks • Sarbanes-Oxley • Skills related to analytics, communication, teaming, project management and influence 4 Program Design PROFESSIONAL T he Professional Operational Risk Manager Designation program was developed under the guidance of the PRMIA Education Committee and the PRMIA Operational Risk Task Force. OPERATIONAL RISK MANAGER Specifically, the program has been designed with four of the PRMIA Mission objectives in mind: 1 To be a leader of industry opinion and a proponent for the risk management profession 3 2 To drive the integration of practice and theory, and certify the credentials of those in our profession To be global in our focus, promoting cross-cultural ethical standards, serving emerging as well as more developed markets 4 To be transparent, nonprofit, independent, member-focused, and member-driven 5 Professional ORM Designation Requirements The Professional ORM Designation program consists of three core requirement areas: 1. Experience Requirements 2. Examination Requirements 3. Recertification Requirements The purpose and scope of each are described in detail in the following sections. EXPERIENCE REQUIREMENTS The experience requirements ensure that PRMIA members who seek the Professional ORM Designation are qualified and ready to begin the certification process. To become eligible as a candidate for the Professional Operational Risk Manager Designation program, applicants must have: n n Five (5) years of full-time work experience, and at least one (1) year with risk management responsibilities (risk management experience can be from any department but must be specific to risk management from the 1st, 2nd, or 3rd line of defense). The following completed degrees may be used to recognize work experience as follows: n n Bachelor’s degree can be used to recognize two years of full-time work experience; or Master’s degree can be used to recognize three years of full-time work experience. • When a completed degree is submitted for work experience recognition, no more than three years of full-time work experience may be recognized via completed degree program. • A degree cannot be used for recognition of the one-year requirement for risk management related responsibilities. 6 EXAMINATION REQUIREMENTS To achieve the Professional ORM Designation, candidates must pass the required examinations. The ORM Designation examinations are administered in two parts as shown in the table below. Number of Test Questions Time Limit to Complete1 Part 1 60 two hours Part 2 50 three hours TOTAL 110 The examinations are administered in one test window. Examinees are required to complete Part 1 before they may attempt Part 2. When scheduling the exams, examinees may schedule Parts 1 and 2 on the same day, or may schedule Part 1 on one day, and Part 2 on another day; both parts must be attempted in the same testing window. The test time for Part 1 is two hours; the test time for Part 2 is three hours. Examinees must follow all test security requirements and instructions provided by the test administrator (whether the exam is administered in a test center or in an online proctored environment). 1 The time limit allows enough time to respond to the exam tutorial, introduction, instructions, and respond to the test questions in the exam. 7 Part 1 of the ORM Designation exam assesses the topics in Domains 1-7 with single, multiple-choice questions. The questions will be presented randomly throughout Part 1 and will use the following test design: Domain Number of Test Questions Proportion of the Exam 1 11 18% 2 8 13% 3 11 18% 4 10 17% 5 10 17% 6 5 8% 7 5 8% TOTAL 60 100% Part 2 of the ORM Designation exam, the Case Study Practicum, assesses the PRMIA Case Studies identified as being important for the work of Operational Risk Managers. A case study scenario will be presented with ten (10) multiple choice questions following each case study scenario. Each multiple-choice question will relate to the case study or the case study scenario presented and will also address one of the seven domains in the outline. For this reason, the number of questions that are aligned to each domain may vary across exam forms, although the number of questions for each case study scenario will consistently be 10 test questions. 8 The Case Study Practicum, Part 2, will use the following test design: Domain Specific Domain Topic 1 Risk Taxonomy Minimum Number of Test Questions Maximum Number of Test Questions Proportion of the Exam 1 5 2–10% FOR EXAMPLE: “Which risk taxonomy is reflected in this scenario?” 2 Any topic as appropriate to the case study 1 5 2–10% 3 Any topic as appropriate to the case study 1 5 2–10% 4 Any topic as appropriate to the case study 1 5 2–10% 5 Root cause analysis or corrective action development 1 5 2–10% FOR EXAMPLE: “What mitigation strategies should the operational risk manager implement to prevent risk occurrence?” 1 10 2–20% Board or team communication 1 5 2–10% 6 Project management or influence with stakeholders 1 5 2–10% 7 Any topic as appropriate to the case study 1 5 2–10% Topics will vary and will be specifically related to the PRMIA 10 10 Case Study being assessed 20% 6 6 Case Study Specific TOTAL Analytical skills FOR EXAMPLE: “Identify and assess key operational risks that currently exist or may emerge within the institute (operational, compliance, technology, third party, etc.).” OR “What symptom is evident in this scenario that suggests this risk is present?” 5 Case Studies with 10 questions each = 50 test questions 100% 9 RECERTIFICATION REQUIREMENTS: MAINTAINING THE PROFESSIONAL ORM DESIGNATION CONTINUED RISK LEARNING Once the Holder status is achieved as a Professional ORM, holders must meet the following maintenance requirements: n n Hold a PRMIA Sustaining membership each year, starting with the day the ORM Designation is obtained. Complete 20 Continued Risk Learning (CRL) credits each calendar year starting with the calendar year immediately after the ORM Designation is achieved. For details on how to submit Continued Risk Learning (CRL) credits, visit the CRL Program Guide. 10 Professional ORM Designation Outline T he Professional Operational Risk Manager syllabus includes a comprehensive set of skills expected of a competent operational risk manager. The following outline has been established to form the basis for the examination program. DOMAIN 1 • Risk taxonomy • Risk management structure, typical • Risk management framework (policy, roles and responsibilities in an organization) • Enterprise risk management approaches • Approach to the implementation of operational risk frameworks • Compliance risk management • Role of the Compliance Department versus the Risk Department • Role and responsibilities of a compliance officer • Types of compliance risks (codified and non-codified) • Consumer protection • Risk control and risk control frameworks • Financial risk control DOMAIN 2 • Emerging risk identification and management • Country/sovereign risk • Geopolitical risk • Systemic risks (e.g., market conduct, unauthorized trading, conflicts, etc.) • Conduct risk • Corporate treasury risk • Reputational risk • Climate risk/ESG DOMAIN 3 • Processing and execution operational risk • Resilience risk • Business continuity risk (Resiliency) • Cyber security risk • Information technology (IT) risk • Information security risk • Theft and fraud risk • Financial crime • Internal/external fraud • Safety and physical security operational risk • Staff wellbeing and emotional safety operational risk • Data management and data risk (front line and IRM) DOMAIN 4 • Risk profile • Use and types of risk information (e.g., risk profile, toolsets and reporting, loss data fields, etc.) • Key risk indicators (KRIs) • Scenario analysis • Risk modeling approaches (e.g., frequency modeling, dependency modeling and risk aggregation, etc.) • Risk models (e.g., ILD severity model, ELD model, capital allocation, etc.) • Reporting tools • Database, analysis, and reporting tools • Risk and controls self-assessment (RCSA) • Incidents and losses reporting and management 11 DOMAIN 5 • Regulatory capital • Bank and regulatory requirements • Root cause analysis • Risk monitoring and controls • Corrective action development • Process review/process mapping • Group transformation and large-scale change programs • Internal control principles • COBIT Framework • Sarbanes-Oxley (SOX) • COSO Framework DOMAIN 7 • PRMIA 10 Principles of Corporate Governance, PRMIA, September 2009 • Bylaws of Professional Risk Managers’ International Association, PRMIA, October 2020 • Standards of Best Practice, Conduct, and Ethics, PRMIA, October 2016 • D515 Revisions to the Principles for the Sound Management of Operational Risk, Basel Committee on Banking Supervision, March 2021. ISBN 97892-9259-468-8 (online) DOMAIN 6 • Analytical skills • Communication with Boards and Executive committees • Team communication skills • Project management • Influence when working with stakeholders CASE STUDY PRACTICUM The following case studies will be used to form the Case Study Practicum portion of the exam for Year 1. Each year following, new case studies will be developed to ensure currency and to address any emerging operational risks that current candidates need to address. Visit the ORM Designation Resources webpage for the most current list of case studies. • Deutsche Bank (Weak risk management practices) • Citibank (Transaction processing - 900M payment made due to manual errors) • Baring Brothers (Unauthorized trading in derivatives by Nick Leeson) • Wells Fargo (Reputational risk related to unauthorized policies) • American Insurance Group, AIG (Severe losses due to investments in subprime mortgages through credit default swaps) • Long-Term Capital Management, LTCM (Liquidity squeeze of a major hedge fund via margin calls on trading positions) 12 The Path to Certification P rofessional certifications are an excellent way to enhance a resumé and to ultimately provide validation of knowledge and skills. This section of the guidebook describes the path for new applicants and provides additional resources that some applicants may find helpful as they progress through the certification program. IS THIS THE RIGHT CERTIFICATION FOR YOU? Choosing a professional certification is a personal one that depends on professional goals, current knowledge or skill level, and how well that credential will aid one’s career path. When considering the Professional Operational Risk Manager Designation, one could consider the following: n Do I meet the experience requirements? • If I don’t currently meet the experience requirements, or the alternatives, will I meet them soon? n Am I knowledgeable of the topics shown in the syllabus? n Is the program a global certification recognized in the regions where I work? n Does my employer or potential employer recognize the importance of continued education through the study for a professional certification? • If not, review the information provided by PRMIA for making the case for the Professional ORM Designation. 13 REFUND POLICY The application and program fees are not refundable or transferable. The information provided in this guidebook and online is intended to ensure candidates who apply for the Professional ORM Designation program are well informed about its requirements and fees before applying. For more information, visit the PRMIA Terms of Use. APPLICATION Potential ORM candidates must first apply to PRMIA by visiting www.prmia.org/ORMApplication Professional ORM Designation applicants are required to submit verifiable evidence of meeting the minimum experience requirements as part of the online application. The following evidence is accepted for meeting experience requirements: n Verifiable evidence for work experience, which includes the following details • Employer name • Role/title • Start and end dates of employment • Employment status (full time or part time) · If part time, hours per week • Total years plus months of duration • Summary of role/work description · Include details on risk management responsibilities For individuals using completed degrees to meet part of the work experience requirement: n • Scanned copy of the diploma showing the graduation date, name, and the university and program name; or • Scanned copy of an official transcript showing the graduation date, name, and the university and program name. All documents should be submitted in the original language with official English translation. References will be contacted to verify the employment dates. Alternatively, a formal letter from a current employer detailing the duration of employment may be submitted with the application. 14 The application review process will occur within two weeks of application submission provided the application fee is paid. For applications with missing or incomplete information, the review process may take longer. In some cases, responses from references for verification may delay the application review process. In these instances, candidates are notified of the status of the application. Refer to the Frequently Asked Questions for details on the application process and the required documentation. PROFILE DETAILS FOR PRMIA It is critical that a complete PRMIA profile be provided when applying for the Professional ORM certification or any certificate program. PRMIA uses the following details when reviewing the application and also when sending pre-approval for any exam authorizations to Pearson VUE for testing purposes. n Name as it appears on identification card n Full preferred mailing address n Phone number with country (or country code) Information on PRMIA Data Privacy may be found in the PRMIA Privacy Policy. PROGRAM FEES Individuals with an approved application are required to indicate their readiness to begin the study process by paying the program fee within 90 days of the date the application was submitted. Instructions on how to pay the fee are included in the application approval email. Within 2-3 business days of paying the program fee, candidates will receive information on how to access some of the published reading materials. An authorization to take the required examination will be submitted to Pearson VUE, and instructions on how to schedule the exam will be sent via email to the candidate. PRMIA has contracted with Pearson VUE to administer the examination at its test centers around the globe. Follow the instructions in the email to create an account with Pearson VUE. 15 PROFILE DETAILS FOR PEARSON VUE Once a candidate receives an email notification that the exam authorization has been submitted to Pearson VUE, an account must be created with Pearson VUE, unless one already exists. When creating a new account with Pearson VUE, candidates must enter their profile details as they appear in their PRMIA profile; these details are used to link their exam records at Pearson with their records at PRMIA. PREPARING FOR THE EXAM This candidate guidebook includes a list of references that are used to support the Professional Operational Risk Manager Designation exam program. It is the candidate’s responsibility to locate and purchase the reference materials they feel they need to study as they prepare for the examination. The references indicated in bold font are available to ORM Designation candidates as part of the program fee payment. 16 READING LIST 2 n n n n n n n n n Chapelle, Ariane. Operational Risk Management: Best Practices in the Financial Services Industry. John Wiley & Sons, 2019. ISBN/EAN 1119549043, 9781119549048 Crouhy, Michel, Galai, Dan, and Mark, Robert. The Essentials of Risk Management, Second Edition. McGraw-Hill, 2014. ISBN/EAN 0071818510, 9780071818513 Girling, Philippa X. Operational Risk Management: A Complete Guide for Banking and Fintech. Wiley Finance: 2022. ISBN/EAN 1119836042, 9781119836049 Grimwade, Michael. Ten Laws of Operational Risk: Understanding its Behaviours to Improve Its Management. John Wiley & Sons, Incorporated, 2021. ISBN/EAN 1119841380, 9781119841388 Howitt, Jonathan (Ed), McCarthy, Justin (Ed), Risk Management Frameworks and Practices for Operational Risk Management, Northfield, MN. PRMIA, 2023, B0BXPCZ8KH “H.R.3763 - 107th Congress (2001-2002): Sarbanes-Oxley Act ...” Accessed February 4, 2022. https://www.congress.gov/bill/107th-congress/house-bill/3763 2019 Introduction and Methodology. https://www.isaca.org COSO Internal Control - Integrated Framework, Executive Summary. https://www.coso.org D515 Revisions to the Principles for the Sound Management of Operational Risk, Basel Committee on Banking Supervision, March 2021. ISBN 978-92-9259-468-8 (online) PRMIA Institute Papers https://www.prmia.org/prmiainstitute n Mulder, G. A Random Walk into Climate Disaster. 2021 n Jones, E.T. Environmental Risks & Banking. 2021 n de Barmon. T. & Tweddle. S. Operational Resilience and COVID-19 - A New Age of Reason?. 2020 n McCarthy, O., Radigan, K. & Voicu, A. The Impact of Climate Risk on Financial Institutions. 2019 PRMIA Standards and Bylaws https://prmia.org/Public/ORM/ORM-Designation-Resources-and-Case-Studies.aspx n PRMIA 10 Principles of Corporate Governance n PRMIA Articles of the Bylaws n PRMIA Governance Principles n PRMIA Professional Standards PRMIA Case Studies http://prmia.org/Public/ORM/ORM-Designation-Resources-and-Case-Studies.aspx n Deutsche Bank n Citibank n Baring Brothers n Wells Fargo n American Insurance Group, AIG n Long-Term Capital Management, LTCM 2 When updates are made to the reference list supporting the exam program, all current applicants and candidates will be notified via email. Be sure to add certification@prmia.org and support@prmia.org to your safe senders lists. 17 SCHEDULING YOUR EXAM The ORM Designation exam is administered in an online proctored environment or in a proctored environment at Pearson VUE facilities around the globe. Candidates who wish to schedule an exam will need to create an account with Pearson VUE or log into their existing account to view the pre-approved exam at www.pearsonvue.com/prmia. The ORM Designation exam is offered four times per year during specific testing windows. These testing intervals allow for consistent opportunities to complete the exam by the required end date. Current exam schedules can be found on the PRMIA website and also on the Pearson VUE scheduling page. Candidates are encouraged to review the important details about registration, cancellation, identification requirements and space availability. The current testing schedule on the PRMIA website shows when the scheduling and testing windows open. CANCELING OR RESCHEDULING In recognition of the busy and changing schedules of risk managers, candidates may change their exam appointment without charge through the Pearson VUE system at www.pearsonvue.com/prmia. All change requests must be made at least one business day before the testing date or the entire exam fee will be forfeited. All authorized exams have an expiration date. To view the exam expiration dates, candidates may log into their Pearson VUE account and view the details of the pre-approved exam. All program and exam fees are final and non-refundable. 18 CHECKING IN FOR AN EXAM APPOINTMENT On the date of the appointment, candidates should arrive at the testing center at least 15 minutes before the scheduled start time. Two forms of identification are required. The first must be a current government-issued ID with a photograph and signature. In addition to providing identification during the admissions process, all authorized Pearson VUE testing centers will take a digital signature using a signature pad and a digital photograph. Arrive on Time It is very important that candidates arrive at the testing center early. Candidates that arrive late to the testing center may not be permitted to test. The full fee for the exam will be charged even if candidates are not admitted for any reason. As these centers offer exams for other organizations, not everyone in the room will be taking the same exam, so no assumptions should be made about when other candidates enter or leave the testing center. EXAM SECURITY The ORM Designation exam is conducted under secure conditions. Any attempt by candidates to copy questions by any means, including organized memorizing, and to distribute these questions to other individuals, will be treated as unethical behavior and may result in penalties against the candidate, which could include forfeiture of any PRMIA certifications, exam authorizations, and possible expulsion from PRMIA. Incitement to copy and usage of copied questions may also result in the same penalties. TAKING THE EXAMS ORM Designation candidates have 12 months from the date of enrollment to sit for the required exam. Examinees are required to complete Part 1 before they may take Part 2. Parts 1 and 2 may be scheduled for the same test day, or on separate testing days. n n Candidates who need to retake either part 1 or 2 may only sit for the same exam once every 60 days. n The exams are computer-based. n Candidates will not receive any copies of the questions. No paper may be brought into the testing center; however, candidates will be provided with an erasable board upon request. n 19 Examination Administration The test begins with a tutorial that introduces the functionality of the exam and a brief message from PRMIA. After the tutorial has been viewed, the candidate may begin the exam, which includes multiple-choice questions, varying in quantity by exam. Sufficient time is allocated to read the tutorial and message and complete the exam. The testing system allows marking and reviewing questions as long as time is remaining. Candidates are encouraged to monitor and use their time effectively to ensure they respond to all required test questions. Incidents During an Exam Administration In the event of an incident where the exam candidate believes the testing environment is no longer compatible with good examination conditions (computer failure, inadequate supplies, excessive noise, or any other circumstance), the candidate must bring the incident to the attention of the examination proctor (invigilator) immediately upon the incident being noticed – without continuing the exam. Failure to inform the proctor in this manner will invalidate any subsequent candidate incident reporting that cannot be substantiated by the test center. Calculators Calculators are not needed nor provided for the ORM Designation exam. No other materials may be brought into the exam room. EXAM RESULTS PRMIA will notify candidates of their results via email within 15 business days from the testing date. RETAKING THE EXAM Candidates who do not pass an exam are eligible to retake the exam 60 days from the date of the last exam. Individuals who require a retake will receive notifications from PRMIA at the beginning of the testing window when they are eligible to retake the exam with instructions for how to purchase an exam retake. Candidates may also contact support@prmia.org or submit a Contact Us inquiry to request the retake exam purchase link. 20 PRMIA Certification and Examination Policies and Procedures T he following policies are in place to ensure a timely certification path for all candidates. Candidates should review these as they prepare to apply for the Professional ORM Designation, and as they progress through the certification path. Additional details may be found online in the Frequently Asked Questions. APPLICATION n n n n Professional ORM applications are reviewed only with a paid application fee. No pre-approval is allowed. No exemptions to the experience requirements are allowed for the Professional ORM Designation program. All applicants must meet the same experience requirements. PRMIA reviews all submitted applications within 14 days of the application fee payment. In instances where additional documentation is required, if the applicant does not provide the necessary information within 60 days of the request, the application may be denied. Applicants have 90 days from the date the application was submitted to pay the program fee and formally enroll into the Professional ORM Designation program. If the program fee is not paid within 90 days of application approval, a re-application fee may apply. 21 PROGRAM ENROLLMENT n n n The Professional ORM Designation enrollment period is one year, and this period begins the day the program fee is paid. The required exams must be successfully completed within the one-year period. It is the candidate’s responsibility to monitor progress toward meeting the program deadlines and scheduling the examination. EXAMINATION n n Exam authorizations are issued within 2-3 business days of the program fee payment. The initial exam authorizations are valid for 365 days. It is the candidate’s responsibility to monitor the end date of the exam authorization to ensure the exam is scheduled before the end date. n n n Retake exam authorizations purchased are valid for 365 days from the date of purchase. Individuals who do not pass who need to retake either part 1 or 2 of the Professional ORM exam program and are eligible to retake an examination may request a retake purchase by contacting certification@prmia.org. Individuals with expiring exam authorizations may receive information from PRMIA regarding their testing options. They may also contact certification@prmia.org to request a one-time extension to the expiry date.3 3 22 • The end date for the exam authorization is viewable in the Pearson VUE system. Extension fees apply. PROFESSIONAL ORM DESIGNATION STATUS DEFINITIONS n n n n n n APPLICANT — an individual who has submitted an application and paid the application fee, or an individual who has an approved application but has not yet paid the program fee. CANDIDATE — an individual who has an approved application and has paid the program fee to formally enroll in the program. This status continues until the required examination is successfully taken or until the enrollment period ends. QUALIFIED — a candidate who has passed the required examination but has not met all other program requirements, or who has not met the prior year’s recertification (maintenance) requirements. HOLDER — a candidate who passed the required examination and currently meets all recertification (maintenance) requirements. SUSPENDED — a holder who has lapsed in recertification for more than one calendar year (365 days) from the date of the most recent certification. RETIRED — a certified user that has been certified as ‘retired’ in their professional career. This user is not required to submit for yearly recertification. For instructions on how to retire a Designation status, contact certification@prmia.org. 23 PROFESSIONAL OPERATIONAL RISK MANAGER Professional ORM Designation Candidate Guidebook © 2023 Professional Risk Managers’ International Association (PRMIA). All rights reserved.