The Committee of Sponsoring Organizations’ (“COSO”) was founded in the United States in 1985 to sponsor the National Commission on Fraudulent Financial Reporting. The National Commission was sponsored by five major professional associations headquartered in the United States. COSO’s mission is to provide thought leadership through the development of comprehensive frameworks and guidance on enterprise risk management, internal control and fraud deterrence designed to improve organizational performance and governance and to reduce the extent of fraud in organizations. In 2004, COSO published the “Enterprise Risk Management — Integrated Framework”. In 2017, the framework was updated to integrate Enterprise Risk Management with Strategy and Performance.
Global Association of Risk Professional (“GARP”):
GARP is a not-for-profit organization that runs the internationally recognised Financial Risk Manager (FRM®) and Energy Risk Professional (EPR®) certification. The exams are held twice a year in May and November globally. GARP has over 150,000 members globally in 19 countries and territories. GARP has local chapter presence in 20 cities globally.
Institute Of Risk Management (“IRM”)
IRM is the leading body for professional in the field of Enterprise Risk Management. IRM provides internationally recognised certifications, namely, International Certificate in Enterprise Risk Management, International Certificate in Financial Services Risk Management and International Diploma in Enterprise Risk Management
The Risk Management Association (“RMA”)
Founded in 1914, RMA is a not for profit organisation, with the purpose of advancing the use of sound risk management principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, operational risk, securities lending, and regulatory issues. RMA runs a series of risk management certification including, Credit Analysis Certificate, Credit Essentials Certificate, Operational Risk Management (ORM) Fundamentals Certificate and Credit Risk Certification (“CRC”).
The Institute of Operational Risk (“IOR”)
IOR’s mission is to promote the development and discipline of operational risk. IOR runs the Certificate in Operational Risk Management (“CORM”). IOR has chapters in major countries and cities, including England and Wales, Germany, Hong Kong, Ireland, Nigeria and Scotland.
Operational Riskdata eXchange Association (“ORX”)
ORX provides research into operational risk management and measurement. ORX is the only global database for loss events for banking and insurance sectors. ORX membership is open to any financial institution in the financial services sector that can submit data in line with the ORX Standards. Some of ORX services are available to both members and non-members.
Societies of Actuaries (“SOA”)
SOA history dates back to the Actuarial Society of America formed in 1889. In 1948, the SOA was formed. SOA’s mission is to advance actuaries in measuring and managing risk for individual, organisation and the public. One of the certification run by SOA is the Chartered Enterprise Risk Analyst (“CERA”). The CERA requirements include examinations, an e-Learning module, covering topics such as Accounting & Finance, Mathematical Statistics, Probability, Financial Mathematics, Enterprise Risk Management etc
International Organization for Standardization (ISO 31000)
ISO 31000 is the international standard for risk management which can be used by any organisation to manage risk. ISO 31000, sets out the principles, framework and a process for managing risk. By implementing an internationally recognised risk management framework and principles, this will help the organisation to improve the overall governance.
The Risk Management SocietyTM (“RIMS”)
RIMS has its history date back to 1950 as the National Insurance Buyer Association. RIMS is dedicated to educating, engaging and advocating for the global risk community, RIMS, is a not-for-profit organization representing more than 3,500 corporate, industrial, service, nonprofit, charitable and government entities throughout the world. RIMS provides the RIMS-Certified Risk Management Professional (RIMS-CRMP) certification.