Exam Changes November 2009
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The Professional Risk Managers’ International Association A Higher Standard for Risk Professionals
www.prmia.org
PRMIA Exam Developments p November 2009
Focus of Presentation
A Higher Standard for Risk Professionals
1. Changes to the Associate PRM and PRM Syllabi y & Exams 2 Other Current Activities 2. Activities, and Future Plans 3. Experiences and Observations
www.prmia.org
Associate PRM Syllabus Changes • Chapter 13 (complete version) of the Essentials of Risk Management g is now included. “The Operational Risk Management Framework” and “Operational Risk Process Models” papers from the website-based document “Risk Management g Practices” are dropped.
• A new PRMIA Standards of Best Practice, Conduct and Ethics, Ethics and Risk Governance Guidelines • Two case studies – US Saving & Loan Crisis and California Power Crisis - have been dropped. No new case studies are added.
• The Structure of Commodities Markets - (pages 711) removed. removed A new version of this document is provided. A Higher Standard for Risk Professionals
www.prmia.org
Associate PRM Exam Changes • Although the content for the syllabus will change on October 1st, to give candidates time to study th new material, the t i l the th exam questions ti will ill nott change until December 1st 2009. • Candidates taking the exam before December 1st will continue to be examined on the current syllabus material and do not need to study the new material –they they continue to prepare as current. current • Candidates taking the exam on or after December 1st will g get questions q on the new material. • A new version of the Associate PRM Exam Guide was launched on October 1st 2009. • Any questions i or problems bl accessing i d documents, please contact [email protected]. A Higher Standard for Risk Professionals
www.prmia.org
PRM Exam III Syllabus Changes • Note that the PRM syllabus for this exam changes on 1st October 2009 • There are new papers on Systemic Risk, Liquidity Risk, Stress Testing and Information Risk. No changes to existing PRM Handbook material.
• The new material is provided as Supplementary Papers. These are on the server in the same way as the current electronic Handbook versions. New purchasers of a printed or electronic copy of Handbook Volume III will have the addendum placed on their My Library, as will every PRMIA g this volume since member who has bought October 1st 2007. A Higher Standard for Risk Professionals
www.prmia.org
PRM Exam IV Syllabus Changes • Note that the PRM syllabus for this exam changes on 1st October 2009 • New N PRMIA Standards St d d off Best B t Practice, P ti Conduct C d t and d Ethics, and Risk Governance Guidelines • New case studies (4) on Northern Rock, Tasei Fire and Marine Insurance, Fannie Mae/Freddie Mac, China Oil, Washington Mutual • The Th following f ll i case studies t di (6) are no longer l on the th syllabus – US Saving & Loan Crisis, California Power y , Continental Illinois,, Crisis,, Daiwa,, Credit Lyonnais, Riggs Bank • All Exam IV syllabus material is available through the PRM Web Resources Page A Higher Standard for Risk Professionals
www.prmia.org
PRM Exam III and IV Exam Changes • A new version of the PRM Exam Guide is also on the PRM website pages. • New N versions i off th the relevant l t PRM Study St d Guides G id and Test Questions will be loaded in Q1 2010. • Although the syllabus changes on October 1st, to give candidates time to study the new material, the exam questions do not change until March 1st 2010. 2010 Those taking the exam before this date will be examined on the current syllabus and need not study the new material. Candidates taking the exam on or after March 1st will get questions on the new material. • Any questions or problems accessing documents, documents please contact [email protected]. A Higher Standard for Risk Professionals
www.prmia.org
Recent & Current Activities 1 • PRMIA now has a full-time Exams Manager, UKbased John Downing ([email protected]) • Regular exam questions reviews taking place place. The database of questions are reviewed for: • • • •
• • • •
Performance (taking too little or too much time) Difficulty ff l (too ( many correct or incorrect answers)) Clarity (too many of the same wrong answer) Volume (additional questions written)
New New New New
PRM release – for all 4 exams – 1st Sept 2009 APRM release – 1st Dec, 2009 (current questions) APRM release – 1st Mar, Mar 2010 (New questions) PRM release – 1st Mar, 2010
• Exam II - additional q questions • Exam III - New papers • Exam IV - New Case Studies, and PRMIA material A Higher Standard for Risk Professionals
www.prmia.org
Current Activities 2 • APRM and PRM in Chinese • Both under construction • Chinese translation of “The Essentials of Risk Management” plus a second book on Chinese Risk Management Practices to be released in November 2009 • Chinese APRM will consist of current “English APRM” plus a 2nd paper on Chinese risk management practices • First Chinese APRM exam to be end Q Q4 2009 • Chinese language PRM will be identical to English language version • PRM Handbook and papers have been translated • First Chinese PRM to be in Q2 2010 • “Train the trainers” currently in process for both exams
• Oth Other language l versions i off the th exams are currently tl being considered A Higher Standard for Risk Professionals
www.prmia.org
Plans • To continue to update the PRM exam syllabus on an annual basis (2 years for the Associate PRM). • To T investigate i ti t making ki the th PRM a selective l ti exam (e.g. choose 4-5 papers out of 8-9 papers) allowing g a qualitative and quantitative separation. • Develop specialist papers – i.e. Islamic Risk Management, Basel II, Energy Risk, Risk Governance etc Governance, • To investigate local “flavours” of the exam, i.e. g an additional p paper p on local financial having practices as has been done in China for the APRM. • To continue to plan versions in other languages • To T continue i the h high hi h quality li work k off the h exam review committee A Higher Standard for Risk Professionals
www.prmia.org
Experiences & Observations • We demonstrate we are a “…. member-led association by, for, and of professionals” • Our volunteer force is second to none – they have our sincere thanks • Meeting the challenge of our developing industry • PRM designation and APRM certificate are now recognised g and accepted p g globally y • PRMIA challenges, include: • Manpower to manage increased number of exams and to coordinate oo dinate exam e am changes hanges • The delivery of the exams in different formats (some areas may need paper, some areas may not have automated testing venues) • Language and cultural differences A Higher Standard for Risk Professionals
www.prmia.org
Th k you Thank
A Higher Standard for Risk Professionals
www.prmia.org
If you have any questions please send to [email protected]
www.prmia.org
PRMIA Exam Developments p November 2009
Focus of Presentation
A Higher Standard for Risk Professionals
1. Changes to the Associate PRM and PRM Syllabi y & Exams 2 Other Current Activities 2. Activities, and Future Plans 3. Experiences and Observations
www.prmia.org
Associate PRM Syllabus Changes • Chapter 13 (complete version) of the Essentials of Risk Management g is now included. “The Operational Risk Management Framework” and “Operational Risk Process Models” papers from the website-based document “Risk Management g Practices” are dropped.
• A new PRMIA Standards of Best Practice, Conduct and Ethics, Ethics and Risk Governance Guidelines • Two case studies – US Saving & Loan Crisis and California Power Crisis - have been dropped. No new case studies are added.
• The Structure of Commodities Markets - (pages 711) removed. removed A new version of this document is provided. A Higher Standard for Risk Professionals
www.prmia.org
Associate PRM Exam Changes • Although the content for the syllabus will change on October 1st, to give candidates time to study th new material, the t i l the th exam questions ti will ill nott change until December 1st 2009. • Candidates taking the exam before December 1st will continue to be examined on the current syllabus material and do not need to study the new material –they they continue to prepare as current. current • Candidates taking the exam on or after December 1st will g get questions q on the new material. • A new version of the Associate PRM Exam Guide was launched on October 1st 2009. • Any questions i or problems bl accessing i d documents, please contact [email protected]. A Higher Standard for Risk Professionals
www.prmia.org
PRM Exam III Syllabus Changes • Note that the PRM syllabus for this exam changes on 1st October 2009 • There are new papers on Systemic Risk, Liquidity Risk, Stress Testing and Information Risk. No changes to existing PRM Handbook material.
• The new material is provided as Supplementary Papers. These are on the server in the same way as the current electronic Handbook versions. New purchasers of a printed or electronic copy of Handbook Volume III will have the addendum placed on their My Library, as will every PRMIA g this volume since member who has bought October 1st 2007. A Higher Standard for Risk Professionals
www.prmia.org
PRM Exam IV Syllabus Changes • Note that the PRM syllabus for this exam changes on 1st October 2009 • New N PRMIA Standards St d d off Best B t Practice, P ti Conduct C d t and d Ethics, and Risk Governance Guidelines • New case studies (4) on Northern Rock, Tasei Fire and Marine Insurance, Fannie Mae/Freddie Mac, China Oil, Washington Mutual • The Th following f ll i case studies t di (6) are no longer l on the th syllabus – US Saving & Loan Crisis, California Power y , Continental Illinois,, Crisis,, Daiwa,, Credit Lyonnais, Riggs Bank • All Exam IV syllabus material is available through the PRM Web Resources Page A Higher Standard for Risk Professionals
www.prmia.org
PRM Exam III and IV Exam Changes • A new version of the PRM Exam Guide is also on the PRM website pages. • New N versions i off th the relevant l t PRM Study St d Guides G id and Test Questions will be loaded in Q1 2010. • Although the syllabus changes on October 1st, to give candidates time to study the new material, the exam questions do not change until March 1st 2010. 2010 Those taking the exam before this date will be examined on the current syllabus and need not study the new material. Candidates taking the exam on or after March 1st will get questions on the new material. • Any questions or problems accessing documents, documents please contact [email protected]. A Higher Standard for Risk Professionals
www.prmia.org
Recent & Current Activities 1 • PRMIA now has a full-time Exams Manager, UKbased John Downing ([email protected]) • Regular exam questions reviews taking place place. The database of questions are reviewed for: • • • •
• • • •
Performance (taking too little or too much time) Difficulty ff l (too ( many correct or incorrect answers)) Clarity (too many of the same wrong answer) Volume (additional questions written)
New New New New
PRM release – for all 4 exams – 1st Sept 2009 APRM release – 1st Dec, 2009 (current questions) APRM release – 1st Mar, Mar 2010 (New questions) PRM release – 1st Mar, 2010
• Exam II - additional q questions • Exam III - New papers • Exam IV - New Case Studies, and PRMIA material A Higher Standard for Risk Professionals
www.prmia.org
Current Activities 2 • APRM and PRM in Chinese • Both under construction • Chinese translation of “The Essentials of Risk Management” plus a second book on Chinese Risk Management Practices to be released in November 2009 • Chinese APRM will consist of current “English APRM” plus a 2nd paper on Chinese risk management practices • First Chinese APRM exam to be end Q Q4 2009 • Chinese language PRM will be identical to English language version • PRM Handbook and papers have been translated • First Chinese PRM to be in Q2 2010 • “Train the trainers” currently in process for both exams
• Oth Other language l versions i off the th exams are currently tl being considered A Higher Standard for Risk Professionals
www.prmia.org
Plans • To continue to update the PRM exam syllabus on an annual basis (2 years for the Associate PRM). • To T investigate i ti t making ki the th PRM a selective l ti exam (e.g. choose 4-5 papers out of 8-9 papers) allowing g a qualitative and quantitative separation. • Develop specialist papers – i.e. Islamic Risk Management, Basel II, Energy Risk, Risk Governance etc Governance, • To investigate local “flavours” of the exam, i.e. g an additional p paper p on local financial having practices as has been done in China for the APRM. • To continue to plan versions in other languages • To T continue i the h high hi h quality li work k off the h exam review committee A Higher Standard for Risk Professionals
www.prmia.org
Experiences & Observations • We demonstrate we are a “…. member-led association by, for, and of professionals” • Our volunteer force is second to none – they have our sincere thanks • Meeting the challenge of our developing industry • PRM designation and APRM certificate are now recognised g and accepted p g globally y • PRMIA challenges, include: • Manpower to manage increased number of exams and to coordinate oo dinate exam e am changes hanges • The delivery of the exams in different formats (some areas may need paper, some areas may not have automated testing venues) • Language and cultural differences A Higher Standard for Risk Professionals
www.prmia.org
Th k you Thank
A Higher Standard for Risk Professionals
www.prmia.org
If you have any questions please send to [email protected]
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