PRMIA Receives ASAE Honors for Its Risk Management Challenge

The Professional Risk Managers' International Association (PRMIA) has earned a 2016 ASAE Power of A Silver Award for its Risk Management Challenge Initiative. The PRMIA Risk Management Challenge (PRMC) provides undergraduate and graduate students from multiple disciplines the opportunity to solve realistic business problems with a risk management focus. Ultimately, PRMC aims to develop and strengthen professional and social relationships between students, faculty, and risk professionals. The competition is open to students where PRMIA Chapters participate.

ASAE honored PRMIA, whose program promotes thought leadership and career development for students through an international competition. Its objectives are to:

  • Promote the financial services sector internationally through an international case competition.
  • Develop analytical and decision-making skills of future leaders from universities across the globe.
  • Identify top talent among competitors for potential employment opportunities.
  • Create networking opportunities for students interested in pursuing risk careers.
  • Promote understanding of both hard and soft skills required to work in risk management. 
  • Promote the strategic importance of risk management by aligning analysis to strategic direction.

“Congratulations to PRMIA and its partners for their hard work and for helping to make the world a better place,” said Sharon J. Swan, FASAE, CAE, Chief Executive Officer of the American Society for Clinical Pharmacology and Therapeutics and chair of the Power of A Awards Judging Committee. “Their initiative exemplifies how associations are a positive force in our everyday lives – not just to the profession or industry they represent, but to society at large.”

"PRMC bridges the gap between university education and a career pathway in risk management," said Kraig Conrad, PRMIA CEO. "By instilling confidence and providing tangible real life experience we encourage students to enter into the profession...our goal is to provide the industry with newly graduated students who are well versed in globally-sound risk practices."

Alvin Li, from the Beedie School of Business, BBA 2017 – Business Technology Management and Finance said, “The PRMIA Risk Management Challenge (PRMC) provided a tremendous opportunity to dive into the world of risk management. The challenges of this competition forced my team to reach out and network with risk management professionals, where we sought to better our understanding of the best practices in managing risk. Participating in the PRMC has driven my interest in developing a career associated with financial and IT risk management. I highly recommend this competition for any business minded student that seeks to take advantage of an unconventional but yet rewarding learning opportunity.” As a result of his participation in the Risk Management Challenge Alvin has secured a Resource Management role at CGI Information Systems and Management Consultants Inc.

The 2015 PRMC had 9 chapters participate: Russia, London, Ireland, New York, Chicago, Montreal, Edmonton, Toronto, and Vancouver. Globally, these chapters represented 45 schools and 117 teams comprised of 443 students. In the short time since its inception PRMC has positively influenced over 1,250 students, and more than 200 practitioners are rewarded by giving back to the profession.

This year’s PRMC will include participants from 10 PRMIA chapters around the world. Registration will open on September 1 at http://www.prmia.org/prmia-risk-management-challenge.

ASAE’s Power of A (association) Awards, the industry’s highest honor, recognize the association community’s valuable contributions on the local, national and global levels. The Power of A Awards reward outstanding accomplishments of associations and industry professionals for their efforts to enrich lives, create a competitive workforce, prepare society for the future, drive innovation and make a better world.