Q. Why should I apply for a new designation program?
A. The PRMIA Designation programs are developed to ensure that skilled professionals have greater opportunity for jobs, promotions, and higher salaries. The Professional Operational Risk Manager Designation was approved for development by the PRMIA Education Committee due to the increased opportunities for Operational Risk Managers in the financial services industry.

Despite this growth in opportunity, there is no clear path to obtaining a formal role of Operational Risk Manager since many employers have a variety of entry requirements for the role. Having the PRMIA Professional ORM Designation on your resume and highlighted after your name will allow for more opportunities at these new roles in banks, insurance companies, and other places.

According to the United States Bureau of Labor Statistics, in 2020 Operational Risk Managers in the financial services industry made over US$200,000 annually on average. Source: https://www.bls.gov/oes/current/oes111021.htm

Q. What is the difference between the Professional ORM Designation and the certificate program?
A. The development of the Professional ORM Designation was done purposely to ensure that the ORM certificate program would remain the entry program for individuals learning about operational risk management. The ORM certificate program will continue to be offered and be provided as a way for individuals who might be new to operational risk to learn more about the tools and techniques used.

The Professional ORM Designation recognizes those individuals who have the skills and capability to fill a job role for Operational Risk Manager. Individuals with experience working with the risk function in their institution and those who have worked with an operational risk team in the past are best suited for seeking the Professional ORM Designation. If you meet the eligibility requirements that include one year of risk management responsibilities, the Designation program may be a good fit for you to advance in your career.

To learn more about the difference between a certificate and a professional certification program, visit ORM Certificate or Designation – Which is Right for You? or visit the Institute for Credentialing Excellence's website.

Q. What are the requirements for the Professional Operational Risk Manager Designation?
A. To receive the Professional ORM Designation, candidates must meet the eligibility requirements and pass the required examinations. Candidates may retake any failed exam, but must wait 60 days from the date of the failed exam.

Q. Why is there only an outline of topics rather than a full syllabus?
A. While the exam program development is complete, and the program is now is regular exam administrations, the PRMIA Education Committee is reviewing a refined, full syllabus. Once the full syllabus is approved by the PRMIA Education Committee, it will be released publicly. Any current candidate for the program will be notified as additional information is released related to the syllabus and the reference material supporting the exams.

Q. When will more details be released about the syllabus?
A. The current reading list is a comprehensive list of materials you can begin to use to determine what study resources you wish to use. More details on the syllabus will be released once the PRMIA Education Committee approves the full syllabus. Any current candidate for the program will be notified as additional information is released related to the syllabus and the reference material supporting the exams.

Q. What can you tell me about the test design?
A. On March 3, 2022, the PRMIA Education Committee approved a test design that includes a two-part examination. This design was based on input received from the Job Analysis Study and the Operational Risk Taskforce members. 

Parts 1 and 2 of the examination are to be taken during one testing window for all first-time attempts. 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, as long as both parts are attempted during the same test window. 

The total test time is 5 hours, with 2 hours allowed to complete part 1 and 3 hours allowed to complete part 2. For each part, it is important that examinees monitor their testing time while they complete the exam.

For more details on the test design, including the number and type of questions in each part, please download the Candidate Guidebook and review the section related to Examination Requirements.

Q. What are the application and program fees?
A. The Application Fee is US$150. The Program Fee is US$1,200 for current PRMIA Sustaining members or US$1,500 for Contributing or non-members.

Q. How can I apply for the Professional ORM Designation?
A. To be eligible for the Professional Operational Risk Manager Designation, you must first apply for the program.

Once your application is approved, you will be sent details on how to pay the Program fee and formally enroll into the program.

Individuals with an approved application must enroll into the program within 90 days of the application approval. If program enrollment is not completed within 90 days of the application approval, the application will be marked as "expired" and a new application fee will be required.

Q. Who can I contact if I have other questions?
A. If you have other questions that are not answered here, please Contact Us or email [email protected].

Q. What resources should I use to prepare for the exam?
A. The ORM Designation program examination was developed using the list of references shown currently in the ORM Designation candidate guidebook.
Visit the ORM Designation Resources and Case Studies page for a complete list of ORM Designation resources. Some resources are publicly available while others you may access as a PRMIA Sustaining member.
It is the candidate’s responsibility to locate and purchase the reference materials they feel they need to study as they prepare for the examinations.

Q. Which textbooks are made available to candidates currently enrolled in the ORM Designation program?
A. As part of the ORM Designation enrollment fee, PRMIA provides access to the following resources shown in the ORM Designation reading list.

• Risk Management Framework and Practices for Operational Risk Management by Jonathan Howitt & Justin C McCarthy
• The Essentials of Risk Management, Second Edition by Michael Crouhy, Dan Galai, and Robert Mark
• Operational Risk Management: Best Practices in the Financial Services Industry by Ariane Chapelle
• Operational Risk Management: A Complete Guide for Banking and Fintech by Philippa X Girling
• Ten Laws of Operational Risk: Understanding its Behaviours to Improve Its Management by Michael Grimwade

Q. How do I access the PRMIA sourced materials?

A. There are several resources available to ORM Designation candidates that are available directly from PRMIA.

• PRMIA Institute Papers https://www.prmia.org/prmiainstitute/
  PRMIA Institute Papers are available for purchase for non-members and are a complementary benefit for current PRMIA Sustaining Members. If you are not currently a PRMIA Sustaining member, you may join here.
• PRMIA Standards and Bylaws
  PRMIA Standards and Bylaws are publicly available and can be linked from the ORM Designation Resources and Case Studies  page.
• PRMIA Case Studies
  PRMIA Case Studies are publicly available and can be downloaded from the ORM Designation Resources and Case Studies  page.
• PRMIA Operational Risk Manager Handbook
  The PRMIA Operational Risk Management Handbook forms the basis for the ORM Certificate program exam. It provides foundational knowledge in operational risk and is developed to help prepare individuals for the certificate exam.
  
  Current practicing Operational Risk Managers should be familiar with the concepts addressed in the PRMIA Operational Risk Management Handbook. This resource is made available as a reference source for current candidates, should current candidates need a refresher on the foundations of Operational Risk Management.
  
  Access to the handbook is granted only to those individuals who pay the ORM Designation program fee.
  
  If you have paid the program fee, to view the handbook,
  - Sign in to your PRMIA account.
  - Click your profile icon to access your account.
  - Click the tab "PRMIA Certification Profile" and scroll to the bottom of the page.
  - In the "Digital Handbook Access", click the tab ORM to access the handbook.

Q. How do I access externally courses materials?

A. There are several resources available from other publishing organizations. The ORM Designation reading list provides the book title, author, publisher, and ISBN to allow candidates to locate the resources and purchase from their bookseller resource.

As part of the paid program enrollment fee, PRMIA provides current ORM Designation candidates with access to several of the resources shown in the reading list.