Associate of Risk Management (ARM)
Associate of Risk Management (ARM) The ARM professional designation program helps in enhancing risk management skills by enabling to build and implement a balanced risk financing strategy using retention, transfer and hybrids. Benefits of ARM Program • Increase value to the organization by learning to design a risk management program for hazard, operational, financial and strategic risks. • Improve effectiveness by acquiring skills needed to assess and treat organizational risks. • Support overall financial goals by learning to design and implement retention, transfer and hybrid risk financing plans. ARM Courses Ethics 311: Ethical Guidelines for Insurance Professionals ARM 54: Risk Management Principles and Practices ARM 55: Risk Assessment and Treatment ARM 56: Risk Financing
Ethics 311: Ethical Guidelines for Insurance Professionals: After completing this learning module, you’ll be able to recognize ethical dilemmas when they arise and you’ll also have the skills needed to reach informed decisions when faced with a dilemma. Learning Outcomes: • Analyze three common real-world ethical dilemmas, in case study form, using an ethical framework. • Distinguish among morals, laws, and ethics • Support the position that insurance practitioners should possess and exhibit the characteristics of professionalism • Summarize why it is important that insurance professionals maintain high ethical standards. • Give examples of an insurance professional’s ethical responsibility to these groups: ▪ Insurers; ▪ Policyholders; and ▪ The public. • Given an ethical dilemma, identify: ▪ The stakeholders; ▪ The motivation for the actions taken; and ▪ The relevant ethical issues. • Apply these theories to an ethical dilemma using the decision-making tools: ▪ Rules-based; ▪ Situation-based; and ▪ People-based. • Summarize the barriers to making ethical decisions. • Given an ethical dilemma, apply Ethical Guidelines for Insurance Professionals to arrive at a resolution. • Apply ethical theories and decision-making tools, including the Ethical Guidelines for Insurance Professionals, to resolve these kinds of ethical dilemmas: ▪ Conflict of Interest; ▪ Privacy; and ▪ General business. ARM 55: Risk Assessment and Treatment Purpose To enhance contribution to the organization’s value by learning to assess and treat its risks. Learning Outcomes: Introduction to Risk Assessment and Treatment. • Root Cause Analysis. • Business Continuity Management. • Physical Property Risk. • Intellectual Property and Reputation Risk. • Legal and Regulatory Risk. • Management Liability and Human Resource Risk. • Environmental Risk. • Crime and Cyber Risk. • Fleet Risk. • Small Products and Risk Management. ARM 56: Risk Financing Purpose To increase effectiveness by learning to design a risk management program for hazard, operational, financial and strategic risks. Learning Outcomes: • Introduction to Risk Financing. • Estimating Hazard Risk. • Transferring Hazard Risk Through Insurance. • Self-Insurance Plans. • Retrospective Rating Plans. • Reinsurance. • Captive Insurance. • Contractual Risk Transfer. • Transferring Financial Risk. • Transferring Hazard Risk to the Capital Markets. • Allocating Costs of Managing Hazard Risk.