Enterprise Risk Management Microcredential
Learn how to apply risk management concepts, skills, and techniques to achieve organisational objectives.
Benefits of the ERM microcredential
Amid evolving regulations, international risk developments and growing financial complexities, the need for strong Enterprise Risk Management (ERM) has gained considerable momentum in Australia. Chartered Enterprise Risk Actuaries (CERAs) are risk professionals qualified to lead an organisation’s ERM program.
This microcredential covers the fundamentals of ERM and risk management processes, teaching you to identify, manage and mitigate risks. If you’re an Institute member and a qualified actuary, completing exams from this course may make you eligible for the global Chartered Enterprise Risk Actuaries (CERA) designation.
Future-proof your career
Why the Enterprise Risk Management microcredential?
Expanded career options
Signal to future employers your potential for senior management and executive roles focused on strategic or broader risk management, and across other diverse industries.
Cross-industry appeal
Demonstrates transferable risk management skills applicable in diverse sectors beyond traditional actuarial fields.
International recognition
Provides a qualification acknowledged worldwide. The CERA credential can be a strategic asset for actuaries aiming to differentiate themselves in a competitive job market.
Outcomes
With this ERM microcredential, you’ll be able to:
- Explain the fundamentals of enterprise risk management, including the impact of internal and external environments on risk.
- Apply the elements of a risk assessment process in an organisation.
- Propose strategies for embedding enterprise risk management into organisational decision-making processes.
Choose your study level
Certification options
Professional Certificate
For those who want to complete the full credential and be eligible for the Chartered Enterprise Risk Actuaries (CERA) designation. Includes tutorials, subject materials, an assignment, and an exam. Recommend you invest 12 hours a week for 13 weeks. You’ll receive an ERM Professional Certificate digital badge and earn 312 CPD points. Apply for the CERA designation.
Certificate
For those who want knowledge and a shareable credential. Includes tutorials, subject materials and receive a pass result for an assignment. Recommend you invest 7 hours a week for 13 weeks. You’ll receive a ERM Professional Certificate digital badge and earn 182 CPD points.
Course Participation
For those with limited time who want to keep their knowledge and skills sharp. Includes tutorials, learning modules and subject materials. Recommend you invest 2 hours a week for 9 weeks. You’ll earn 36 CPD points.
Enrolment details and course prices
Key detailsIf you're currently completing your Fellowship Program with the Actuaries Institute or intend to, you should progress through the Fellowship Program principles subjects first, and then enrol in this microcredential, which is an Applications subject. It is assumed that you have completed your Foundation and Actuary Program studies plus studied two Fellowship Principles subjects. | Enterprise Risk Management microcredential$3,700 AUD GST exempt |
|---|---|
| Entry requirements | You must be a qualified actuary to enrol. |
| Semester 1 enrolment dates | 16 December 2024 - 20 January 2025 |
| Semester 1 study dates | 20 January - 2 May 2025 |
| Future dates | This microcredential is only available in Semester 1. Dates for 2026 to be advised soon. |
| Learning platform | Canvas LMS |
| Learning materials | A combination of online written materials and videos (including links to YouTube). |
Recommended background knowledge
We recommend background knowledge of the Risk Modelling and Survival Analysis subject, specifically in relation to risk distributions, time series, stochastic processes and survival models, and the Actuarial Control Cycle. Prior work experience in risk management is not required.
You will learn:
- Random Variables and Distributions for Risk Modelling: Model and calculate insurance risk using statistical distributions, including deductibles and reinsurance effects. Fit these distributions to data, estimate parameters and evaluate fit.
- Time Series Analysis: Master time series models to forecast and analyse time-indexed financial and economic data. Understand stationarity, autoregressive, and moving average models for real-world application.
- Stochastic Processes in Insurance: Utilise Markov models and stochastic processes to analyse risks and claims in insurance. Estimate transition intensities and apply these models in practical scenarios like survival and health models.
The Actuarial Control Cycle is taught as part of the Actuary Program at an actuarial accredited university.
As part of this subject, you will learn to:
- Apply the actuarial control cycle and actuarial principles to a range of commercial situations.
- Analyse features and risks of financial products.
- Apply risk assessment frameworks, valuation and pricing techniques.
- Monitor, assess and respond to emerging experience.
Enrol for the next teaching period
The Enterprise Risk Management microcredential will deepen your understanding of risk management and prepare you for the global CERA designation. All that’s left is for you to choose the time and effort you want to invest in studying, and enrol.
