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The Certificate in Operational Risk Management is the ideal qualification for anyone looking for a solid foundation in the theory and practice of effective operational risk management.Apply now
Risk management has never been more critical. The global financial crisis and the ongoing COVID-19 pandemic both shone a spotlight on the importance of effective operational risk management and the consequences of management failure.
Help your organisation navigate the new normal and learn skills that will aid business resilience and help with economic recovery with our Certificate in Operational Risk Management (CORM). It’s the ideal qualification for anyone looking to develop an understanding of operational risk management.
This RQF Level 4 / EQF Level 5 course is a self-study workbook supplemented with workplace reflection and learning activities, providing candidates with a foundation in operational risk management.
The study topics for the certificate include:
- Fundamentals of Operational Risk
- Management of Operational Risk
- Operational Risk Appetite
- Operational Risk Tools – Categorisation
- Operational Risk Tools – Risk and Control Self-Assessment
- Operational Risk Indicators
- Operational Risk Tools – Events and Losses
- Operational Risk Tools – Scenario Analysis
- The Regulatory Treatment of Operational Risk
As of March 1st, the fee will include membership of the IOR (for one year) and students who pass CORM will be able to use CIOR as a post-nominal designation.
ELCAS funding is available for military personnel and service leavers, please check out the ELCAS website and apply directly through them.
Full details can be found here:
(Click on SEARCH FOR PROVIDER OR COURSE and then search for IOR).
- ATHE regulated by Ofqual
- RQF Level 4 in the UK
- EQF Level 5 in Europe
- Online (with online invigilator)
- 50 multiple-choice questions
- 75 minutes
Benefits for Individuals
- Learn operational risk concepts
- Demonstrate commitment and professional knowledge
- 130-150 hours of study required
- Study workbook provided
- £625 + VAT includes:-
- Study workbook and exam fee
- 1 year IOR associate membership
Benefits for Organisations
- Develop common understanding
- Independent certification
|Description||Fee (fees exclude UK VAT)|
|Level 4 Certificate in Operational Risk Management (CORM)|
|Re-sits of the exam (1 re-sit allowed)||£150.00|
|Course Fee (if re-enrolling after 2 failed attempts at the exam)||£350.00|
Step 1: Register on the IOR website and complete the application form
The qualification is designed for individuals who have completed secondary education. Relevant work experience would be useful but is not essential. You must accept the Terms and Conditions and our Fair Treatment of your Data policy for the course prior to enrolment
Step 2: Pay the course fee to receive the Course Workbook
As part of the application, full payment of the course fee is required, in advance, which includes the registration fee for access to the Workbook, one attempt at the exam and 12 months Associate membership of the IOR if you are not already a member. A number of payment options are available and these are described on the website at enrolment. All payments must be in UK pounds and are subject to UK sales tax (VAT). Upon payment you will receive a link to the downloadable Course Workbook.
NB: By paying the fees, the student commits to the requirements of the course. Due to the self study nature of the course, no refund will be offered after a student has downloaded the IOR Course Workbook, subject to any prevailing regulations.
Step 3: Study the Course Workbook
You need to study all 9 Workbook chapters in detail, in order to be fully prepared for the exam. The countdown starts the moment you are provided with access to the Workbook. You are allowed 1 re-sit and cannot attempt the exam within the first 3 months of commencing your studies.
You may refer to other materials but at the exam you will only be tested on the learning outcomes as outlined in the Syllabus.
You are expected to carry out the Workplace Reflection exercises, outlined in the Workbook, to further explore the principles explained in the Workbook and apply knowledge/ tools first hand, within a professional environment.
Self-motivation is important and to be able to commit sufficient time to the course, especially as the course (i.e. Workbook study, Workplace Reflection exercises and Learning Activities) is expected to take you at least 150 hours to complete.
Step 4: Book the exam slot
You will receive the exam voucher/unique exam number, 3 months after course registration, with instructions on how to create your account and book your exam slot.
Your understanding of the topics covered in the Workbook is assessed through a multiple-choice question exam. Questions are based solely on the content of the Workbook with a focus on the learning outcome listed at the start of each chapter.
You can practice for the exam by going through the ‘Key Learning’ once you reach the end of a Workbook chapter.
You may decide to take the mock exam available and can gain familiarity with the online system prior to the formal exam sitting. This is recommended, as it will also confirm that the computer used for the exam is compatible with the system.
Step 5: Take the exam
You will have 75 minutes available to answer 50 multiple-choice questions. You will be monitored during the exam by a professional supervisor (online invigilator).
Before the exam session starts, you will be asked to grant the online invigilator permission to check the immediate home or office environment (e.g. desk area and surroundings) that you have chosen for the exam.
The exam can only be taken on a PC, laptop, MacBook Pro or iMAC that you have ‘Admin’ rights to, where you are allowed to install new software applications. You will need to download a software application in order for the invigilator to be able to observe you during the exam.
You will have the opportunity to test the link between the system and your IT system prior to the exam session. You will find detailed instructions when you log on to the portal.
You will need:
- Access to a high-speed/ broadband Internet connection and PC or laptop is essential. The exam cannot be taken on a Tablet, iPhone or iPad as these are not compatible with the exam system (If a high-speed stable connection is not guaranteed, students are advised to use a network cable to avoid fluctuations with their Wi-Fi connection during the exam.)
- A compatible webcam needs to be set up and connected to the PC or laptop, if not already built into the device, in preparation for the exam.
- Good sized mirror (approx. 15cmx15cm) needed to demonstrate to the invigilator before the exam that the space around the device is cleared of any study materials.
- Accepted form of ID (passport or driving license) with the date of birth and picture of the student to be shown to the invigilator before the exam starts.
Step 6: Learn the result of the exam
You will need to achieve the pass mark as set by IOR in order to be awarded the ‘Certificate in Operational Risk Management’. You will not be provided with the marks awarded for the exam but will be advised of a simple pass or fail.
Exam results will only be issued to you, even if you are sponsored by your employer.
Step 7: Certificate issue
You will receive notification of your score on your Candidate Portal account and if you have passed, an electronic Certificate is issued in PDF format