Ferma and Parima agree mutual recognition of respective certification schemes across continents

The news came on the opening day of the Parima conference in Singapore this week when various experts called for a global risk management certification, or standardisation of the various schemes on offer around the world, in order to bolster the risk management profession. Meanwhile, the International Federation of Risk and Insurance Management Associations (Ifrima) is further working towards delivering a harmonised certification scheme that would see certified risk managers gain recognition for their competency across the globe. At the annual Parima conference it became clear that risk managers in Europe and Asia gaining accreditation to either Ferma's or Parima's forthcoming rimap certification will have the designation recognised in both Europe and Asia.hideThis forms an important part of an agreement between the two associations that will allow Parima to deliver a form of Ferma's new rimap certification to its members. Ferma launched rimap-the professional risk manager certification scheme-at its forum in October. It awarded its first founding certified risk managers certificates at the event and plans to start certifying its broader membership from next year. Parima will also deliver its own version of rimap next year. The two associations will work together to ensure that both schemes are a success. "I am very proud and happy that we have made an agreement with Parima so that together we can deliver and launch certification better than we would alone," said new Ferma president Jo Willaert at the Parima event on Monday. He said the agreement with Parima for mutual recognition, or passporting, of the respective rimap schemes in Europe and Asia is 'win win' for risk managers in both regions. It will enable both projects to gain momentum and, importantly, allow risk managers in the regions to gain recognition for their competency across two leading economic areas. Franck Baron, President of Parima, told Commercial Risk that the scheme will allow his members to enjoy a globally recognised stamp of approval. Speaking alongside Mr Willaert, Parima board member and conference lead, Kelvin Wu, explained that the move signals his association's intent to deliver certification in Asia and the desire of both associations for a globally recognised risk management certification. "The certification is going to be recognised by Ferma and Parima in both Europe and Asia...That is one of the main strategic agreements that we have with Ferma. With Parima being a fairly young and new association we want to use the good work that has been taken by our sister association," he explained. The mutual recognition is a big step and follows on the back of calls from various experts at the Parima conference for a globally recognised scheme. "There are potentially a lot of certifications around the different regions and there is an opportunity for us to agree on a standardisation, while of course recognising what is different to a particular region and adapting accordingly. But dual recognition and standardisation is something that is of benefit to risk professionals," said Mr Wu. "You see that with Parima and Ferma partnering two of the big associations are agreeing to align their standard and hopefully we can get more of our association friends on board to agree to such a framework...We will be looking to keep consistency to work towards a global standard essentially for risk managers. That is what we want to achieve," he added. "You can see from Parima's and Ferma's collaboration that we have an intention to align certification." There are also moves afoot within Ifrima to align the various certification initiatives at regional risk management associations around the world. Directors of Ifrima have approved an International Risk Management Competency Framework that sets out high-level criteria and commits the regional associations to future certification harmonisation. Along with Parima and Ferma, RIMS intends to have its certification ready by its annual conference next year. It is not based on the rimap framework. During a strategy meeting at the Ferma Forum in Venice, Ifrima began the process of fleshing out the framework, identifying core competencies and risk management education best practice. Efforts to develop Ifrima's competency framework are ongoing. Speaking at the Parima conference this week, Jorge Luzzi, Ifrima's executive vice-president, gave details on the federation's intentions and plans. "Ifrima is trying to find a way to work together and eventually provide the possibility for risk managers all around the world to have a chance to complete their knowledge and expertise and have global recognition for that," he said. "One of the targets of Ifrima is to find a way for the big regional risk management associations to find an understanding about certification. This is going on currently. We had a deep meeting at the Ferma Forum in Venice on this. The next step most probably is to find a way that all the regional associations' certification programmes can be interlinked and have a common recognition between one and the other," Mr Luzzi added. Earlier on the opening day of the Parima conference attended by over 500 risk managers, brokers and insurers, David Fried, QBE chief executive, said the incoming globally recognised professional risk management certification being launched by Parima is 'another huge step forward' for risk management in Asia. "It will serve to not only raise the internal continuity of risk management in the region but enhance its external reputation," he said. However, he stressed that a single global standard agreed by all the major associations would be a huge boon for risk management. "I must also say that when Parima and its sister organisations Ferma and RIMS come together as planned and create a global standard of certification that, in my view, will be a giant leap forward," he said.

Ferma and Parima agree mutual recognition of respective certification schemes across continents

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