Workers Comp Term Of The Day - Associate in Risk Management (ARM)

This is a professional designation that I possess. It is awarded by the Insurance Institute of America (IIA). There are three somewhat difficult tests that need to be passed to complete the designation. I was able to complete mine in 18 months. According to the AICPCU - the three courses contain the following educational goals:

ARM 54: Risk Assessment

• Increase effectiveness of contributions by acquiring skills needed to develop effective and thorough risk assessments
• Strengthen efficiency in the risk management function through improved communication with operational staff
• Improve forecasting ability through greater understanding of risk quantification and actuarial activity
• Make better financial decisions by learning how to apply cash flow analysis to risk financing planning

ARM 55: Risk Control

• Improve risk control by learning to identify and contain root causes of loss
• Demonstrate effectiveness of risk planning through development of score cards to measure success
• Help prepare the organization to more effectively recover from catastrophe by learning to design and implement disaster recovery plans
• Increase participation in risk control programs through better understanding of staff motivation

ARM 56: Risk Financing

• Help avoid potentially costly coverage gaps by learning to design insurance plans
• Support the organization's overall financial goals by learning to build and implement a balanced risk financing strategy using retention, transfer, and hybrids
• Enhance the organization’s risk transfer flexibility by learning to establish and manage a captive and alternative risk transfer (ART )

If you are considering becoming a Risk Manager or are now one, the ARM designation is almost becoming a standing requirement.