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Risk Management Competency Standard


Enterprise Risk Management Professional Competency Standard

People are considered to be competent when they are able to apply their knowledge and skills to successfully complete work activities in a range of situations and environments, to the standard of performance expected in the position they occupy. Training and assessment aim to make sure that the individuals participating in the training and assessment have the competence to undertake their work role to the standard expected.
 
In order to assess whether a candidate is competent, they are judged against established standards (often called benchmarks). These standards have been developed by industry and are called competency standards. Competency standards may also be referred to as units of competency. Competency standards are documents that define the competencies required for effective performance in the workplace in specific industries. Competency standards include the essential information needed to assess a candidate. Some enterprises have developed specific competency standards for their business. ERMA Competency Model consists of two components: Technical Competency and Behavioral Competency.
 

Technical Competency

The technical competency section is divided into 3 parts: 1. Principles of ISO 31000 2. Risk Management Frameworks 3. Risk Management Process Each component of the technical competencies has four levels of proficiency from level 1 to level 4, as can be seen in the following competency matrix:

Module Level 1 Level 2 Level 3 Level 4
Principles A working knowledge of ISO31000 risk management principles and is able to give examples or illustrations of how the principles are being applied in straightforward circumstances. A working knowledge of ISO31000 risk management principles and is able to give examples or illustrations of how the principles are being applied in circumstances of limited complexity. A thorough knowledge of ISO31000 risk management principles and is able to give in-depth illustrations of how the principles are being applied in complex circumstances. An expert knowledge of ISO31000 risk management principles and is able to give a comprehensive illustration on how those principles are being applied in highly complex circumstances.
Framework A working knowledge of corporate regulatory environment, corporate governance principles and the company’s accountability; and is able to give examples or illustrations on how they relate to ISO31000 framework of managing risks in straightforward circumstances. A working knowledge of corporate regulatory environment, corporate governance principles and the company’s accountability; and is able to give examples or illustrations on how they relate to ISO31000 framework of managing risks in circumstances of limited complexity. A thorough knowledge of corporate regulatory environment, corporate governance principles and the company’s accountability; and is able to give examples or illustrations on how they relate to ISO31000 framework of managing risks in complex circumstances. An expert knowledge of corporate regulatory environment, corporate governance principles and the company’s accountability; and is able to give examples or illustrations on how they relate to ISO31000 framework of managing risks in highly complex circumstances.
Process A working knowledge of ISO31000 process of managing risks, and is able to give examples or illustrations on how such process is being exercised in straightforward circumstances. A working knowledge of ISO31000 process of managing risks, and is able to give examples or illustrations on how such process is being exercised in circumstances of limited complexity. A thorough knowledge of ISO31000 process of managing risks, and is able to give examples or illustrations on how such process is being exercised in complex circumstances. An expert knowledge of ISO31000 process of managing risks, and is able to give examples or illustrations on how such process is being exercised in highly complex circumstances.

Behavioral Competency

The behavioral or soft competencies would be assessed through questions are focused on disclosing examples of your professional behavior in the past.

Competency Cluster Competency
Delivering stakeholder focused services - Stakeholder focus
- Service Facilitation
Preventing and solving problems - Strategic thinking
- Problem solving
Managing resources and performance - Resource management
- Result orientation
Managing change - Managing change
Building capability - Teamwork
- Communication
Leadership - Leadership
- Ethics and values