The Risk Management Institution of Australasia has updated and expanded its certification framework.

The Certified Risk Management Technician (CRMT) and Certified Practising Risk Manager (CPRM) designations will be replaced by a three-level framework: Certified Practising Risk Associate, Certified Practising Risk Manager and Certified Chief Risk Officer.

President Bryan Whitefield says the new framework follows a member survey last year that revealed widespread dissatisfaction with the current system.

“The majority of members… see value in certification, but there was a perception that the existing structure of CRMT and CPRM certifications did not offer clear pathways for risk management practitioners to escalate their careers,” he said.

Mr Whitefield told insuranceNEWS.com.au the three-tier structure reflects the “evolving maturity of the risk management profession” and meets the need for a more relevant system of professional recognition.

The revised certification framework could become an industry standard in Australia.

“First of all, we have to make it a success, but once we’ve achieved that I can see collaboration with other organisations,” Mr Whitefield told insuranceNEWS.com.au. “If we do this well, other organisations might well express interest in adopting the new certifications, possibly via a licensing arrangement.”

The institution says it needs to create a “broader, industry-wide recognition and awareness of the certifications” and plans a campaign to promote them to employers and recruiters.

The third-tier Certified Practising Risk Associate certification will be effective from July 1, with the more senior designations to be introduced later in the year.