The Project Management Institute (PMI) offers a significant certification for risk managers, known as the PMI-RMP or the PMI Risk Management Professional. And the associated exam of the same name will test your ability to assess and identify project risks and prevent threats to protect the needs of your organization.

Appropriate Designation Overview

As already answered above, if you successfully pass the PMI-RMP test, you get the related qualification, which is considered one of the most in-demand among candidates and employers. This is evidenced by the fact that more than 80% of high-performing organizations pay due attention to risk management, which means that they have skilled risk managers on their staff. At that time, having such a well-known certificate as the PMI-RMP confirms that you have sufficient expertise in mitigating threats, assessing and identifying project risks, and using your experience and appropriate resources to meet the challenges.

Primary Audience and Prerequisites

In the case of the PMI-RMP certification, the vendor gives preference to experienced applicants. So, if you have advanced risk management skills, or are already a project manager in need of professional development, this PMI designation is perfect for you. And to prove your experience and be eligible for the main qualifying exam, your application must show that you have met the basic education and experience requirements:

• You must have an associate’s degree, high school diploma, or the global equivalent as a secondary degree confirmation, practical experience in project risk management within 36 months, as well as 40 hours of project risk management studies.

OR

• You need to have a bachelor’s degree or its global equivalent as a four-year degree confirmation, practical experience in project risk management within 24 months, as well as 30 hours of project risk management studies.

PMI-RMP Evaluation Details

Once your candidacy for the main test has been approved, you must go through the registration process, which includes paying the registration fee and selecting the appropriate date and form of the test. You should be aware that the actual exam is currently available both as an in-person and online option. As for the fee, it is $670, but if you are a PMI member, you only have to pay $520. After that, you will have 3.5 hours on the assigned day to answer 170 multiple-choice questions.

Tested Skills and Knowledge

The main purpose of the exam described above is to assess your professional risk management skills including effective presentation, conducting an interview, problem-solving, conflict resolution, as well as mentoring, and coaching. In order to nail the exam, you will have to correctly perform the proposed tasks, which cover the following aspects:

• Risk strategy and planning including the development of procedures, policies, and processes for risk planning, assessment, and response.
• Stakeholder engagement for project risk management.
• Facilitation of risk process including evaluation, identification, prioritization, and effective response among numerous project team members.
• Risk monitoring and reporting.
• Performing specialized risk analyses using specialized qualitative and quantitative techniques as well as tools.

Preparation Process and Training Materials

In spite of their experience, responsible candidates understand that preparation is the key to success. And you should know that the official vendor can help you do just that. On their site, you can find the reference list you need for quality and effective training, including the following resources:

• How to Manage Project Opportunity and Risk: Why Uncertainty Management can be a Much Better Approach than Risk Management written by Stephen Ward and Chris Chapman

  This is a vital guide for anyone involved in the risk management process, offered by real experts in the field. Thanks to this publication, you will learn in detail how to identify specific sources of risk for a specific project, how to determine the most effective strategy based on the requirements of stakeholders and project members, as well as how to properly implement this strategy. And if you’re interested in acquiring this guide, visit the Amazon.com website and get it in the ebook or hardcover versions.

• Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project written by Tom Kendrick

  This edition, also found on Amazon, will give you a different perspective on risk management, thanks to the author's many years of experience. There, you will understand that any project has risks, and your job as a competent risk management manager is to anticipate them in advance based on real-life examples and situations. In addition, you will learn how to apply high-level risk assessment instruments, implement an effective system to monitor projects, and correctly document each consideration. As you understand it, these skills will definitely be useful to you in your day-to-day tasks.

• Integrated Cost-Schedule Risk Analysis written by David Hulett

  Often, there are project funds overruns, despite a preliminary cost estimate. And this book from Amazon will help you understand the main reasons for going over budget and the risks associated with project costs. As a result, you'll have effective techniques for assessing schedule and cost risk, which will ultimately help your team avoid unwanted overspending.

• Understanding and Managing Risk Attitude written by David Hillson and Ruth Murray-Webster

  This publication will help you understand the human aspect of risk management, while expert authors offer many models, perspectives, and examples to identify and detail the range of possible approaches to risk prevention. Thus, this book, which is readily available on Amazon, will be useful not only to test candidates, but also to check the knowledge of risk managers, managers and directors, project managers, and their teams.

Conclusion

Now you should understand why the PMI-RMP qualifying exam is in demand. Yes, not everyone can be admitted to the final test. But if you fulfill all the conditions, carefully prepare using only proven resources, and get a passing score, you will be the lucky winner of the PMI-RMP certification. And that's your golden ticket in the booming field of business. No need to wait. Register for such an evaluation today to get one step closer to success.