1. Project Risk Management Professional Credential Arpat Omur, PMP, PMI-RMP cnsltnt@gmail.com

2. Worldwide Status of Projects Business becoming increasingly projectized Global spending on projects many billions of $’s Common experience is that many projects fail What makes projects behave in a different way from our expectations?

3. The Problem? Track record of projects are poor, particularly for larger and difficult ones Study after study has shown real budget increases of up to 90% Researchers claim that traditional project management is simply counterproductive in big, complex and fast tracking projects, i.e. it creates self-inflicted problems

4. Importance of Managing Risks Experienced project managers include effective risk management in their project plans and execute ‘Successful Projects’ These projects do not represent a majority in the organization’s business-lack of consistency “Hail The Hero” syndrome needs to be eliminated Organizations need to establish risk management as their culture to execute successful projects in a consistent manner

5. Need for Trained Risk Management Professionals Organizations need trained and experienced Risk Management Professionals (RMP) to start and maintain an effective risk management culture Credentialing process is one of the factors that plays a role in separating qualified individuals for this position

6. Need for Trained Risk Management Professionals All PM’s in an organization don’t need to have RMP credentials to execute successful projects One Risk Manager, with proper experience and credentials, can support several projects and train the project teams, as required RISK MANAGEMENT IS NOT A SEPARATE, INDEPENDENT FUNCTION IN PROJECT MANAGEMENT, I.E. RISK MANAGER’S BASIC RESPONSIBILITY IS TO SUPPORT THE PROJECT MANAGER

7. Some International Certifying Agencies PMI-Project Management Institute ISACA- Information Systems Audit and Control Association PRMIA-Professional Risk Manager’s International Association RMIA-Risk Management Institute of Australia OGC-Office of UK Government Commerce IRM-Institute of Risk Management APM-Association for Project Management

8. Certified in Risk and Information Systems Control (CRISC) Certification The first CRISC exam will be administered in the second half of 2011. International Risk Certificates

9. The PMI Risk Management Professional (PMI-RMP) credential recognizes demonstrated skill and expertise in project risk management including identifying and assessing project risks, formulating plans to anticipate threats, and capitalizing on opportunities PMI-RMP Risk Management Professional Credential

11. 2009

12. 12 What type of certification would you value? ( Top 2 - Very interested and interested ) Certification TypePercent Certification Program (Experience and Exam) 83.7% Credential (Examination and Continuing education) 82.5% Competency Evaluation (Experience, work evaluation or interview) 71.6% Certification Course (Certification of completion) 71.3%

13. PMI’s Process to Develop Exam Spec Define responsibilities of recipients of credential (Role Delineation Study) Establish what individuals who manage project risk actually do on the job Specify performance areas (domains) Prepare content-valid, multiple-choice exam, drawing questions from every important area of the profession

14. PMI’s Process to Develop Exam Spec Exam question preparers have been selected from four major regions of the world (as currently defined by PMI): – EMEA (Europe, Middle East and Africa) – Asia Pacific – Latin America – North America

15. PMI’s Mission PMI will expand the levels and types of credentials and position them to meet the demands of the marketplace PMI will maintain standardized credentialing practices globally and drive innovative solutions that address regional and local stakeholders’ needs

21. Process Steps to Obtaining Credential: Application process + multiple-choice exam Exam Information: 3.5 hours; 170 questions Fees: $520 for PMI members; $670 for non- members Credential Maintenance Cycles and Requirements: 3 years; 30 PDUs in risk management

22. Exams Domains and questions prepared by an international group of subject matter experts Initial Credential Steering Committee (now called the Credential Committee is chaired by PMI and has 6 members with following nationalities: – (2) U.S. – (1) Brazilian – (1) South African – (1) Indian – (1) Australian

23. Relative Weightings/Domain Domain No. Domain Description Percentage of Items on Test IRisk Communication27% IIRisk Analysis30% III Risk Response Planning 26% IVRisk Governance17% TOTAL100%

24. Domain I Risk Communication

28. Domain II Risk Analysis

32. Domain III Risk Response Planning

35. Domain IV Risk Governance