| It's important to examine the competencies you | | | | proves a certain ability to take knowledge, |
| would like to see in your organization and | | | | synthesize it, and apply it to common situations. |
| compare them to the competencies that a | | | | In terms of implied competency, the FRM shows |
| professional certificate holder can bring. But when | | | | us that the certificate holder, because of the elite |
| we analyze competencies, we need to look at | | | | size of the network, has the ability to see him or |
| both expressed and implied competencies. The | | | | herself a part of a larger group. The fact that the |
| expressed competencies are those that are | | | | person chose the FRM designation shows that he |
| stated in the program, and may be technical or | | | | or she is dedicated to the furtherance of the |
| functional in nature. The implied competencies are | | | | profession and not just interested in his or her |
| the ones that are not stated by the program and | | | | own self-interest. It's also necessary to again |
| take some inference to determine. In other | | | | consider that a self-directed learner has proven an |
| words, these are the competencies that the | | | | ability to focus and drive projects through to |
| certificate holder will most likely have because he | | | | completion. |
| or she went through the program successfully. | | | | In regard to the ERP certification through GARP, |
| Also keep in mind that you'll want to look for | | | | we can also see a high level of technical and |
| competencies that are not only technical and | | | | functional competency, including physical energy |
| functional, but also related to leadership and | | | | markets, financial trading instruments, and |
| management. | | | | valuation and structure of energy related |
| The PRM certification brings numerous expressed | | | | transactions. Because there are specific |
| competencies to your organization's collective | | | | experience requirements to even sit for the |
| table. The successful completion of the program | | | | exams, we can also assume a higher level of |
| means that a person is well versed in risk | | | | experience in what is certainly a specialized field. |
| management theory as well as practice, through | | | | On the implied level, the ERP certificate holder not |
| the mathematics of risk management. The | | | | only shows his or her determination and focus, |
| certificate holder must also have the ability to | | | | but also a level of devotion to a specialized field. |
| apply theoretical knowledge, as the exam tests | | | | When you add the continuing education |
| application of knowledge, conduct, and ethics | | | | requirement to this mix, you'll also see a |
| through case studies. The expressed | | | | professional who is certain that he or she is in the |
| competencies in the PRM program are mainly | | | | field on a permanent basis. |
| technical and functional in nature. | | | | Why are expressed and implied competencies |
| But let's analyze the program a little further to | | | | important to your organization? One of the most |
| look for implied competency for a PRM certificate | | | | obvious reasons is that you want to ensure that |
| holder. First, the multiple-choice format of the | | | | people in specific positions have a measurable level |
| exams provides us with a picture of someone | | | | of functional and technical competency. All of |
| who is good at making decisions. The fact that | | | | these certification programs prove this |
| the program is self-directed in nature paints a | | | | competency, as well as experience. But what |
| picture of a professional who has drive, | | | | about bringing in certified professionals as part of |
| determination, and focus. As we've mentioned, | | | | your overall leadership "bench" strategy? If you |
| not all adult learners possess the competency to | | | | are actively recruiting professionals with the |
| get through a self-directed study program | | | | designation, you can be assured that you are |
| successfully. Translated into the organizational | | | | going to create a bench of high professional |
| world, this person will probably have the ability to | | | | leaders, that is, the ones who can lead and |
| work well independently. | | | | manage functions in their own field. But when you |
| Because the PRM program allows a candidate to | | | | look at the implied competency of these |
| self-assess, you're going to get a professional | | | | certification programs, you can also be assured |
| who is able to address his or her weaknesses. | | | | that some of those professionals will be high |
| This is not just acknowledgement of a weakness | | | | potential leaders, that is, the ones who can be |
| but the ability to correct that weakness through | | | | groomed for leadership and management across |
| action, study, or other intervention. The choice | | | | a spectrum of functional and technical areas. |
| between online and classroom preparation also | | | | If you are considering certifying existing |
| ensures that the professional knows his or her | | | | associates, think about how that will improve your |
| own learning style and can apply it quickly and | | | | existing "bench". The people who readily enter a |
| easily to the learning process. Plus, in relation to | | | | certification program are proving that they are |
| learning, a successful completion of the PRM | | | | dedicated to the profession and dedicated to the |
| shows you that the person is open to being | | | | organization's future success. Not only this, they |
| coached, trained, and managed in a positive | | | | are obviously open to being coached and |
| direction. All of these combined competencies | | | | "schooled" on the most current industry |
| create a great profile for a potential organizational | | | | knowledge. |
| leader. | | | | Now that we've looked at the FRM, PRM, and ERP |
| The FRM certification through GARP also carries a | | | | certifications generally, examined the curricula and |
| high level of technical and functional competency, | | | | exam structures, analyzed recognition and |
| such as market risk, credit risk, and operational | | | | standard, and discovered competencies, the last |
| risk. The FRM also tests risk management in | | | | step is to look at the overall picture of how these |
| investment management. Again, this certification | | | | things can help your organization. |