Your Next "Must-Have" Certification Is Risk Management

What's the next step in your career development? What additional abilities do you require to increase your worth as a project management expert and improve your performance at work?

If you've recently been considering these issues, risk management is the answer.

Although risk management has been crucial, COVID-19 has elevated it to the top of the agenda for almost all organisations worldwide. We learned through COVID-19 how crucial it is to plan ahead and react to significant interruptions like a pandemic as well as acute project-related concerns. It's not that we weren't considering risk sufficiently; rather, it's that we weren't considering risk broadly enough. Our perspective of the world was simply too limited.

One of the main objectives of the revised Risk Management Professional (PMI-RMP)® certification is to help you broaden your understanding of risk. Project managers can assess and identify risks with the aid of PMI-RMP. It provides you with a method for reducing and controlling risk so you can increase business output and achieve your objectives.

The new PMI-RMP is significant in that it adopts a broader perspective on risk, concentrating not just on project-specific problems but also on broader enterprise-level hazards. After all, projects don't live in a vacuum. They are a part of a larger economic and social environment, and those risks have a significant impact on how well each of our individual undertakings turn out.

These business hazards are also increasing daily. A variety of threats to our planet's economy, ecology, geopolitics, society, and technology are outlined in the World Economic Forum's (WEF) Global Risk Report 2022. In the WEF's Global Risks Perception Survey, 84% of participants expressed concern or worry about the future of the planet. And 42% predict that the business environment will be "consistently dynamic with several surprises" during the coming few years.These worries now affect all sectors and geographical areas, not just the historically highly risk-sensitive IT, "hard hat", and government sectors.

According to Grace Najjar, Managing Director of PMI MENA, "these regions have undergone significant upheavals in recent years and are creating plans for some of the most intricate infrastructural and sustainable energy projects in the world. Additionally, these are areas that are very "VUCA" — volatile, uncertain, complex, and ambiguous — in nature. All of these aspects raise the risk that a project will fail, an opportunity will be lost, or there will be severe cost and time overruns. We risk $100 million for every billion dollars we spend, roughly speaking.

Project management experts are increasingly responsible for helping us understand risk. So regardless of your working technique, PMI-RMP is appropriate for all project professionals. We advise that you have 2 to 3 years of project management and leadership experience, as well as a few years of risk management experience, to be eligible for the exam.

According to PMI data, the majority (70%) of current PMI-RMP certificate holders are project professionals (with about half of their titles including "project management"); the rest holders are departmental managers or C-suite executives. To be more useful participants in the projects they fund or support, these executives wish to better comprehend the terms and procedures of risk management.

Owners of certifications are optimistic about the PMI-worth RMP's and see their credentials as crucial competitive advantages. According to PMI data,

  1. The common PMI language, according to 97% of applicants who have the PMI-RMP, makes it easier for them to communicate with others regarding risk management.
  2. 96 percent of respondents say they are stronger at their professions, and 82 percent think they are treated with greater respect or seen as an authority in risk management.
  3. The fact that 62% were ready to land a new career or a position with additional responsibility may be the most significant.

This achievement can be attributed, in part, to the fact that risk managers—those who are actively involved in risk management in the actual world and thoroughly examined every question on the PMI-RMP exam. Risk management is done for and by risk managers with the PMI-RMP.

In today's business environment, having that real-world perspective is important. It is no longer acceptable to see risk management as a supplemental endeavour. It is essential to a project professional's work. Risk management is crucial for projects and career success as dangers get more intricate and multifaceted. It can distinguish you from your peers, gain the respect of your co workers, and establish you as the "go-to" person for important guidance and advice about project and business risk.